• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 45 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days Wind droughts
  • 6 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 14 hours Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 9 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 4 days Oil Prices Fall After Fed Raises Rates
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 3 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 9 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 11 days The Federal Reserve and Money...Aspects which are not widely known
  • 13 days How Far Have We Really Gotten With Alternative Energy

Breaking News:

Gasoline Draw Sends Oil Prices Higher

U.S. Ponders New Sanctions As April Elections In Venezuela Near

U.S. oil sanctions on Venezuela are due to expand before a critical vote in the Latin American country in April, according to a new report by Bloomberg.

An anonymous official from the U.S. State Department said no decision had been made regarding the upcoming round of punitive measures against President Nicolas Maduro’s regime, however. Officials are reportedly weighing the effects of the proposed measures on Caracas and ordinary people.

The White House favors swift sanctions, regardless of the election schedule, the source said. One proposed measure would target oil sales further, and another would take financial sanctions on the fossil fuel sector even further.

Maduro is seeking a second six-year term to complete his “21st century socialism” plan, which has plunged the country into recession. The fund shortage also corresponds to three years of low oil prices, severely reducing the federal government’s access to cash.

According to data by the EIA compiled by Bloomberg, Venezuela’s imports of heavy naphtha from the U.S.—all of which comes from Gulf Coast refineries—are some 2 million barrels per month, and a stoppage of naphtha would seriously interrupt Venezuela’s oil industry, which relies on the additive to improve the flow of heavy oil through its pipelines.

Related: Something Unexpected Just Happened In LNG Markets

Earlier, U.S. Secretary of State Rex Tillerson said the U.S. was considering extending sanctions against Venezuela to include all imports of Venezuelan crude and exports of U.S. refined products to the South American country. Currently, sanctions target separate individuals from the Maduro regime and ban U.S. banks and other institutions from buying Venezuelan debt. According to analysts, while a U.S. ban on Venezuelan oil imports could also hurt U.S. refiners, further restrictions on U.S. oil product exports to Venezuela could push the country’s oil production off the cliff since the Latin American country relies on them for refining purposes.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

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