Americas News
US Reimposes Venezuela Oil Sanctions
The US is set to reimpose sanctions on Venezuela's oil exports.
The US Treasury Department had issued a new general licence in October authorising Venezuela to produce and export oil for the next six months without limitation.
That licence expired on Thursday, and the Treasury Department has said it will not be renewed, news agency Reuters reported.
The report cites concerns over the fairness of elections in Venezuela as a reason for the decision.
As far as the bunker market is concerned, the lifting of sanctions was most likely to bring down HSFO prices, with Venezuelan crude coming with a high fuel oil yield when refined. This effect should be most pronounced in the US Gulf and Panama, but could be seen further afield in Europe and elsewhere.
The US sanctions on Venezuelan oil lasted more than 15 years up to October, and were significantly tightened in 2019.
