& Tobago


Very usefull links


News links




Dow Jones

Oil price



Views and News






Venezuelan oil loses two U.S. buyers in 2018 amid sanctions

Will Riera/Bloomberg

Play video: Oil Caught Between U.S. Production and OPEC Cuts

- Three other companies reduced purchases by more than 50%

- Valero is most exposed as U.S. considers more sanctions

By Lucia Kassai / Bloomberg

Petroleumworld 01 21 2019

Five U.S. refiners either significantly reduced or totally replaced purchases of Venezuelan crude in 2018, and more may follow suit as president Donald Trump mulls new sanctions against the South American nation.

Royal Dutch Shell Plc and Phillips 66 haven't processed Venezuelan crude in their U.S. refineries since the U.S. imposed financial sanctions against the country and its oil company, Petroleos de Venezuela SA, in August 2017. Marathon Petroleum Corp, Total SA and Motiva Enterprises LLC cut intake by more than a half during that period, and as Venezuelan oil production slumped to the lowest levels seen since the 1940s.

Valero Energy Corp. and PDVSA's U.S. refining unit, Citgo Petroleum Corp., are the exception. Valero increased Venezuelan oil processing by 4.6 percent between January and October of 2018, compared with the same period a year earlier, while Citgo raised processing by 16 percent, according to data from the Energy Information Administration.

Venezuelan oil is losing its clout in the U.S. at a time when fuelmakers are processing crude at the highest rates in at least the past five years. Mexico replaced Venezuela to become the top supplier of oil to refiners on the U.S. Gulf, site of the world's largest cluster of refineries, EIA data shows.

The U.S. is mulling a new round of sanctions against Venezuela after president Nicolas Maduro embarked on a second term Jan. 10, even as more than 60 nations refuse to recognize his 2018 election. The new sanctions may affect oil, the Wall Street Journal reported.


Original article



We invite you to join us as a sponsor. Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.


Story by Lucia Kassai from Bloomberg.

bloomberg.com 01 21 2019


We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95, '98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1



Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2019, Elio Ohep A. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2019, Petroleumworld   / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.