US threatens to Sanction Venezuela’s oil again

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The United States plans to reimpose sanctions on Venezuela, its southern neighbour and the world’s largest known oil reserves holder, if the Maduro government defaults on its promise to hold free and fair elections. Washington ordered American companies dealing with the state-owned energy firm PSDA to wind down within two weeks.


This is as the recent ruling by the Venezuelan Supreme Court on Friday upheld a ban on the candidacy of Maria Corina Machado, the opposition’s nominee for this year’s presidential election.

Venezuelan President Nicolas Maduro during a ceremony marking the start of the judicial year at the Supreme Court in Caracas, Venezuela, Jan. 22, 2021 (AP photo by Matias Delacroix).


Remember, the US eased its ban on Venezuela’s oil industry in October 2023 for six months (to elapse in March 2024), which helped the Latin American country fetch extra billions of dollars in oil earnings per trade figures revealed by Reuters.


The oil industry is Venezuela’s biggest source of foreign exchange earnings. If the sanctions return, oil revenues will fall drastically and, of course, affect President Maduro-led government's ongoing plans to increase oil production. 

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