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1 1 (February 11, 2019)

handle is hein.crs/govyhm0001 and id is 1 raw text is: Congressional a Research Service Venezuela Oil Sector Sanctions: Market and Trade Impacts Updated February 11, 2019 On January 28, 2019, the Trump Administration imposed sanctions on Venezuela's state-owned oil company, Petroleos de Venezuela, S.A. (PdVSA), adding to existing Venezuela sanctions. The Department of the Treasury determined that persons (e.g., individuals and companies) operating in Venezuela's oil sector are subject to sanctions in order to apply economic pressure on the government of Nicolas Maduro and facilitate a transition to democracy. Subsequently, Treasury's Office of Foreign Assets Control (OFAC) added PdVSA-including all entities in which PdVSA has a 50% or more ownership position-to its Specifically Designated Nationals (SDN) list. This designation blocks PdVSA's U.S. assets and prohibits the company from dealing with U.S. persons. These sanctions will affect several areas in which U.S. companies have business interests (e.g., debt/financial transactions and oil field services) and will effectively terminate U.S.-Venezuela petroleum (crude oil and petroleum products) trade. Potential economic impacts of these sanctions on Venezuela could be significant, but are beyond the scope of this product. U.S.-Venezuela Petroleum Trade Petroleum trade between the United States and Venezuela has been characterized by imports of heavy Venezuelan crude oil to U.S. refineries (see Figure 1), mostly to the Gulf Coast. In 2017, U.S. refineries imported 618,000 barrels per day (bpd) of Venezuelan crude oil-approximately 8% of total crude imports during the year. U.S. importers also purchased 55,000 bpd of Venezuelan petroleum products. U.S. exports to PdVSA consisted of 64,000 bpd of petroleum products directly to Venezuela and 11,000 bpd of crude oil to Curacao, where PdVSA has operated a refinery and petroleum storage facility. U.S. light oil and petroleum products are typically used as a diluent for blending with Venezuelan heavy crude oil as a means of reducing viscosity and facilitating transportation and marketing. Congressional Research Service https://crsreports.congress.gov IN11037 CRS INSIGHT Prepared for Members and Committees of Congress

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