Posted by: 5-02-2019, 02:06

US sanctions beat on Venezuela: in the Gulf of Mexico stuck “flotilla” of oil tankers

Due to US restrictions, raw materials do not enter the foreign market, oilmen are sounding the alarm

US sanctions beat on Venezuela: in the Gulf of Mexico stuck “flotilla” of oil tankers

Photo: / lewis pratt.

In the Gulf of Mexico formed a «flotilla” of tankers, which is 7 million barrels of Venezuelan oil. A substantial part of this fuel was purchased before the US oil sanctions against Venezuela came into force, and now the owners of black gold cannot find new buyers, reports Reuters.

Earlier, as the agency notes, the United States alone bought up to 500,000 barrels of oil per day from Venezuela. Now, due to US restrictions, raw materials do not enter the foreign market. As The Wall Street Journal adds, Venezuelan oil exports have declined sharply after the introduction of US PDVSA sanctions, and the White House’s actions are pushing the country's oil industry to collapse.

Venezuelan oil now fills domestic storage tanks and almost does not go for export. Production also falls due to problems with skilled workers, who are massively dismissed under conditions of hyperinflation and wage arrears.

“This is an absolute catastrophe. There is almost no way to transport oil”, says the publication of the opinion of the head of the oil union, Luis Hernandez.

In addition, in order for the sulfurous and heavy Venezuelan oil to be refined, it must be diluted with a lighter one, which also caused major problems. Tankers transporting petroleum products associated with Russian Lukoil, Spanish Repsol SA and American Chevron were stopped or redirected due to payment problems from Venezuela, sources said.

All this may affect the world markets much more than previously expected, experts say.

Recall, on January 23, opposition leader Juan Guaydo declared himself the acting president of Venezuela. At the same time, demonstrations and clashes of protesters with security officials began throughout the country. Dozens of people died.

On the same day, the United States recognized him as interim head of state, the countries of the Lima Group, with the exception of Mexico, the Organization of American States, and a number of other states joined them.

European countries, including the United Kingdom, Germany, Spain, the Netherlands and France, on January 26 warned that they would recognize Guaydo as interim president if Maduro did not announce the holding of elections within eight days. At the same time, the current President of Venezuela, Nicolas Maduro, rejected the call of European countries for re-election.

Later, Guaydo also supported the countries of the Lima group, which was created to resolve the political crisis in Venezuela. The group included most of the countries of South and Central America, as well as Canada and Saint Lucia. Barbados, Grenada, Jamaica, Uruguay, the United States and the European Union have expressed support for the organization without becoming members.
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