Maduro Brands Sanctions Illegal
The President of Venezuela, Nicolas Maduro, has branded U.S. sanctions “illegal, criminal and immoral” in a statement posted on his official Twitter page, which was translated.
In the translated statement, Maduro says the sanctions “intend to rob the CITGO company from Venezuelans” and warns “we will announce necessary and forceful measures to protect the interests of the nation”.
Las llamadas "sanciones" anunciadas por John Bolton, son unilaterales, ilegales, criminales e inmorales; pretenden robarle la empresa CITGO a los venezolanos. En los próximos días anunciaremos medidas necesarias y contundentes para proteger los intereses de la Nación. pic.twitter.com/7UJKwlMvem
— Nicolás Maduro (@NicolasMaduro) 29 January 2019
The Trump administration has issued new sanctions on Venezuela’s state-owned oil company PDVSA that effectively block Maduro’s regime from exporting crude to the United States.
Ashley Kelty, an oil and gas research analyst at Cantor Fitzgerald Europe, thinks the sanctions may have an impact on West Texas Intermediate (WTI) prices, “given that the United States is the biggest market for Venezuelan crudes”.
“A short-term tightening of supply should lift WTI. However, with rising U.S. output still weighing heavily on sentiment, I’d be surprised if the impact was material. The Chinese economic slowdown is the biggest factor in pricing at the moment in my opinion,” Kelty told Rigzone.
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