Tanker Operator: More on Venezuela

15 February 2019                                                                                            

This move was designed to halt US imports of Venezuelan crude in an attempt to oust President Maduro.

The Trump administration stopped short of placing an outright ban; instead, refiners will be able to continue to receive Venezuela’s crude until the 28th April, as long as payments are placed into a blocked account, Poten & Partners explained in an industry note.

Sanctions have already caused chaos and confusion. Reuters reported last week that over a dozen tankers involved in oil trade with Venezuela were anchored in the US Gulf, as shippers sought clarity and payment instructions.

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