Venezuela may refuse to supply oil to the US

FILE PHOTO - A gas pump is seen hanging from the ceiling at a petrol station in Seoul June 27, 2011. REUTERS/Jo Yong-Hak/File Photo
Adhering to his “anti-imperialist rhetoric,” Venezuelan President Nicolas Maduro said that his country could stop supplying its oil to the United States, writes OilPrice.

“On the day when they do not want us to sell our oil to them, we’ll just collect our things and sell our oil to Asia.” It’s nothing to worry about, “Maduro said.

According to OPEC secondary sources, the volume of oil production in Venezuela in October was 1.863 million barrels per day, which is 43.6 thousand barrels per day less than in September.

While Venezuela is desperately trying to prevent what most consider the inevitable default, its production has been gradually declining every month this year.

Imports of crude oil from Venezuela to the USA also declined in recent weeks, according to the Energy Information Administration (EIA), for many weeks to below 500,000 barrels per day from 700-800 thousand barrels per day earlier this year. In January and February 2017, shipments to the United States even exceeded 1 million barrels per day.

According to Maduro, the decision is for US President Donald Trump.

“If you want us to continue selling oil, we will sell oil, but if you start listening to extreme right-wing extremists, Venezuela will grab hold of its small boats and spread its oil around the world, and we will sell it that way,” – said Maduro.

In late August, the US increased sanctions against Venezuela by banning transactions with a new debt or capital issued by the PDVSA or the government. Maduro claims that the imposition of US sanctions this year is a “financial harassment”.

The new head of the oil industry of Venezuela, Manuel Quevedo, promised to eradicate corruption in the state-owned oil company PDVSA in his two-minute military speech during his inauguration, without offering clues as to how he plans to cope with the burdensome debt burden of the company.President

Nicholas Maduro on Sunday appealed to Major General Manuel Quevedo to chair both of PDVSA, and the oil ministry, handing control of the most important sector of the country’s military.

In comments during a two-hour transfer ikolasa Maduro Quevedo said he hunt down all the “saboteurs” and win “corrupt bureaucracy.” At the same time, the new minister is poorly touched upon the increase of oil production and improve refining operations.

“We are going to clean up public finances so that these thieves from PDVSA are finally gone,” said Quevedo. “The actions of the government have touched many people who have penetrated this industry. Those who stayed should worry.”