Oil Prices Edge Upward After U.S. Imposes Sanctions On Venezuela
Source: NPR
January 30, 20197:26 AM ET
MATTHEW S. SCHWARTZ
Oil prices are up more than 2 percent after the U.S. imposed sanctions on Venezuela's state-run oil company known as PDVSA.
As of Tuesday night, International Brent crude oil futures had risen 2.32 percent to $61.32 a barrel, and U.S. West Texas Intermediate crude futures went up 2.54 percent to $53.31 a barrel, Reuters reported. Prices continued their upswing early Wednesday.
The U.S. Treasury Department announced sanctions Monday that effectively halt U.S. purchases of oil from Venezuela, NPR reported. It's part of an effort to push out the country's president, Nicolás Maduro, in favor of his rival Juan Guaidó. About 40 percent of Venezuela's oil is sold to the United States.
"The U.S. claims that Maduro and his inner circle divert billions in PDVSA profits to their personal accounts and to pay off military officers said to be propping up Maduro's government," reported NPR's John Otis. Venezuelan economist Francisco Rodriguez told NPR that if Maduro remains in power, we can expect to see a 40 percent drop in Venezuelan oil production within the next few months. The U.S. is Venezuela's number one customer of oil, CNN reported.
Read more: https://www.npr.org/2019/01/30/689854163/oil-prices-edge-upward-after-u-s-imposes-sanctions-on-venezuela?utm_medium=RSS&utm_campaign=news
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...Saudi Arabia? 
