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U.S. Imposes Sanctions on Venezuela’s Oil Industry | Weekly News Update

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U.S. Imposes Sanctions on Venezuela’s Oil Industry

The US announced they will apply sanctions to Venezuela’s state oil company Petroleos de Venezuela SA (PDVSA) in order to force current President Nicolas Maduro out and empower opposition leader Juan Guaido.  US President Trump decided to recognize Guaido as Venezuela’s legitimate head of state last week due to humanitarian issues and illegitimate elections under President Maduro.  Canada, the European Union and much of South America are backing the US and President Trump.  Russia, China, and Mexico are some of the supporters of President Maduro.

Crude oil is the largest source of income for Venezuela as the country relies on oil exports for 95% of its hard currency income.  The Venezuelan economy has shrunk by half in the past six years and have been experiencing hyperinflation.  Under the control of President Maduro, PDVSA crude oil production fell from 3.5 million barrels per day (mmbd) to roughly 1.2 mmbd.  US Gulf Coast refineries use about 0.5 mmbd of Venezuelan crude.  US refiners will look to another heavy crude supplier, although nations such as Canada, Mexico, and Iran are faced with challenges to bring their crude to market.

Paccar Outlines Path Toward Zero-Emission Trucks

Paccar, the parent company of Kenworth Truck Co., Peterbilt Motors Co., and DAF Trucks show promise for more efficient, cleaner, and automated heavy duty trucks.  They believe the future of the industry will be very dynamic with technology accelerating the pace of change.  To stay relevant, Paccar’s companies will put innovation at the forefront.  One of the main goals is to make diesel trucks more aerodynamic and more efficient.  The company also is developing and testing battery-electric, hydrogen-electric, and hybrid technologies to determine the best application for each energy type.  Paccar will also introduce next-generation driver assistance features including steering assistance, enhanced braking, traffic jam cruise control and even higher levels of automation with autodocking and SAE Level 4 automated driving capabilities.

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WSJ: U.S. Imposes Sanctions on Venezuela’s Oil Industry

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This weekly publication is designed to highlight relevant industry news to provide professionals in the transportation, supply chain, and energy sectors with up-to-date information in a rapidly changing marketplace. This update is purely a compilation of industry news and as such, does not necessarily reflect the opinion of Breakthrough. We do not warrant or guarantee accuracy or completeness of information. For additional information, please contact us at info@breakthroughfuel.com.

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