Impacts of US sanctions on Venezuelan oil

The impact on US refiners will depend on how quickly the potential sanctions are put into place and how broadly they are imposed, according to Rick Joswick, managing director for oil with the PIRA Energy Group, a unit of S&P Global Platts. If, for example, the administration announces it will impose a $2 to $3/b duty of Venezuelan imports within three to six months, "then people will adapt," Joswick said. If the administration imposes a full ban on Venezuelan crude on August 1, the impact will be much more severe, he said. More…