World

 

Español

 

Guyana


Trinidad
& Tobago

 






Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

U.S. administration mulls tighter sanctions
on Venezuelan oil

Bloomberg

- Diesel swaps account for most of nation's crude shipments
- Opposition lawmakers argue the deals prop up the Maduro regime

By Ben Bartenstein and Lucia Kassai/Bloomberg

NEW YORK/HOUSTON
Petroleumworld 08 19 2020

The Trump administration is considering additional sanctions on Venezuela aimed at halting the remaining fuel transactions permitted with the South American nation, according to people familiar with the matter.

The measures could target crude swaps with companies in Asia and Europe, said the people, who requested anonymity because the talks are private. U.S. officials have debated the move for months, yet they initially prioritized actions against Iran, which began exporting gasoline to fuel-starved Venezuela. The sanctions haven't been decided and talks are ongoing, the people said.

Last week, the U.S. seized the contents of four Iranian tankers carrying more than 1.1 million barrels of gasoline to the country. Venezuela is unable to produce its own gasoline and other products refined from crude because of widespread mechanical failures at refineries. While the imported fuel is critical for farmers and truckers that move food across the country, opposition lawmakers have argued the deals prop up the regime led by Nicolas Maduro.

A spokesman at the Treasury Department declined to comment. Representatives at the White House and State Department as well as Venezuela's Finance Ministry, Oil Ministry and state-run Petroleos de Venezuela didn't respond to requests for comment.

Nosedive

Venezuelan oil exports hit lowest since 1950

Source: Venezuela's oil ministry, data compiled by Bloomberg. NOTE: Data for 2020 is Jan.-July.

Shunned by U.S. refiners, Venezuela's oil exports have fallen to about 535,000 barrels a day this year, the lowest since 1950, according to data compiled by Bloomberg. In August, diesel swaps accounted for almost 80% of the crude scheduled to be shipped overseas, the data show. Firms including India's Reliance Industries , Repsol SA of Spain and Italy's Eni SpA have loaded oil in exchange for supplying diesel to Caracas.

The Treasury Department has so far apparently exempted oil swaps when they're in exchange for fuel or food, granting flexibility to some larger companies that have kept the administration abreast of their Venezuelan business activities.

The transactions have come into focus again as President Donald Trump makes a final push against Maduro ahead of the U.S. election. During his State of the Union speech in February, the president promised to break the socialist's “grip of tyranny” as opposition leader Juan Guaido watched in the gallery.

— With assistance by Fabiola Zerpa, and Josh Wingrove

Reporting by Ben Bartenstein and Lucia Kassaifrom Bloomberg.

bloomberg.com
08 17 2020

TOP

Contact: editor@petroleumworld.com,

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

CopyRight © 1999-2020, Elio Ohep A. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2020, Petroleumworld ™  / Elio Ohep - All rights reserved

 

This 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.