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Title : New U.S. Sanctions Are Crippling Venezuela's Oil Exports
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New U.S. Sanctions Are Crippling Venezuela's Oil Exports

The oil tanker Caspian Galaxy sits anchored near Amuay beach, in Punto Fijo, Venezuela. REUTERS/Stringer

Reuters: Armada of tankers with Venezuelan oil forms in U.S. Gulf: sources, data

HOUSTON/MEXICO CITY (Reuters) - A flotilla loaded with about 7 million barrels of Venezuelan oil has formed in the Gulf of Mexico, some holding cargoes bought ahead of the latest U.S. sanctions on Venezuela and others whose buyers are weighing who to pay, according to traders, shippers and Refinitiv Eikon data.

The Trump administration’s move to impose sanctions last week was meant to undercut support for Venezuelan President Nicolas Maduro by targeting the Latin American nation’s oil exports to the United States, the source of most of its foreign revenue.

The sanctions aim to block U.S. refiners from paying into PDVSA accounts controlled by Maduro - one reason numerous tankers are waiting in limbo off Venezuela with payments unclear. The United States buys 500,000 barrels of Venezuelan crude per day.

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WNU Editor: There is always China and India .... U.S. Oil Sanctions On Venezuela Could Be An Energy Windfall For India And China (Forbes).

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