Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

US sanctions on PDVSA aim for regime change in Venezuela

LNG | Natural Gas | Natural Gas (North American)

Winter pricing insights: The new dynamics of US natural gas markets

Oil

Platts Market Data – Oil

Oil | Crude Oil | Refined Products | Equities | Financial Services | Private Markets

North American Crude Oil Exports Summit, 2nd Annual

Bunker Fuel | Oil | Crude Oil | Refined Products | Marine Fuels

Refinery news roundup: US facilities return from planned work ahead of IMO 2020

US sanctions on PDVSA aim for regime change in Venezuela

Washington — US Vice President Mike Pence is scheduled to visit Colombia on Monday to bolster the Trump administration's push for regime change in Venezuela as US sanctions on state-owned oil company PDVSA enter their fifth week.

While in Bogota, Pence will "state plainly that the time has come for [Venezuelan President] Nicolas Maduro to step aside," the White House said in a statement Thursday.

Pence's visit comes as Maduro has ordered Venezuela's border with Brazil closed, the latest attempt to block aid deliveries he has said are attempts to destabilize his government.

The US and other countries have recognized opposition leader Juan Guaido as Venezuela's legitimate president.

Here's a look at the sanctions the Trump administration imposed to accelerate regime change:

  • On January 28, the US Treasury Department unveils sweeping sanctions on PDVSA, setting an immediate ban on US exports of diluent to Venezuela and requiring payments made to PDVSA to be through blocked accounts, setting up a de facto ban on US imports of Venezuela crude.
  • On February 1, Treasury announced that transactions between non-US firms and PDVSA which involve the US financial system or US commodity brokers would be prohibited after April 28.
  • PDVSA crude oil production, which averaged an estimated 1.6 million b/d in January, is expected to fall below 800,000 b/d in January due to the loss of US diluent imports.
  • Venezuelan oil production is expected to fall to 500,000 b/d by the end of the year due to US sanctions, according to Elliott Abrams, the US Department of State's special representative for Venezuela.
  • Exports of MTBE and other gasoline additives to Venezuela must be wound down by February 27, a prohibition likely to exacerbate a gasoline shortage there.
  • PDVSA-owned Citgo assets in the US, which include refineries in Louisiana, Texas and Illinois and three pipeline systems, will be allowed to continue to operate, at least for three months, although revenues also will be required to be held in blocked accounts.
  • Last week, Treasury formally blocked Venezuelan oil minister Manuel Quevedo from the US financial system.

-- Brian Scheid, brian.scheid@spglobal.com

-- Herman Wang, herman.wang@spglobal.com

-- Edited by Richard Rubin, newsdesk@spglobal.com

Oilgram News

Platts Oilgram News brings fast-breaking global petroleum and natural gas news every day covering supply and demand trends, corporate news, government actions, exploration, technology, and much more. Click on the link below and we will set you up with a free trial.

Free Trial