• 3 minutes War for Taiwan?
  • 7 minutes How China Is Racing To Expand Its Global Energy Influence
  • 10 minutes Is it time to talk about Hydrogen?
  • 2 hours U.S. Presidential Elections Status - Electoral Votes
  • 14 mins “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 hours Tesla Semi
  • 2 hours WTI / ​​​​​​​Price Forecasting 
  • 11 hours Mail IN Ballot Fraud
  • 18 hours “Did Authorities Do Enough To Find Out Why Oil Prices Went Negative?” By Irina Slav – Nov 26th
  • 7 hours “Consumers Will Pay For Carbon Pricing Costs” by Irina Slav
  • 2 days Biden's Green New Deal- Short Term - How Will He Start to Transition Out Of Crude?
  • 2 days America Could Go Fully Electric Right Now
  • 4 hours Russia loses its chance to capture the EU gas market
  • 18 hours Deceptions Revealed about the “Nord Stream 2 Pipeline” and Germany
  • 2 days Saudi Arabia Seeks to Become Top Hydrogen Exporter

Breaking News:

Goldman Sachs Sees Oil Hit $65 In 2021

Is This The Point Of No Return For Maduro?

Things have certainly moved into a higher gear in Venezuela, with a genuine diarchy vying for control over the country’s resources and populace. The alleged smuggling of gold reserves, politicized humanitarian aid, rampant disinformation against the background of all-encompassing poverty and deprivation – Venezuela of 2019 bears an uncanny likeness to any stereotypical conflict-ridden Latin American country of the 20th century. The US sanctions announced January 28 have driven a wedge between PDVSA and the United States, creating a point of no return for President Maduro. There is still no 100 percent certainty that Maduro will be ousted and if he manages to stay (through which, given his political skills and occasional antics, would be tantamount to a miracle), Venezuela could rethink its oil strategy on a grand scale. Let’s, however, look at the developments in Venezuela piece by piece before we jump into any conclusions.

The most evident and palpable consequence of the US sanctions was the almost immediate cessation of activity with US Gulf Coast refiners. The US Treasury has stated that under President Maduro PDVSA has become a “vehicle for embezzlement and corruption” and hence from January 28 onwards all income from the sales of Venezuelan crude should be transferred to escrow accounts in the United States, accessible only by the Guiadó government. Given that PDVSA has been a vehicle for embezzlement every single year of its…




Oilprice - The No. 1 Source for Oil & Energy News