US officials travel to Venezuela for talks regarding crude oil.
Image Credit: AP
In Saturday, US officials travelled to Venezuela to meet the Venezuelan President Nicholas Maduro in an attempt to forge a deal regarding their oil. Venezuela is a country very rich in oil, but despite this its a very poor country due to a combination of corruption and hard-hitting sanctions.
Venezuela is a long-time Russian ally, and a US foe due to the sanctions imposed on them, which includes an oil embargo (an attempt to oust Maduro) years ago which resulted in a destroyed economy. One such sanction was banning trading of its crude oil, which accounted for 96 percent of the country’s revenues, on the US market.
US officials will attempt to use Venezuelan oil as a substitute for Russian oil, in an attempt to ease a price surge and maintain a global supply.