Monday, July 31, 2017

BREAKING: US Considering Sanctions on Venezuela Oil Sector

President Donald Trump's administration is considering imposing some U.S. sanctions on Venezuela's vital oil sector in response to Sunday's election of a constitutional super-body that Washington has already denounced as a "sham" vote, U.S. officials said. according to CNBC.

The measures, which could be announced as early as Monday, are not expected to include a ban on Venezuelan oil shipments to the United States -- one of the harshest options -- but could block sale of lighter U.S. crude that Venezuela mixes with its heavy crude and then exports, the officials told Reuters.

The new round of sanctions is intended to make good on Trump's threat of "strong and swift economic actions" if Venezuelan President Nicolas Maduro went ahead with Sunday's election of a controversial new congress, the officials said.

In overnight trading, oil prices have hit a two-month high, lifted by a tightening U.S. crude market and the threat of sanctions against Venezuela.

Oil prices have risen around 10 percent since the last meeting of leading members which occurred last week.


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