Gulf Oil and Gas accountACCOUNT

USA’s Sanctions Against Venezuela Make a New Strike

Source: www.gulfoilandgas.com 1/30/2019, Location: South America

Oil prices rose on Jan. 29 after Washington imposed sanctions on state-owned Venezuelan oil company PDVSA in a move likely to curb the OPEC member’s crude exports, but gains were capped by abundant supply and signs of a slowing Chinese economy.

Venezuela has the world’s biggest proven oil reserves, but its potential has not been realized fully because of a lack of investment. The country is also a member of OPEC, which is implementing a supply cut deal to shore up prices.

Treasury Secretary Steve Mnuchin and national security adviser John Bolton announced the sanctions against Petroleos de Venezuela, S.A. -- the parent company of the US-based Citgo oil company -- on Monday afternoon from the White House briefing room. The measure blocks about $7 billion in assets and would result in more than $11 billion in lost assets over the next year.

The United States has been the biggest buyer of Venezuelan oil despite their political differences, taking about half of the country’s export volumes, followed by India and China.

Petromatrix estimated that Venezuelan exports will drop by about 500,000 bbl/d under current conditions.

Oil News in Venezuela >>

Russia >>  3/14/2019 - LUKOIL has reached another milestone with ten million tonnes of oil supplied from its Vladimir Filanovsky field to the Caspian Pipeline Consortium (CP...
Venezuela >>  3/13/2019 - India’s Reliance Industries Ltd, operator of the world’s biggest refining complex, said it had halted supply of diluents to Venezuela’s national oil c...

Russia >>  3/11/2019 - Specialists of Rosneft United Research and Development Centre (part of the corporate R&D complex of Rosneft) together with LLC RN-Lubricants (a subsid...
Tunisia >>  3/11/2019 - Panoro Energy ASA is pleased to provide an update on lifting operations in Tunisia. The first cargo of approximately 151,000 barrels of Rhemoura blend...

Austria >>  3/6/2019 - Oil prices fell on Wednesday as bullish output forecasts by two big U.S. producers and a build in weekly U.S. crude stockpiles outweighed OPEC-led pro...
Austria >>  2/26/2019 - Oil prices rose after a report of declining crude inventories in the country and as producer club OPEC seemed to stick to its supply cuts despite pres...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Venezuela Oil & Gas 1 >>  2 | 3 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.