• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 20 mins China wields coronavirus to nationalize American-owned carmaker
  • 1 hour Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 7 hours Open letter from Politico about US-russian relations
  • 1 day US will pay for companies to bring supply chains home from China: Kudlow - COVID-19 has highlighted the problem of relying too heavily on one country for production
  • 3 days Trumpist lies about coronavirus too bad for Facebook - BANNED!
  • 3 days China's impending economic meltdown
  • 3 mins Trump Hands Putin Major Geopolitical Victory
  • 16 hours Trump is turning USA into a 3rd world dictatorship
  • 7 hours Oil Tanker Runs Aground in Mauritius - Oil Spill
  • 21 mins COVID&life and Vicious Circle: "Working From Home Is Not Panacea For Virus"
  • 2 days Liquid Air Battery
  • 2 days What the heroin industry can teach us about solar power (BBC)
  • 3 days The Truth about Chinese and Indian Engineering
A Unique Oil And Gas Earnings Season

A Unique Oil And Gas Earnings Season

Following a devastating earnings season…

Maduro Spent $5 Billion On Oil Deals As Venezuelans Went Hungry

Nicolas Maduro’s regime in Venezuela has spent US$5 billion worth of oil to reduce its debt to Russia and China and to send oil to Cuba, while leaving Venezuelans without basic food and medicines, U.S. Special Representative for Venezuela, Elliott Abrams, said this week.

The Maduro regime is not buying enough food and medicines for the ordinary people, despite the fact that food and medicines are exempted from sanctions, and Venezuela is allowed to buy necessities even from America, Abrams said at a special briefing.

“The regime paid the Russian oil company Rosneft over a billion and a half dollars to reduce debt,” he said.

Venezuela’s state-held oil firm PDVSA has cut its outstanding debt to the largest Russian oil producer, Rosneft, to below US$1 billion, Russia’s oil giant, one of the few companies still dealing with Venezuela, said earlier this month.

Speaking about the Maduro regime’s oil dealings with Russia, China, and Cuba, Mr Abrams said:

“It has sent China just under $3 billion worth of oil, much of it to reduce debts. It has sent about $900 million worth of oil to Cuba. That’s about $5 billion that could have been spent on food and medicine but was not. And the regime steals more and more money.”

Earlier this week, the U.S. slapped sanctions on Corporacion Panamericana, a Cuban firm that helped the already sanctioned company Cubametalesevade sanctions.

“Today’s action will further squeeze the illegal, profitmaking scheme Cuba carries out to help the illegitimate dictator Nicolas Maduro and his unraveling network of corrupt advisors,” U.S. Secretary of State Mike Pompeo said on Tuesday.

Faced with increasingly tightening U.S. sanctions, Venezuela and PDVSA are reportedly offering contractors and suppliers to pay them in yuan in Chinese accounts, five people with knowledge of the matter told Reuters this week. At least four companies have been approached with such proposals, and they are still evaluating them, Reuters’ sources say, while it’s unclear if any payments in yuan have already been made.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

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