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Affected by U.S. sanctions, Venezuela’s oil exports fell to the lowest level in 77 years

The United States announced new sanctions against Russia and Venezuela.

Venezuela

Under the pressure of sanctions in the United States, Venezuela’s oil exports fell by an average of about 376,000 barrels a day in 2020, according to data from financial data provider Refinitiv Eikon and internal documents of the National Petroleum Corporation (PDVSA).

The lowest level since 77 years.

The current President Trump of the United States has imposed restrictions on Venezuela’s national oil company’s trading partners, mainly including countries that transport oil and fuel supply to Venezuela.

According to the report, Venezuela’s crude and refined oil exports fell by 37.5% in 2020 to about 627,000 barrels a day, the lowest level in 77 years.

The data shows that the decline in fuel imports is even greater, down 51 percent to about 84,000 barrels per day compared to 2019.

According to previous reports, Venezuela has been in a political crisis since 2019.

January 23, 2019, Guaidó, a member of the Venezuelan opposition and chairman of the parliament, declared himself “provisional president”, which was recognized by the United States, Europe and Latin America.

In order to force current President Maduro to step down, the United States has continuously put pressure on economic sanctions, diplomatic isolation, military threats and other means.

On July 25, 2019, the U.S. Treasury Department announced sanctions on 5 Venezuelan citizens, 5 Colombian citizens and 13 entities related to Venezuelan President Maduro.

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