US Crude Oil Price Benefiting From Venezuela Crisis, Stockpiles Data


Venezuelan President Nicolas Maduro said in an interview with Russia's RIA Novosti news agency published earlier on Wednesday that he was ready to negotiate with the opposition with the help of worldwide mediators.

Russian Federation has accused US President Donald Trump's administration of trying to usurp power in Venezuela and warned against any military intervention.

That means Maduro's increasingly isolated government will lose access to one of its most important sources of income and foreign currency along with around $7 billion in PDVSA assets.

The U.S. government on Monday issued an executive order freezing PDVSA assets and requiring U.S. firms to pay for PDVSA oil using accounts controlled by the country's congress head and self-proclaimed President Juan Guaido, a move to pressure socialist Nicolas Maduro into stepping down. The once prosperous nation has been in an economic collapse, with several million citizens fleeing to neighbouring countries.

It is about openly supporting an illegal government change in Venezuela and, at the same time, keeping profits from that country's crude oil, the FM criticized. There are no plans to evacuate Russians from Venezuela, she said.

China on Tuesday warned that the United States should bear responsibility for the consequences of its sanctions on Venezuela, in the wake of Washington's sanctions on the South American's vital oil exports.

"Hands off Venezuela", Maduro said forcefully in a direct message to Trump.

President Donald Trump and "this group of extremists" have their eyes on Venezuela's vast oil reserves, said Mr Maduro, warning that the U.S. is about to repeat a bloody chapter in its history.

Lavrov also made reference to news reports of an embarrassing error made by Trump administration national security adviser John Bolton, who flashed a notepad with the words "5,000 troops to Colombia" scrolled across the top in front of reporters.

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Powell also said that financial conditions - stock prices and borrowing rates, for example - had become less friendly to growth. If the two sides can not reach a deal soon, Washington has threatened to more than double tariffs on Chinese goods on March 2.

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Asked to explain the words, the White House said in an email that: "As the President has said, all options are on the table".

The ministry said later that Russian Federation expects Venezuela to meet its obligations, according to an emailed statement.

"With these measures, they intend to rob us", he said.

Last week, a group of soldiers rose up against Maduro while Venezuela's military attache to Washington deserted the president on Saturday.

The military is planning more and larger exercises from Feb 10-15, which Maduro said would be the "most important in the history of Venezuela".

Not many believe the Venezuelan factor will be a big deal for oil prices.

"Maduro willing to negotiate with opposition in Venezuela following USA sanctions and the cutting off of oil revenues", Trump wrote Wednesday on Twitter.

Kevin Birn, vice-president of North American crude oil markets for IHS Markit, says the Alberta government's production curtailment program that began January 1 means there is less oil available to increase exports and, even if the program was halted, there wouldn't be enough capacity on pipeline or rail to greatly increase shipments south.

In Geneva, senior US and Venezuelan diplomats traded jibes at a disarmament conference.