Mnuchin: "Venezuela Oil Sanctions Working To Pressure Maduro" For Sure?

Treasury Secretary Steven Mnuchin said U.S.-imposed oil sanctions are putting pressure on the embattled Venezuelan President Nicolas Maduro, who the U.S. is trying to oust. “We’ve been turning the heat up on the regime,” Mnuchin said Wednesday, touting the effectiveness of fresh sanctions that President Donald Trump’s administration imposed Jan. 28. “I think they’re working.” The U.S. has struck the “right balance” to meet U.S. market needs and all options and "are on the table" going forward, Mnuchin told reporters outside the White House. Venezuela’s oil exports fell to a 10-month low in January following new sanctions on the nation’s state-owned oil company Petroleos de Venezuela SA that effectively block Maduro’s regime from exporting crude to the U.S. The move ratcheted up pressure on Maduro to cede power to National Assembly leader Juan Guaido, who the U.S. and European allies have recognized as Venezuela’s rightful president. Oil companies still scrambling to find alternative supplies of heavy crude -- and raising the specter of production cuts -- have privately argued the administration has not found the right balance nor approved options that would help relieve pressure on refineries. For instance, Treasury officials rejected refiners’ pleas to allow them to complete oil transactions that were contracted before sanctions were imposed without paying into a special account walled off from Maduro. 

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"Caracas will do everything possible to minimize effects of US sanctions against Venezuelan energy giant PDVSA on the global oil market, the technical adviser for the state-run firm, Ronny Romero, said.
“Yes, we are facing new illegal sanctions from the US. We were exporting about 500,000 bpd to the US. PDVSA will redirect exports to other customers in Europe and Asia,” he told Sputnik. Romero, who is Venezuela’s National Representative to OPEC, explained that European and Asian customers should not be afraid to buy oil from the country because Washington’s sanctions apply only to US entities."...

 

https://www.rt.com/business/450787-venezuela-pdvsa-exports-redirect/?utm_source=browser&utm_medium=aplication_chrome&utm_campaign=chrome

 

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Does this mean that there will be a drop in the price of oil? :)

 

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It means that the next sanction against Venezuela is coming. That would be a blockade of the country in the north. I read that it will be a joined operation of the Lima group. Nothing will go into or out of Venezuela by sealines...  If it works and means kicking Maduro out of the game, I agree

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4 minutes ago, damirUSBiH said:

It means that the next sanction against Venezuela is coming. That would be a blockade of the country in the north. I read that it will be a joined operation of the Lima group. Nothing will go into or out of Venezuela by sealines...  If it works and means kicking Maduro out of the game, I agree

The Lima group has no teeth but has plenty of wind...

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5 minutes ago, rainman said:

The Lima group has no teeth but has plenty of wind...

The worst scenario could be to allow China and Russia to build military base in Venezuela and control oil and gas. Of course, it's one of the option and I'm not sure that Maduro does not think about that...

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14 hours ago, damirUSBiH said:

It means that the next sanction against Venezuela is coming. That would be a blockade of the country in the north. I read that it will be a joined operation of the Lima group. Nothing will go into or out of Venezuela by sealines...  If it works and means kicking Maduro out of the game, I agree

And what will be the fate of the common man in Venezuela with this 'blockade'?

 

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Venezuela is close to a civil war, but it has big loans with  China, Russia and Cuba and they agreed to pay with the loans with oil.  The country can barely meet its domestic needs for oil so Maduro will be soon running to some foreign land.  I believe it will be a nice beach community with no extradition treaties with any countries so he can avoid a long, long stay in The Hague.

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