US' Sanction to Nicolas Maduro' Venezuela has Raises Global Oil Price - Photo by President Office

JAKARTA (TheInsiderStories) – World oil prices rose more than two percent after United States (US) imposed sanctions on Venezuelan state oil producer Petróleos de Venezuela, S.A. (PDVSA), on Tuesday (01/29). US sanctions aimed to influence Nicolas Maduro’ regime

The sanctions have raised concerns that world oil supplies will be disrupted. The impacted showed at the commodity market, Brent crude rose 2.4 percent to $61.35, while West Texas crude rose to $ 53.36 a barrel or up 2.6 percent. The observer rated, the increase was clearly influenced by the situation in Venezuela.

Venezuela is the largest crude oil producer in the world and the US itself is the largest customer by importing half the volume of exports, followed by China and India. US sanctions prohibit US companies from buying oil from Venezuela which makes PDVSA not ship oil to the US and

Based on official data, Venezuela’ oil exports have fallen from 1.6 million barrels per day in 2017 to one million barrels per day in 2018. The Petromatrix estimates that Venezuelan exports will drop by 500 thousand barrels per day due to US sanctions. Not to mention Venezuela is a member of Organization of the Petroleum Exporting Countries which can cut world oil supplies to support world oil prices.

Venezuelan political crisis appears after opposition leader Juan Guaidó challenged Maduro. His action supported by US President Donald Trump. The opposition leader declared himself an interim president and took over the presidency from the existing leader. He promised to hold an election as soon as possible.

Maduro accused this of being a US-backed coup attempt. He expelled US diplomats and severed diplomatic relations despite later softening and ready to negotiate. He invited Guaido to meet but was refused.

Venezuela’ foreign minister Jorge Areaza added the US government of not only supporting the coup attempt against President Maduro but leading the effort. To blocked Guaidó moves Supreme Court has banned him from leaving the country and frozen his bank accounts.

“The Venezuelan government will now focus on the efforts of the main leader of the coup, the director of this circus, namely the United States government, Trump and his officials,” Arreaza told Russia Today on Monday (01/29).

Arreaze accused the US government of spearheading efforts to bring down elected President Maduro, who was democratically elected. Venezuela, Arreaze continued, would focus on neutralizing this effort.

Reportedly, since the past week a number of countries have urged Venezuela to hold another election. This insistence came from Spain, France, Germany and England. They said Maduro had to do an election within eight days.

Arreaze judged this is a form of intervention at the highest level, arrogant, and engineering. He said the Venezuelan government would look at relations with countries that support opposition groups.

Meanwhile, the United Nations (UN) report said more than 850 people had been detained by the Venezuelan government for the period of Jan. 21 and 26, 2019. Of these, 77 were children and 12 were teenagers.

Last week, Venezuela in the report said it had arrested 696 people across Venezuela. The amount is the most in the history of detention of people in Venezuela.

Tuesday (01/29), UN Human Rights spokesman Rupert Colville said at least 40 people were killed in the demonstration which led to chaos against President Nicolas Maduro’s government. Of these 26 people were shot dead by pro-government officials, five people were killed in a search and 11 died in demonstrations.

Written by Lexy Nantu, Email: theinsiderstories@gmail.com