Trump Turns Venezuelan Oil Into Political Weapon
Venezuelan oil supply is becoming“politically elastic” with volumes now dependent on US electoral and foreign-policy dynamics, adding a new layer of volatility, warns the CEO of global financial advisory giant deVere Group.
The warning from Nigel Green comes as the first US-authorized sale of Venezuelan crude was to a company whose senior oil trader donated to Donald Trump's re-election campaign and attended a White House meeting with the president last week.
Venezuelan oil policy now sits squarely within the US administration.
John Addison, a senior trader at Vitol who has given about $6mn to political action committees backing Trump's re-election effort, played a central role in securing his company's $250mn deal for Venezuelan crude.
The transaction triggered the president's controversial plan to release up to 50mn barrels of Venezuelan oil onto the market.
Nigel Green says:
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