US EditionOil sales from Venezuela to continue indefinitely, sanctions will be reduced: Report
The U.S. will indefinitely control Venezuelan oil sales to leverage political change and revive production, with 30-50 million barrels planned for transfer, U.S. officials said.
- On Tuesday, US President Donald Trump announced a deal with Venezuela's interim authorities to transfer 30 million to 50 million barrels of sanctioned Venezuelan oil to the United States, with the US controlling the revenue.
- Following US forces' capture of Maduro days earlier, a mid-December US blockade disrupted Venezuela's dark fleet tankers amid years of output decline to about 1 million barrels per day.
- At a Miami conference, Energy Secretary Chris Wright said, `'We need to have that leverage and control of those oil sales to drive the changes that simply must happen in Venezuela,'` while analysts estimate about $2.8bn in revenue, and Bloomberg reported Chevron has lined up 11 tankers to move Venezuelan crude.
- If Venezuelan crude re-enters US markets, it would weaken Canada’s position in energy disputes and Beijing condemned the move, warning China and Cuba could lose vital oil supplies.
- Analysts warn that meaningful expansion of Venezuela's output will take years and billions, and reengineering US Gulf Coast refineries to run solely on US light crude would cost billions and take decades.
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303 Articles
The Trump administration has affirmed it will continue to determine the decisions of Venezuela's interim leader and control the country's oil sales indefinitely following the arrest of Nicolás Maduro.
US tightens grip on Venezuelan Oil, prompting Congressional debate
Washington: The Trump administration is moving to tighten US control over Venezuela’s oil exports through sanctions enforcement, a naval presence, and US-managed sales, according to top administration officials, even as lawmakers pressed the White House for clearer objectives and legal justification. Following a closed-door meeting with lawmakers, Secretary of State Marco Rubio told reporters that Venezuela cannot export oil without US approval,…
Trump’s previously announced pact “treats oil stored in barrels and ships because of the blockade imposed on Venezuela,” Leavitt said.
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