Venezuela says US refiners face 'difficult situation' if Trump imposes sanctions

US refiners stand to lose the most if the Trump administration imposes sanctions that restrict or ban imports of Venezuelan crude, Venezuela's oil minister Nelson Martinez said Monday. He noted that many refineries in the US Gulf Coast have made significant investments in the past few decades to optimize runs of heavy oil, which is primarily what Venezuela produces. "We sell a lot of our crude oil to these companies in the Gulf," Martinez said, naming Valero, Philips 66 and Marathon. "Some of these refineries are designed and built based on the consumption of heavy and extra-heavy oil from Venezuela," he continued. "These [sanctions] can create a real difficult situation for these refineries, and that is what has to be taken into account before taking these decisions." More…