Venezuela is seeking to build a trade bloc that conducts transactions outside the U.S. dollar, allowing it to finalize oil sales beyond the reach of U.S. sanctions. China, Russia, and India are Venezuela’s prospects for the bloc. “We can all build one economy and that economy does not necessarily have
The U.S. has announced targeted sanctions against Venezuela’s state-owned PDVSA. Rather than imposing a complete embargo on Venezuelan oil exports, however, the sanctions target only sales whose funds could be accessed by the Maduro regime. The sanctions, therefore, are working to transfer oil wealth away from the Maduro regime, where
The Iranian Oil Minister has announced the discovery of oil deposits in its southwestern province bordering Iraq for the first time. The estimated size of the deposit has not been shared, but it comes at a time of U.S. sanctions that have created difficulties for Iranian oil exports. The U.S.
President Trump is reportedly considering the possibility of recognizing the President of the Venezuelan National Assembly and leader of the political opposition bloc as the country’s legitimate president, according to several sources. President Trump is also reportedly considering a full embargo against Venezuelan oil, which would increase US gas prices by