Armada of tankers with Venezuelan oil forms in U.S. Gulf: sources, data

A flotilla loaded with about 7 million barrels of Venezuelan oil has formed in the Gulf of Mexico, some holding cargoes bought ahead of the latest U.S. sanctions on Venezuela and others whose buyers are weighing who to pay, according to traders, shippers and Refinitiv Eikon data.

The Trump administration’s move to impose sanctions last week was meant to undercut support for Venezuelan President Nicolas Maduro by targeting the Latin American nation’s oil exports to the United States, the source of most of its foreign revenue.

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