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Deadline Looms for Venezuelan Oil Sanctions

OIL

U.S. officials confirmed on Friday that they had met with representatives of Venezuelan President Nicolas Maduro early last week to express concerns over the electoral process ahead of this weeks sanctions decision.

  • "The purpose was to express our concerns about Venezuela's electoral process," a White House National Security Council (NSC) spokesperson said of the meeting.
  • The Biden administration has vowed to reinstate oil sanctions on April 18 unless Maduro makes progress on meeting his promises for the July 28 presidential election.
  • Maduro’s main opposition, Maria Corina Machado, remains barred from running against him, along with her first-choice replacement.
  • U.S. President Joe Biden's aides are still discussing a range of options ahead of the expiration on Thursday of a temporary U.S. license that has allowed Venezuela to freely sell its crude, according to Reuters sources.
  • See the MNI research piece out Friday for further details on Venezuela situation via link: https://enews.marketnews.com/ct/x/pjJscQbZle8I6a81J0x0SQ~k1zZ8KXr-kA8x6nBC5SnptIPjO1OcQ
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