Trump Threatens to Cut Off Venezuelan Oil Sales

In a move that could further destabilize Venezuela, U.S. President Donald Trump has threatened to cut off Venezuelan oil sales, an action that could potentially reintroduce shortages of food, gasoline and other goods that have plagued the country in the past decade. Despite the country already grappling with political, social and economic challenges, the threat has been met with a degree of apathy by Venezuelans who have become accustomed to crisis. Trump’s order to blockade all sanctioned oil tankers into Venezuela is an escalation of pressure on President Nicolás Maduro, following the seizure of an oil tanker off Venezuela’s coast by U.S. forces last week. Venezuela, which has the world’s largest proven oil reserves and produces about 1 million barrels a day, heavily relies on oil exports. The Trump administration’s sanctions since 2017 have led Maduro’s government to resort to unflagged tankers to smuggle crude into global supply chains. Trump claims Venezuela uses oil to fund illegal activities, a claim Maduro denies. The impact of this threat, if fully implemented, could cause a significant economic contraction as oil represents 90% of the country’s exports.

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