Washington’s decision not to renew its Iran sanctions waivers could narrow its policy options towards Venezuela,with US hints that it would impose a secondary component to existing sanctions now looking less likely.China and India are the largest beneficiaries of the soon-to-expire Iran sanctions waivers and are the countries that have taken almost all of Venezuela’s crude exports since the US targeted state-owned oil firm PdV on 28 January.The US campaign to drive Iranian oil exports to zero would raise the cost for Washington and the global economy of leaning on Venezuelan oil importers to drop their purchases as well.A US campaign that targets Iran and Venezuela at the same time could risk sending oil prices spiralling upwards.Global medium and heavy sour crude supplies,which include Venezuelan export streams,are already tightening because of the US sanctions,Opec/non-Opec production cuts and Canadian output restrictions in Alberta province.
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