US-Venezuela Sanctions Talks Could Revive Oil Debt Settlements: Report
Portfolio Pulse from Piero Cingari
Venezuela and the United States are reportedly making progress in talks that could lead to sanctions relief for Caracas, potentially allowing an additional foreign oil company to use Venezuelan crude oil for debt repayment. The discussions, which have been ongoing in Qatar since last year, could allow PDVSA’s joint venture partners, including Maurel & Prom (OTCPK: EBLMY), to accept Venezuelan oil as debt settlement. The United States Oil Fund (NYSE:USO), which tracks the performance of the West Texas Intermediate (WTI) benchmark, rose 4% on Monday.
October 09, 2023 | 8:46 pm
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Maurel & Prom could potentially accept Venezuelan oil as debt settlement if US-Venezuela talks lead to sanctions relief.
If sanctions are lifted, Maurel & Prom could benefit from the ability to accept Venezuelan oil as debt settlement, potentially improving its financial position.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The United States Oil Fund rose 4% on Monday, potentially in response to the ongoing US-Venezuela talks.
The ongoing talks between the US and Venezuela could potentially impact the global oil market, which in turn could affect the performance of the US Oil Fund.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70