U.S. to cut off Iran-Venezuela trade by sanctioning oil tankers

Must Read

First Guyanese security firm attains ISO certification, looking to tap into O&G opportunities

Through the assistance of the Center for Local Business Development (CLBD), another Guyanese firm - MMC Security...

Suriname oil discoveries estimated at 1.4 billion barrels – Rystad Energy

Norway-based independent energy research and business intelligence company, Rystad Energy, says the three discoveries made offshore Suriname...

Liza 1 & 2 ‘will provide low cost energy for years to come’ – Hess CEO

Even as governments and international oil companies pursue efforts to reduce carbon emissions on a global scale...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

(Bloomberg) – The Trump administration is preparing sanctions on as many as 50 oil and fuel tankers as part of an effort to cut off trade between Iran and Venezuela, according to a person familiar with the matter.

The sanctions would be imposed through the Treasury Department and are intended to avoid a U.S. military confrontation with the countries, the person said on the condition of anonymity.

The Trump administration is trying to deter Iran’s support for Venezuelan President Nicolas Maduro, who last month defended the right to “freely trade” with Iran. Both countries are under crippling U.S. sanctions.

Targeting the tankers would mark an escalation of efforts by the U.S. to disrupt trade and money flowing between the two countries as they forge an increasingly close relationship.

The U.S. is also weighing sanctions on a company run by Columbian businessman Alex Saab Moran, who has links to the Maduro regime, the person said. The Wall Street Journal reported the expanded program earlier Tuesday.

A Treasury department spokeswoman declined to comment.

Venezuela, home to the world’s largest oil reserves, is nearly out of gasoline following years of mismanagement and U.S. sanctions on its oil. Over the past few months, authorities have imposed rationing at gas stations nationwide, handing control over to military personnel.

Socialist leader Maduro recently thanked Iranian President Hassan Rouhani and Supreme Leader Ayatollah Khamenei for the deliveries, saying Venezuela has “good and brave friends” in the world. He defended the deal as part of a previous cooperation agreement.

Iran’s foreign ministry has said any attempt by the U.S. to stop the trade will be met with “a swift and decisive response.”

- Advertisement -

Latest News

Suriname oil discoveries estimated at 1.4 billion barrels – Rystad Energy

Norway-based independent energy research and business intelligence company, Rystad Energy, says the three discoveries made offshore Suriname...

First Guyanese security firm attains ISO certification, looking to tap into O&G opportunities

Through the assistance of the Center for Local Business Development (CLBD), another Guyanese firm - MMC Security Force Company - has been...

Guyana’s history with oil dates back centuries

The possibility of Guyana having petroleum stemmed from observations of petroliferous occurrences recorded by Dutch explorers since the 1750s, but it was not until...

Liza 1 & 2 ‘will provide low cost energy for years to come’ – Hess CEO

Even as governments and international oil companies pursue efforts to reduce carbon emissions on a global scale in the move towards renewable...

Bharrat outlines more measures for managing Guyana oil resources

Guyana’s Minister of Natural Resources, Vickram Bharrat, has outlined a number of new policy directions for the extractive sectors including oil and...

More Articles Like This