Venezuela Braces for Double Whammy If U.S. Imposes Oil Sanctions

us oil

Venezuela would be hit from two directions if the U.S. were ever to impose oil-related sanctions against the South American nation where at least 30 have diedin anti-government protests in the past month. American drivers may pay more at the pump as well.

Speculation about possible new U.S. sanctions has increased because of President Nicolas Maduro’s announced plan to rewrite the constitution. America is the biggest buyer of Venezuelan crude, and Citgo Petroleum Corp., the U.S.-based refiner controlled by Petroleos de Venezuela SA, takes the largest share of those imports, according to analysis of U.S. government data compiled by Bloomberg.

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