Venezuelan Oil to be Shipped to the USBiden cancels Keystone, and snubs Canada again continuing to ram his middle finger up our assets.
He has turned his back on years of painful sanctions imposed on the communist regime in Venezuela in response to seizing and nationalizing billions of US oil infrastructure. The country is a mess. What a waste.
However, with the current poor cannibalized state of Venezuelan infrastructure, this probably means much less than the 200K bpd they were producing before sanctions were imposed. It will take billions of capital to be put to work there over long periods in order to restore significant volumes, and that is not on the table...yet.
I believe it is heavy, so it may impact our Canadian crude in the gulf in terms of differentials.
Who's next? Iran?
OIL MARKET: Washington eases its oil sanctions on Venezuela, allowing Chevron (for the next 6 months) to pump crude in the Latin American nation and export it into the United States. A major shift in the White House policy https://twitter.com/JavierBlas/status/1596562915645165573