• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 26 mins Which producers will shut in first?
  • 2 hours The Most Annoying Person You Have Encountered During Lockdown
  • 5 hours Its going to be an oil bloodbath
  • 18 hours We are witnesses to the end of the petroleum age
  • 53 mins Saudi Aramco struggling to raise money for this year's dividend of $75 billion. Now trying to sell their pipelines for $10 billion.
  • 15 mins Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 23 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 23 mins Saudi Arabia Can't Endure $30 Oil For Long
  • 1 hour How to Create a Pandemic
  • 8 hours Wastewater Infrastructure Needs
  • 21 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 22 hours >>The falling of the Persian Gulf oil empires is near <<
Alt Text

This Supermajor Is About To Slash Permian Oil Production

Chevron is slashing capital expenditures,…

Alt Text

Standard Chartered Sees Record Oil Demand Loss This Year

Lockdowns and travel restrictions will…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Trump Freezes All Caracas Assets In Surprise Move

President Donald Trump signed an executive order freezing all assets of the Venezuelan government in the United States, Reuters reports, noting the move may open space for sanctions against companies doing business with the Maduro government.

“All property and interests in property of the Government of Venezuela that are in the United States ... are blocked and may not be transferred, paid, exported, withdrawn, or otherwise dealt in,” Reuters quoted the executive order as saying. The order was not readily available at the White House website.

Under its terms, no U.S. company will be allowed to deal with the Venezuelan government. Russian and Chinese companies that still do business with Caracas may also become liable to penalties under the order, or so-called secondary actions.

Earlier, in a letter to Congress, Trump said the executive order was justified “in light of the continued usurpation of power by the illegitimate Nicolas Maduro regime, as well as the regime’s human rights abuses, arbitrary arrest and detention of Venezuelan citizens, curtailment of free press, and ongoing attempts to undermine Interim President Juan Guaido.”

The order came as a surprise even to people from conservative circles, Reuters also reported. What’s more, the news breaks soon after Washington extended a sanction waiver it had granted to Chevron so it could continue operating in Venezuela, suggesting the situation was edging closer to a resolution, as per a statement by Guaido’s ambassador to the United States.

The United States imposed sweeping sanctions against Venezuela’s oil industry at the start of this year. Since then, production had fallen drastically with no crude going to U.S. Gulf refineries—once Venezuela’s biggest market. As a result, the already serious humanitarian crisis in the country worsened further. However, the opposition led by Juan Guaido has failed to turn the military against Maduro, which most observers consider the only way to effect a regime change.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




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