Reuters: Tillerson raises specter of U.S. sanctions on Venezuelan oil
BUENOS AIRES (Reuters) - The United States is considering restricting imports of Venezuelan crude oil and exports of U.S. refined products to Venezuela, U.S. Secretary of State Rex Tillerson said on Sunday, to put pressure on socialist President Nicolas Maduro to “return to the constitution.”
“One of the aspects of considering sanctioning oil is what effect would it have on the Venezuelan people? Is it a step that might bring this to an end more rapidly?” Tillerson said at a news conference in Buenos Aires, referring to Venezuela’s economic and political crisis.
Tillerson, on a Latin America trip that also includes visits to Mexico, Peru, Colombia and Jamaica, raised eyebrows on Friday after he suggested that Maduro could be toppled by his own military.
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WNU Editor: Venezuela will scramble to find other markets. But if these sanctions are implemented, no oil service company is going to touch Venezuela. And while Venezuela will still continue to pump oil, it is inevitable that breakdowns and halts in production will occur. Bottom line .... it will take time but this is going to hurt Venezuela's ability to make money on its oil.
More News On U.S. Secretary of State Rex Tillerson's Remarks That The Is U.S. Considering Oil Sanctions Targeting Venezuela
Tillerson Says US Weighing Sanctions on Venezuelan Oil Sector -- Bloomberg
Tillerson says U.S. still considering Venezuela oil sale restrictions -- CBS/AP
Tillerson: US might put pressure on Venezuela by restricting oil sales -- The Hill
Tillerson: US Considering Venezuela Oil Embargo -- Sputnik International
Why have sanctions?
ReplyDeleteThey are going to fall anyway.
On the one hand, with sanction we get blamed by the usual suspects.
On the other hand if there are sanction Venezuela falls sooner and the clean up can begin sooner. Perhaps fewer dead -people as the result of communist policies.
If American hands were on Venezuela people would not be starving.
ReplyDeleteI do not see Young Communist traveling to Venezuela to join some Venceramos to show solidarity and to save Maduros from his mismanagement of of the economy.
Maybe YC could claw back some of the tens or hundreds of millions that Hugo Chavez stole from the Venezuelan people. It is more likely that YC would want to marry one of them and enjoy the loot than to return the $$$.
But, if YC turned over a new leaf and wanted to return the $$$ instead of enjoying it with one of Hugo Chavez's daughters, then may be the Venezuelans would not starve to death.