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Wednesday, August 17, 2022

Venezuela provides oil to Europe and calls for an end to sanctions

CARACAS ( Associated Press) – Diosado Cabello, considered the second most powerful man in Venezuela after President Nicolas Maduro, said on Monday that his country could become a fuel supplier to Europe, but because of financial sanctions that prevent him from conducting such operations. Huh. that the ban on the sale of its oil should be lifted.

“Venezuela has oil not only for Spain, but for Europe. The only thing is that they have to pay for it and they have to pay for it and they have to pay it in advance, given the circumstances,” Venezuela Cabello, vice president of the United Socialist Party of the United Socialist Party, said at a press conference.

As a result of US and European sanctions, hydrocarbons produced by state-owned Petroleos de Venezuela SA (PDVSA) do not have a presence in Europe and other Western countries. Washington froze all Venezuelan government assets in the United States and barred Americans and their international partners from doing business with Caracas to oust Maduro from power. He argues that he was elected in fraudulent elections in 2018.

Europe is starved of energy due to the ban on Russian oil imports agreed by EU leaders after the war in Ukraine.

Even if the conditions for opening the doors to Venezuela in the international oil market have been met, it will be difficult for this country to be in a position to take advantage of them. Venezuela, once a rich oil country and has one of the world’s largest crude reserves, has experienced a sharp decline in production of crude oil and refined products for more than five years, resulting in poor Supply has decreased. of fuel and domestic gas, while its presence in the world market is currently modest.

Critics of the government attributed the collapse of the oil industry to mismanagement and corruption in the state-owned PDVSA corporation under the socialist governments of now-deceased President Hugo Chávez and his successor Maduro.

World Nation News Desk
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