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CRC - Venezuela Crude Exports Hurt By US Sanctions But No Imminent Collapse
California Resources Corporation
Welcome to the hurt but not dead edition of Oil Markets Daily!
Venezuela crude exports are being impacted by the US sanctions. EIA also reported that US crude imports from Venezuela hit zero last week.
Source: Kpler, HFI Research
This is somewhat expected as Venezuela exports to the US will likely drop close to zero by April, so US crude storage balance will have lost a steady ~3.5 mbbls per week going forward.
But if you thought Venezuela's crude exports would collapse because of the sanctions, then you have to think again.