Venezuela Declares An Emergency In Oil Industry Due To The U.S. Sanctions
The Venezuelan President Nicolas Maduro has signed a decree on the reform in the oil industry to confront the U.S. sanctions.
By the signing of the decree, he has declared an emergency in the oil industry to take necessary steps to provide for the country's energy security and protect the industry from further U.S. aggression. Maduro explained that Article 2 creates a presidential commission for the protection, restructuring, and reorganization of the industry.
According to the president, the presidential commission will have all the necessary authority for the transformation of the entire oil industry. Earlier, the U.S. added the Swiss Rosneft Trading SA and its chairman, Didier Casimiro, to the list of Venezuelan sanctions. Venezuela filed a complaint with the International Criminal Court. The representatives of the U.S. noted that they did not intend to pay attention.
Since the beginning of February, the Venezuelan state oil corporation PDVSA has found itself in complete commercial isolation and has not been able to sell a barrel of produced oil. According to a company representative, it has been put up for sale about 660 thousand barrels per day, or 80% of production. But in more than two weeks, they didn’t find any buyer.