An oil tanker is seen at sea outside the Puerto La Cruz oil refinery in Puerto La Cruz, Venezuela. IMAGE: Reuters / Alexandra Ulmer
Venezuela will do everything possible to minimize effects of US sanctions against Venezuelan energy giant PDVSA on the global oil market, according to remarks by Venezuela’s National Representative to OPEC, the technical adviser at Venezuela’s PDVSA company and Petroleum Ministry Ronny Romero.
“Yes, we are facing new illegal sanctions from the US. We were exporting about 500,000 bpd to the US. PDVSA will redirect exports to other customers in Europe and Asia,” Romero told Sputnik.
Commenting on the threat of US sanctions against European and Asian customers, he stated that currently Washington’s sanctions apply only to US entities.
“Anyway, Russia and China don’t care about US sanctions”, he added noting that Venezuela would “do our best in order to not affect the market”.
Last week, the US blocked all PDVSA’s assets in its jurisdiction and imposed a ban on deals with the oil company. US Treasury Secretary Steven Mnuchin explained the move by claiming that the US was preserving the assets of the company in the interests of the people of Venezuela and also protecting its own market. Washington claimed that sanctions will be fotened if Caracas transfers control over the company to opposition leader Juan Guaido or any “democratically” elected government.
Venezuela could declare a force majeure, stop deliveries to the US and close down some American refineries. The American anti Trump media would have a field day blaming Trump for the unemployed workers.
They have already stoped.
US does not care about Venezuelan oil. They are now a net exporter. Venezuela traditionally used refineries on the dutch islands of curacao and Aruba. Not US refineries.
Hey, you’re back? Welcome!
The US exports it’s oil only to keep the price up and under control. Venezuela used to be the largest source of imported oil into the US and KSA one of the lowest. All that has changed in the last 20 years. Venezuela has been looking for new markets since 2017, as they saw the writing on the wall. PDVSA owns 3 Citgo refineries in the US…one each in Illinois, Texas and Louisiana. A Canadian company had them tried to get control due to a debt Venezuela owed them over a mining company they took over (Chrystallex). Venezuela has made some debt payments which allowed them to retain ownership of Citgo refineries and outlets. Estimates of import/export percentages are all over the place, with many different estimates. The major source of US imported oil is Canada (40%), KSA (9%), Mexico (7%), Venezuela (7-10%), Iraq (6%) as of 2017.
Mnuchin Zionist Jew can SHOVE it. MADURO can sell it’s oil ELSEWHERE and it’s none of US business where it goes if it skirts sanctions. I just wish Russia & China would provide humanitarian aid. Especially to the Venezuelan army and people . Washington Zionist psychopaths will have to take Venezuela by bloody force. Which will piss off Americans sick of war!
Election specialists did see Maduro’s election and they pronounced it fair and legal. Could they say the same about Usa. Probably not ,with its ousting of Gore and hackable Diebold machines that EVERYOne knew about! Pharisaaic hypocritical Neocohens.
In the last three US elections, international observers showed that going by standards set by the US and others, US elections failed the open and fair test. Massive fraud and electoral board cheating was high lighted by the discrepancies between vote totals and post vote station polls. Of course that only means something if it’s outside the US AND in a country the US does not approve of.
Very true but the Yankers tell everyone how “fair” they are so often that many absorb that subconsciously and believe that only third -world countries are cheats! Haha
well i dont think it will work. the distance to EU in big and so it has higher transportation cost. that means smaller profit margin. the competition from Gulf countries, Libya etc is huge as well…..
Mad Rat Bolton last one, https://sputniknews.com/latam/201902061072192247-us-venezuela-bolton-sanctions/ .
And now all we can see how a defeated vomit looks like .
Seriously hope they cancel US orders, plus, trade in Yuan.
Russia and China have already started to help Venezuela with their oil exports and drilling. Just going by the Russians success in diversification, I am optimistic that Venezuela, with their help, will persevere. Russia and China do not want the US to take over or control the Venezuelan oil. One look at the KSA strategy that was used to attack not only Venezuela, but also the Russian economy and you can then see the importance to them of the largest oil reserves on the planet…and who controls them.
Cannot see China and Russia letting it happen. Like you, that is the reason I am confident Venezuela will see off the pillagers.
A large part is shipped through the refinery PDVSA rents on curacao
will be difficult to find buyers in europe without serious price-reductions.