DWT - Venezuela Sanctions Could Be Much More Impactful Than We Originally Thought
Welcome to the bigger than expected edition of Oil Markets Daily!
On January 28th, 2019, US imposed sanctions on PDVSA, Venezuela's state-owned oil company. Following the announcement of the sanctions, we wrote in the chat that it should not have any meaningful impact on the oil market. We said that Venezuela will be able to ship its oil to the Caribbean or sell it to third-party oil traders and they can resell it back to the US and other regions.
But we are now seeing the triangulating oil sells get cut off as third-party oil