The day after the United States announced it would reimpose costly limits on Venezuela's oil sector, the South American nation braced for the consequences and its president warned that the 'grave error' would also hit U.S. interests.
HOUSTON/CARACAS, April 18 - The day after the United States announced it would reimpose costly limits on Venezuela's oil sector, the South American nation braced for the consequences and its president warned that the "grave error" would also hit U.S. interests.that allowed it to freely export and increase investment in its oil sector will hit the volume and quality of its crude and fuel sales while prompting a flurry of requests for individual U.S. deal authorizations.
Last October the license eased oil sanctions that had been in place over the previous five years on OPEC-member Venezuela, once Latin America's top oil producer. Venezuelan officials argue the sanctions had little effect at home, but would damage attempts to normalize bilateral relations and hit U.S. interests in the Venezuelan oil industry.
On the geopolitical front, the withdrawal of the most significant element of U.S. sanctions relief marks a major step back from Biden's policy of re-engagement with Maduro. In March, PDVSA's oil exports climbed to the highest level in four years, at some 874,000 bpd, as customers rushed to complete purchases ahead of the license expiration. But the backlog of tankers waiting to load at Venezuelan ports has not eased significantly, shipping data showed.
REPI:REFINING REPI:GAS MTPIX AMCRU BISV BISV08 CMPNY COM CRU DIP DRIL ENER ENFF ENG ENQSVC ENR EXPRO EXPRO1 FIN FINS FINS08 GEN INVBIS INVM INVS08 LATCRU NGS NRG OILG OILI OILI08 POL PROD PUBL PVE REFI REFI1 TRD TRDEMB WEU AMERS US IT EUROP VE EZC ES NAMER EMEA EMRG LATAM SAMER REPI:TRANSPORT-FUELS ENERGY PACKAGE:US-TOP-NEWS TOPNWS TOPCMB SCANDV SE NORD
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