US reassessing Venezuela’s oil sanctions

US reassessing Venezuela’s oil sanctions

Despite increasing its grip over Venezuela in recent months, the US is said to be reducing its sanctions over the Venezuelan oil industry.

Sources in Washington DC have said that the US will not look to further sanction the South American nation’s oil industry as it contributes such a large part of imports for Gulf Coast refiners.

A ban of US imports of Venezuelan oil would be seen as the ultimate punishment on the nation and could result in its total collapse.

Despite its collapsing oil industry, Venezuela saw an increase of as much as 43% in exports to the US between February and June this year.

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