- The U.S. has imposed sanctions on Venezuelan state-owned oil firm PDVSA, White House national security adviser Bolton and Treasury Secretary Mnuchin announce, in a move to cripple the Maduro government and empower opposition leader Juan Guaidó.
- Bolton says the U.S. actions will block $7B in assets and cause $11B in lost exports during the next year.
- Mnuchin says PDVSA must transfer control of PDVSA to Venezuela's interim Pres. Guaidó before sanctions will be lifted; the Trump administration last week recognized Guaidó as the country's legitimate leader.
- The sanctions will affect PDVSA’s U.S.-based Citgo oil refinery company but will have a minimal effect on U.S. refineries, Mnuchin says.
- Aside from Citgo, the largest U.S. importers of Venezuelan crude are Chevron (NYSE:CVX), PBF Energy (NYSE:PBF) and Valero (NYSE:VLO).
- ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, OILD, OILU, USAI
- Now read: Watch Those Processing Spreads For Clues On Crude Oil
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