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Page added on May 25, 2011

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Venezuela to Study How Sanctions Will Affect Oil Exports

Production

Venezuela will study how sanctions imposed by the U.S. today will affect its oil dispatches and may not be able to guarantee exports to some U.S. clients in the future, Oil Minister Rafael Ramirez said today.

South America’s biggest oil producer will provide an “adequate” response in the next few days after evaluating how the sanctions will affect state oil company Petroleos de Venezuela SA’s production and exports, Ramirez said.

“They are trying to sanction Venezuela for our profound co-operation with a founder member of OPEC, Iran,” Ramirez said. “It’s a right that we will not back down.”

The U.S. today imposed economic sanctions on seven foreign companies for doing business with Iran’s energy industry in ways that might bolster the country’s “illicit” nuclear activities.

PDVSA, as the company is known, delivered at least two cargos of a gasoline additive to Iran between December and March, worth about $50 million, the U.S. State Department said today in an e-mailed statement.

Bloomberg



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