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Global oil industry braces for turmoil from US crackdown on Venezuela

Updated : January 30, 2019 06:37 AM IST

The sanctions, announced on Monday, are aimed at driving President Nicolas Maduro from power, the strongest US measures yet against the socialist president who has overseen economic collapse and an exodus of millions of Venezuelans in recent years.
The sanctions froze assets of state-run PDVSA and require US firms to pay for oil using accounts controlled by the country's opposition party head and self-proclaimed interim president, Juan Guaido.
PDVSA is seeking to sidestep the restrictions by asking major buyers, including US refiners, to renegotiate contracts, sources said.
Global oil industry braces for turmoil from US crackdown on Venezuela

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