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Venezuela Could Push Oil To $80

Venezuela Could Push Oil To $80

Friday August 4, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Venezuela crisis deepens

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- Venezuela proceeded with a highly controversial vote to rewrite the constitution last weekend, granting more power to the President in what many are calling a step towards dictatorship.

- The U.S. slapped sanctions on President Nicolas Maduro and hinted at forthcoming sanctions on Venezuela’s oil sector.

- The country is in a full-blown crisis, with many expecting a default as soon as this year.

- The implied probability of a default over the next year has climbed to nearly 70 percent.

- The value of Venezuela’s bonds have plunged.

2. Venezuela’s importers at risk

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- The U.S. government is mulling harsher measures against Venezuela, which could disrupt oil imports from the South American nation into the Gulf Coast.

- Several refiners are major importers of Venezuela’s heavy oil. The largest – Citgo – is obvious because it is a subsidiary of Venezuela’s state-owned PDVSA. Citgo imported 66 million barrels last year. But it wasn’t alone. Valero (NYSE: VLO) imported 57.5 million…

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