What happens when you sanction a country's main industry and source of foreign income? Say, Venezuela’s oil sector.
An entire population is punished and thousands die, that's what happens. We break down the US oil sanctions in this brand-new infographic. 🧵👇
In 2017, the US levied financial sanctions against PDVSA, followed by an oil embargo in 2019.
While Venezuela's crisis began in 2014 with the global drop in oil prices, economists argue that the level of suffering Venezuelans experience today is primarily due to sanctions.👇
In 2019, Washington seized the CITGO refinery, Venezuela's most important asset abroad.
The Trump administration also imposed a blanket ban on all dealings with Caracas and a diluent ban further crippled the country’s oil output and fuel production. 👇
2020 began with the US levying secondary sanctions to close off Venezuela's remaining oil-exporting lifelines.
Two subsidiaries from Russia’s energy giant Rosneft + other shippers were targeted for carrying Venezuelan crude. 👇
Washington likewise targeted oil-for-food swaps. In case it wasn't clear before, starving the population was always a key part of the regime-change plan.
By the last quarter of 2020, threats were a common occurrence to deter multinationals from dealing with Venezuela. 👇
The former Trump administration finished 2020 by putting an end to crude-for-diesel swaps and sanctioning more companies that dared to make oil transactions with Venezuela.
Acute fuel shortages quickly gripped the country. This continues today 👇
The result of US sanctions against Venezuela's oil industry:
PDVSA’s output fell from an average of 1.911 million barrels per day (bpd) in 2017 to 500,000 in 2020.
Oil output has recovered after hitting historic lows registering 537,000 bpd in June (OPEC source). 👇
Once more, our deepest appreciation goes out to @utopix_cc's Kael Abello for helping us document the murderous sanctions program against Venezuela with this amazing work.
You can download the infographic in one piece here:
venezuelanalysis.com/images/15301
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