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They are, but it likely wouldn't be nearly enough. The US was importing ~700k barrels from Russia daily. But Venezuela was only 634k barrels daily, and all of
by kyrra 5y ago
They are, but it likely wouldn't be nearly enough. The US was importing ~700k barrels from Russia daily. But Venezuela was only 634k barrels daily, and all of that is already accounted for (200k of it stays in the country). Even if we get the remaining 434k barrels, that wouldn't offset our loss. And the only way that we get that other oil is if the current buyers start buying from Russia instead.
This is the problem with only the US stopping oil purchases from Russia. The oil market is fungible, so buyers/sells are just going to move around, without any real impact.
https://www.wsj.com/articles/biden-eyes-venezuelan-oil-russia-ukraine-gas-prices-maduro-national-imports-11647195311 https://www.wsj.com/articles/biden-eyes-venezuelan-oil-russi...
- pnutjam 5y agoIt can still make a difference if the sanctioned country has to sell at a significant discount. Less profit, but the workers still have jobs.