The United States told some large trading houses this week they should stop trad...
LONDON - The United States told some large trading houses this week they should stop trading jet fuel with Venezuela or face sanctions, ratcheting up pressure aimed at removing Venezuelan President Nicolas Maduro from power, according to two industry sources.
According to the two sources familiar with the calls to several large Swiss- and British-based trading houses, which were made by U.S. State Department officials, the move is aimed at restraining commercial and military flights in Venezuela. U.S. officials have been trying to end deliveries of gasoline and refined products used to dilute Venezuela’s heavy crude oil to make it suitable for export.
Venezuela’s economy has long relied on oil, which prior to sanctions accounted for more than 90 percent of the country’s export revenues. The OPEC member has among the world’s largest reserves, but production has declined from more than 3 million barrels per day two decades ago to less than 800,000 bpd as of April, according to OPEC figures based on secondary sources.
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