Trump Sanctions Against Venezuela Have Decimated Oil Production
by TRNN
January 18, 2019
The Trump administration is evaluating oil sanctions on Venezuela now. The sanctions that are already in place lead to many deaths and make an economic recovery practically impossible, says CEPR’s Mark Weisbrot.
Is the U.S. government getting ready to impose further and harsher sanctions on Venezuela? Reuters reported on Thursday that the Trump administration recently met with oil company executives to explore the possibility of imposing oil sanctions on Venezuela. Approximately half of Venezuela’s oil exports continue to go to the United States.
This is despite various financial sanctions that the U.S. already has in place against Venezuela, and against the Venezuelan government officials. Oil sanctions have often been considered against Venezuela, but so far haven’t happened, presumably because of the effect it would have on the U.S. oil market and on U.S. refiners. Reuters quotes one executive as saying that “the new oil sanctions are more serious than I’ve heard before.” Related to the possibility of new sanctions on Venezuela is that President Nicolas Maduro was inaugurated for a second presidential term last week, and the U.S. and many other countries refused to recognize him as the legitimately elected president.
To discuss the economic impact of sanctions on Venezuela is Mark Weisbrot. Mark is the co-director of the Center for Economic and Policy Research, and he is also a longtime observer of Venezuela’s economy.
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