• 5 minutes Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 minutes Sell out now or hold on?
  • 16 minutes Oil prices going down
  • 21 mins Oil prices going down
  • 7 hours When will oil demand start declining due to EVs?
  • 19 hours Two Koreas Agree To March Together At Asian Games
  • 7 hours Oil and Trade War
  • 9 hours Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 9 hours Sell out now or hold on?
  • 7 hours venezuala oil crisis
  • 6 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 11 hours Correlation Between Oil Sweet Spots and Real Estate Hot Spots
  • 6 hours Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 10 hours Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 4 hours What If Canada Had Wind and Not Oilsands?
  • 20 hours Geopolitical and Political Risks make their strong comeback to global oil and gas markets
  • 3 hours The Wonderful U.S. Oil Trade Deficit with Canada
  • 17 hours Trump Renews Attack On OPEC Ahead Of Group's Production Meeting
  • 5 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
The Fourth Industrial Revolution Is On The Horizon

The Fourth Industrial Revolution Is On The Horizon

The Fourth Industrial Revolution is…

Venezuela Has Plan B To Sell Its Oil If U.S. Imposes Sanctions

Maduro

Venezuela has plans A, B, and C, and other alternatives to sell its oil if the United States were to impose oil sanctions, Venezuela’s President Nicolas Maduro said at a Russian energy forum on Wednesday.

At the end of August, the U.S. stepped up sanctions on Venezuela, prohibiting dealings in new debt or equity issued by state oil firm Petroleos de Venezuela SA (PDVSA) or the government. A couple of weeks later Venezuela ditched the dollar and responded to what it called an “economic blockade” by suspending trade in U.S. dollars and publishing Venezuelan oil basket prices in Chinese yuan.

The U.S. has not imposed oil sanctions, but they are not entirely off the table.

“Oil is tradable, and if there is some decision to go after the oil of my country, I think the same will happen to the consumers in the US. And the companies who are our counter parties and have been such for the last 50 years will probably also suffer,” Platts quoted Maduro as saying at the Russian Energy Week today. 

“The biggest companies in the world are interested in buying our oil and oil products. Naturally we will be creating the conditions necessary to cover the needs and demands of those companies. I’m quite firm about this,” Maduro added.

U.S. imports of Venezuelan crude oil have been around 700,000 bpd earlier this year, but June and July imports—the latest available EIA data—were 616,000 bpd and 655,000 bpd, respectively.

Related: This OPEC Member Just Saw A Major Jump In Oil Revenue

PDVSA owes some US$3.5 billion to the U.S. in the next five or six weeks, according to Platts. The Venezuelan state oil firm also has bond obligations due soon. 

“Venezuela has always been able to comply with its debt and obligations, and this will be done,” Maduro said today.

According to Platts sources in Moscow, Maduro will be meeting Russia’s President Vladimir Putin later on Wednesday to discuss the state of the oil market and a potential new loan for Venezuela from Russia.

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