• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 min GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Does Toyota Know Something That We Don’t?
  • 4 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 5 hours America should go after China but it should be done in a wise way.
  • 4 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 3 days China is using Chinese Names of Cities on their Border with Russia.
  • 4 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 3 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 4 days Putin and Xi Bet on the Global South
  • 4 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 5 days United States LNG Exports Reach Third Place
  • 5 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine

Breaking News:

Chicago Files Suit Against Big Oil

Major Oil Companies Make Moves in Megamerger Frenzy

Major Oil Companies Make Moves in Megamerger Frenzy

Several high-profile mergers among oil…

Trump To Block Russian Ownership Of Venezuelan Subsidiary In US

Trump’s White House will block attempts by the Kremlin to acquire large portions of Venezuela’s Citgo, a U.S. subsidiary of the state-owned PDVSA.

Rosneft agreed to acquire half of Citgo’s shares in exchange for a $1.5 billion loan in 2016. Cash-hungry PDVSA approved the deal, leaving American lawmakers concerned that a Russian firm would control roughly five percent of U.S. refining capacity via the buyouts.

Citgo controls three refineries which process 750,000 barrels of oil per day. It also owns 48 storage facilities for refined petroleum products across the country and shares ownership in nine pipelines.

The White House approved new sanctions against President Nicolas Maduro’s regime last week, making it harder for Venezuela’s embattled government to secure funds as Caracas spirals towards a default.

U.S. President Donald Trump signed the executive order, which prevents American financial institutions from offering new funds to Venezuela or to its state oil company, PDVSA. Citgo, will also be barred from repatriating profits – further isolating Caracas from international financial markets.

"These measures are carefully calibrated to deny the Maduro dictatorship a critical source of financing to maintain its illegitimate rule, protect the United States financial system from complicity in Venezuela's corruption and in the impoverishment of the Venezuelan people, and allow for humanitarian assistance," Washington said in a statement.

Related: Russian Energy Unaffected By U.S. Sanctions

A senior official from the White House told the AP that Maduro’s regime could be relieved of the sanctions if it halts its plans to rewrite the Venezuelan constitution, releases dozens of political prisoners, and negotiates fairly with its political opposition.

Venezuela is currently undergoing a humanitarian crisis with medications and daily supplies in scarcity. In its heyday, Caracas used oil revenues to import almost all staple and luxury goods for its citizens, but a severe shortage in funds due to three years of low oil prices has caused the shipments to stop. Instead, Venezuela opens its border with neighboring Colombia from time to time to allow citizens to purchase life-saving medical goods and other needed items.

ADVERTISEMENT

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Maire on September 06 2017 said:
    would he do the same if it were a fascist government?
  • Gary Chesser on September 01 2017 said:
    When did trump buy Venezuela?
  • Naomi on September 01 2017 said:
    Russia is cash strapped as well. That is $1.5 billion Russia needs for spare parts to agriculture and oil drilling. Russia has a tough row to hoe until they abandon their invasion of Ukraine.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News