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Bloomberg
Five US refiners either significantly reduced or totally replaced purchases of Venezuelan crude in 2018, and more may follow suit as president Donald Trump mulls new sanctions against the South American nation.
Royal Dutch Shell Plc and Phillips 66 haven’t processed Venezuelan crude in their US refineries since the US imposed financial sanctions against the country and its oil company, Petroleos de Venezuela SA, in August 2017.
Marathon Petroleum Corp, Total SA and Motiva Enterprises LLC cut intake by more than a half during that period, and as Venezuelan oil production slumped to the lowest levels seen since the 1940s.
Valero Energy Corp and PDVSA’s US refining unit, Citgo Petroleum Corp, are the exception.