Published On: Fri, Jun 22nd, 2018

Venezuela says US sanctions hurt oil market stability

pdvsa-venezuela-tankerVIENNA - U.S. sanctions on Venezuela are an attack against the stability of the global oil market, Venezuelan Oil Minister Manuel Quevedo said on Thursday.

Venezuela, a member of the Organization of the Petroleum Exporting Countries, and state-run oil firm PDVSA face an export crisis due to declining crude output, a lack of cash for spare parts and equipment, and a loss of employees fleeing due to hyperinflation and severe recession.

U.S. President Donald Trump’s administration has been increasing sanctions on various Venezuelan nationals and companies, part of a campaign to pressure socialist President Nicolas Maduro to make political and market reforms.

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