Putting on the screws - Venezuela

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Good news - we imposed additional sanctions on January 28th of this year - from Reuters:

Exclusive: Citgo, Valero try to return Venezuelan oil following sanctions: document
The top U.S. buyers of Venezuelan oil are in the unusual position of trying to return millions of barrels of crude they need but cannot accept because of U.S. sanctions on the South American nation and its state-run energy firm PDVSA.

PDVSA’s U.S. refining subsidiary Citgo Petroleum Corp and Valero Energy are proposing to return 2 million barrels of crude loaded before sanctions, while a third U.S. oil company, Chevron Corp, has sought so far unsuccessfully to legally pay for 4.3 million barrels, according to an internal PDVSA document seen by Reuters.

In effect, more than 6 million barrels of Venezuelan crude remain in limbo as a result of U.S. sanctions imposed on Jan. 28 by Washington in an effort to oust President Nicolas Maduro. The United States and dozens of other nations recognized opposition leader Juan Guaido as the nation’s legitimate leader.

To comply with U.S. sanctions, Valero, Citgo and others are not allowed to pay PDVSA. Guaido’s administration has yet to establish its own bank accounts to receive proceeds from oil sales to U.S. customers, leaving those shipments stranded.

Maduro needs to leave and let Venezuela rebuild from its disastrous flirtation with socialism. The family is worth billions of US dollars - they can afford to live very nicely somewhere else.

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This page contains a single entry by DaveH published on March 12, 2019 1:48 PM.

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