January 24, 2019

Maduro illegitimacy declaration sparks confusion in US oil sector

Featuring Elizabeth Rosenberg

Source: Platts

Journalist Brian Scheid

The US designation of Juan Guaido as Venezuela's legitimate president has created confusion among refiners, producers, services companies and traders now unsure of the legality of future commercial transactions with state-owned PDVSA, sources told S&P Global Platts Thursday.

"Literally every company is asking the same question: What does this mean?" one US refining industry lobbyist said Thursday. "Is Maduro PDVSA? No one knows. There's just no specificity."

The US on Wednesday declared the presidency of Nicolas Maduro illegitimate, and recognized Guaido, the head of Venezuela's National Assembly, as the country's legitimate president. Other countries, including Canada, followed the US with similar declarations.

Read the full article and more in S&P Global Platts.

  • Elizabeth Rosenberg

    Senior Fellow and Director, Energy, Economics and Security Program

    Elizabeth Rosenberg is a Senior Fellow and Director of the Energy, Economics, and Security Program at the Center for a New American Security. In this capacity, she publishes a...