Although sanctions against Venezuelan crude are yet to come into effect, the country’s oil has essentially already been taken off the mainstream international market after the US State Department piled direct pressure on foreign companies to scrap all oil-related deals.
European refiners have scrambled to switch to expensive Russian sour crude after US sanctions hit Venezuela’s similar-grade exports, Reuters cited trading sources as saying.
The sources said that even though US crude output is increasing and exports are due to soar later this year, it is not an alternative because American crude is overwhelmingly light and sweet, and European refineries are equipped to process heavier grades to make refined products. Read More
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