The United States told some large foreign firms this week they should stop tradi...
LONDON - The United States told some large foreign firms this week they should stop trading jet fuel with Venezuela or face sanctions, according to two industry sources, ratcheting up pressure intended at removing Venezuelan President Nicolas Maduro from power.
When asked about the calls a State Department official said “We continue to engage with companies in the energy sector on the possible risks they face by conducting business with PDVSA.” Those efforts have stalled in recent weeks while Venezuela suffers through an economic collapse that has created a humanitarian crisis.
Venezuela’s economy has long relied on oil, which prior to sanctions accounted for more than 90 percent of its export revenues. The OPEC member has among the world’s largest reserves, but output has declined to less than 800,000 barrels per day as of April, from more than 3 million bpd two decades ago, according to OPEC figures based on secondary sources.
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