White House told US refiners Venezuela oil sanctions under consideration

The White House National Security Council has told some US refiners that sanctions on Venezuelan crude exports are under consideration, a signal that opposition within the Trump administration to sanctions on Venezuela's oil sector may be weakening, sources familiar with the conversations told S&P Global Platts Wednesday. While the Trump administration has sanctioned state-owned oil company PDVSA, restricting its access to new debt financing, the country's gold sector and multiple government officials, including President Nicolas Maduro, it has resisted direct sanctions on oil flows. This reluctance was due to both the potential impact on oil prices and US refiners and the fear that oil sanctions could worsen Venezuela's humanitarian crisis and place blame on the US. But, as the situation in Venezuela drags on, John Bolton, President Trump's national security adviser, and Secretary of State Michael Pompeo have stepped up their push to target the South American nation's crude flows. More…