Economics
Venezuela Oil Sanctions Likely to Hit Some U.S. Refiners
- China, India, Russia seen likely to take more Venezuelan oil
- Tight market for heavy crude already a burden to some refiners
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Refiners in Texas and Louisiana would be hard hit by sanctions on Venezuelan crude under consideration at the White House, a move that would leave U.S. oil companies struggling to find alternative supplies.
President Donald Trump recognized Juan Guaido as the interim president of Venezuela on Wednesday in the most provocative move yet against the leftist regime of Nicolas Maduro. Maduro responded by breaking diplomatic relations with the U.S., giving American diplomats 72 hours to leave the country.