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Potential Venezuelan Sanctions Return Set to Hit Oil Output

OIL

The Biden Administration said on Tuesday that energy sanctions relief for Venezuela will be allowed to expire on April 18 if the current lack of progress towards fairer elections remains.

  • It is unclear whether an expired deal would still allow Chevron to hold a special license allowing limited operations and exports towards the US Gulf in repayment for owed debts rather than cash.
  • Rapidan Energy forecasts that an expired deal would see Venezuelan production drop to 600,0000-700,000 bpd, down from 876,000 bpd in December – the highest levels since sanctions were put in place in early 2019.
  • The eased sanctions have allowed Venezuelan oil to flow to the US Gulf while Indian refiners have also showed buying interest. A return of sanctions would likely see flows head back towards China teapot refiners.
Energy BulletsCommodities
Energy BulletsCommodities

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