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MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

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CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

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US Unlikely to Change Oil Sanctions Despite New Venezuelan Candidate

OIL
Energy BulletsHomepagemarkets-real-timeBulletCommodities

While Venezuela’s opposition has rallied around a new presidential candidate, this is unlikely to change US oil sanction policy, Platts said.

  • Polls suggest that new presidential candidate Edmundo González Urrutia could defeat President Maduro in July, holding around a 40-point lead.
  • Nonetheless, Washington is not expected to change course because the current policy focusing on company-specific licenses could work just as well as a general license.
  • The US has already issued one company-specific license since reinstating sanctions, and more could quickly arrive.
  • Experts said that the initial general license was helpful in returning industry interest to Venezuela, according to Rapidan Energy.
  • "Production will be little affected by the sanctions change with Chevron not being impacted and individual licenses being maintained," said Nick Blanco, an analyst with Platts.
  • Venezuelan crude production could hit 950k b/d by year-end, relying mostly on existing specific licenses, Rapidan added.
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While Venezuela’s opposition has rallied around a new presidential candidate, this is unlikely to change US oil sanction policy, Platts said.

  • Polls suggest that new presidential candidate Edmundo González Urrutia could defeat President Maduro in July, holding around a 40-point lead.
  • Nonetheless, Washington is not expected to change course because the current policy focusing on company-specific licenses could work just as well as a general license.
  • The US has already issued one company-specific license since reinstating sanctions, and more could quickly arrive.
  • Experts said that the initial general license was helpful in returning industry interest to Venezuela, according to Rapidan Energy.
  • "Production will be little affected by the sanctions change with Chevron not being impacted and individual licenses being maintained," said Nick Blanco, an analyst with Platts.
  • Venezuelan crude production could hit 950k b/d by year-end, relying mostly on existing specific licenses, Rapidan added.