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Venezuela gasoline shortages worsen as U.S. tells firms to avoid supply - sources
Source: Reuters
BUSINESS NEWS APRIL 8, 2020 / 11:22 AM / UPDATED AN HOUR AGO
Exclusive: Venezuela gasoline shortages worsen as U.S. tells firms to avoid supply - sources
Marianna Parraga, Luc Cohen, Matt Spetalnick
6 MIN READ
(Reuters) - Gasoline shortages in Venezuela are worsening after U.S. officials have told foreign firms to refrain from supplying the fuel to the sanctioned South American nation and only provide diesel, according to five people familiar with the situation.
Since late 2019, U.S. officials have asked most of Venezuela’s fuel suppliers to avoid sending gasoline to the crisis-stricken nation. In the latest round of calls in early March between U.S. officials and oil firms, they repeated the ban, despite worsening humanitarian conditions in the country, one of the sources said.
The U.S. Treasury Department sanctioned Venezuela’s state-run Petroleos de Venezuela [PDVSA.UL] over a year ago as a measure to oust socialist President Nicolas Maduro, who Donald Trump’s administration considers a dictator usurping power.
A handful of foreign companies - including Russia’s Rosneft ROSN.MN, Spain’s Repsol SA (REP.MC), Italy’s Eni SpA (ENI.MI) and India’s Reliance Industries (RELI.NS) - continued to supply fuels to PDVSA under swap arrangements for Venezuelan crude oil, which was allowed by the U.S. Treasury.
“They underlined the message of no gasoline as part of oil swaps,” said the source familiar with last month’s calls, adding that his firm has only supplied diesel and gas oil since September.
-snip-
Exclusive: Venezuela gasoline shortages worsen as U.S. tells firms to avoid supply - sources
Marianna Parraga, Luc Cohen, Matt Spetalnick
6 MIN READ
(Reuters) - Gasoline shortages in Venezuela are worsening after U.S. officials have told foreign firms to refrain from supplying the fuel to the sanctioned South American nation and only provide diesel, according to five people familiar with the situation.
Since late 2019, U.S. officials have asked most of Venezuela’s fuel suppliers to avoid sending gasoline to the crisis-stricken nation. In the latest round of calls in early March between U.S. officials and oil firms, they repeated the ban, despite worsening humanitarian conditions in the country, one of the sources said.
The U.S. Treasury Department sanctioned Venezuela’s state-run Petroleos de Venezuela [PDVSA.UL] over a year ago as a measure to oust socialist President Nicolas Maduro, who Donald Trump’s administration considers a dictator usurping power.
A handful of foreign companies - including Russia’s Rosneft ROSN.MN, Spain’s Repsol SA (REP.MC), Italy’s Eni SpA (ENI.MI) and India’s Reliance Industries (RELI.NS) - continued to supply fuels to PDVSA under swap arrangements for Venezuelan crude oil, which was allowed by the U.S. Treasury.
“They underlined the message of no gasoline as part of oil swaps,” said the source familiar with last month’s calls, adding that his firm has only supplied diesel and gas oil since September.
-snip-
Read more: https://www.reuters.com/article/us-usa-venezuela-gasoline-exclusive/exclusive-venezuela-gasoline-shortages-worsen-as-u-s-tells-firms-to-avoid-supply-sources-idUSKCN21Q29M