Venezuelan Oil Minister Manuel Quevedo said on Sunday his country’s economy and oil industry was under economic and financial siege by the U.S. government.
The world will require very little extra oil from OPEC this year as booming US output will offset falling exports from Iran and Venezuela, the International Energy Agency said on May 15.
The United States on Friday added two companies involved in shipping oil from Venezuela to Cuba, along with nearly three dozen ships, to a financial sanctions list aimed at increasing pressure on Venezuelan President Nicolas Maduro to step down and turn over power to the opposition.
Venezuela’s state-run energy company, PDVSA, kept oil exports near 1 million barrels per day in March despite U.S. sanctions and power outages that crippled its main export terminal, according to PDVSA documents and Refinitiv Eikon data.
Several Indian firms have already stopped importing oil from Venezuela after the US reportedly instructed oil refineries around the world to curtail their dealings with Caracas or face sanctions themselves.
The United States has instructed oil trading houses and refiners around the world to further cut dealings with Venezuela or face sanctions themselves, even if the trades are not prohibited by published U.S. sanctions, three sources familiar with the matter said.
India’s crude oil imports from Iran and Venezuela fell 50 per cent and 4.2 per cent, respectively, in February as compared to the corresponding month a year ago, fresh data sourced from the Directorate General of Commercial Intelligence and Statistics (DGCIS) showed.
Oil prices dropped on Monday as concerns of a sharp economic slowdown outweighed supply disruptions from OPEC’s production cutbacks and US sanctions on Iran and Venezuela.
Venezuela has suspended its oil exports to India and views Russia and China as its main export destinations, the Azeri energy ministry said on Tuesday, citing Venezuela’s oil minister.
Oil prices rose on Wednesday, pushed up by ongoing supply cuts from producer cartel OPEC and U.S. sanctions against Iran and Venezuela. International Brent crude oil futures LCOc1 were at $66.85 a barrel at 0341 GMT, up 18 cents, or 0.3 percent, from their last close.