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The Valve Closes On Venezuela’s Oil


  • Under the new sanctions, Venezuela can only sell crude to the USA or using US dollars through offshore companies until April 28, 2019.
  • The US is the main demand centre for Venezuela's heavy crudes; despite investment from Russia and China, the loss of American demand will be a major blow to PDVSA.
  • It presents a conundrum for Citgo, whose refineries along the US Gulf Coast depend almost entirely on Venezuelan crude as a processing fuel.



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