🇺🇸🛢️ This past week, the US scored its first major win in tapping into Venezuela's oil wealth: a $500 million sale of Venezuelan crude. More shipments are expected in the coming days and weeks, according to an administration official who spoke with Reuters.
Meanwhile, this past Thursday, US forces seized a sixth oil tanker linked to Venezuela, signaling a continued tightening of the US blockade on Venezuelan oil exports. Shipping data from Kpler shows that the only vessels loading crude at Venezuela's ports are tankers bound for the US or those moving oil to local refineries.
So why does the US, one of the world's top oil producers, still need Venezuelan crude? 🤔 Industry analysts point to a few key reasons:
- Refinery match: Some US Gulf Coast refineries are designed to process Venezuela's heavy, sour crude more efficiently than lighter grades.
- Diversifying supply: Adding another source helps stabilize imports and manage price swings in global markets.
- Strategic leverage: Oil deals can be a diplomatic tool, giving the US additional leverage in regional politics.
Think of it like collectors seeking that rare vinyl even when they have plenty of popular albums—there's something uniquely valuable in the mix. 🎧
With more sales on the horizon and a tightening export blockade, the US push for Venezuelan oil is shaping up as a high-stakes game. Stay tuned as this story develops. 🚀
Reference(s):
cgtn.com
