The United States blockade and seizures of oil tankers off the coast of Venezuela is likely to backfire as it has long relied on Venezuelan oil supplies, said a Venezuelan oil expert.
Alejandro Teran Martinez, president of the Latin American Association of Petroleum Entrepreneurs (ALEP), said that for a long time, the U.S. has relied on imports of heavy crude oil from Venezuela to manufacture industrial products, forming a highly integrated industrial chain structure between the two countries.
He said numerous refineries capable of processing Venezuelan heavy crude oil have been established in Texas and other regions. The current U.S. blockade will undoubtedly impact these enterprises, bringing negative consequences to the U.S. itself.
"Venezuela can survive by selling oil to other countries, that is, Venezuela can sell to other markets, but the U.S. necessarily needs Venezuelan oil. The problem is that the Trump administration did not understand the oil issue and decided to take that oil product away from Venezuela, which was a serious mistake," said the expert.
At gas stations in downtown Caracas, Venezuela's capital, vehicles refuel in an orderly manner, with no signs of panic buying.
"For now, the price is quite stable, without many fluctuations. The United States is trying to control the market, but they cannot do it. So, they want to make it happen in underhand means. In my opinion, all these are provocations. I hope the situation will not escalate," said Raul, a Caracas resident.
"Yes, we are in conflict both politically and socially. They shouldn't do that because our oil is our business," said Nelo, another Caracas resident.
US blockade of oil tankers may backfire: Venezuelan oil expert
US blockade of oil tankers may backfire: Venezuelan oil expert
US blockade of oil tankers may backfire: Venezuelan oil expert
