The United States in January imposed sanctions on Venezuela's most importan...
HOUSTON - The United States in January imposed sanctions on Venezuela’s most important global business - producing and selling crude oil - as the Trump administration ratcheted up its bid to force socialist president Nicolas Maduro out of power.
The United States and many Western governments have recognized Venezuelan opposition leader Juan Guaido as the country’s rightful head of state. However, Maduro remains in power for now.Venezuela’s crude production was between 732,000 and 960,000 barrels per day in March, according to self-reported figures and secondary sources quoted by the Organization of the Petroleum Exporting Countries in its April oil market report. That compared to output of 3 million bpd at the turn of the century.
Complex U.S. Gulf Coast refiners use heavy crude as part of a mix to create high-margin distillate products.U.S. refiner Citgo Petroleum, a subsidiary of Venezuela’s state-run oil firm PDVSA, imported more than 175,800 bpd of Venezuelan oil in 2018, according to Refinitiv Eikon.
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