The possibility that Russia may soon own refineries in the U.S. if Venezuela’s PDVSA defaults on its loans from Rosneft has pushed the risks of foreign-owned energy assets in the U.S. into the spotlight. As of now, some 30 percent of U.S. refining capacity is owned by foreign companies.
The economic calamity in Venezuela is having a ripple effect on the oil market, altering long-standing trade flows and hollowing out the country’s oil-producing assets.
Venezuela’s opposition called for nationwide protest today as the National Electoral Council (CNE) missed yesterday’s deadline to verify signatures provided by the opposition Democratic Unity Roundtable (MUD) and announce whether it could move forward with a recall push against embattled president Nicolás Maduro.
While headlines about Venezuela nearing a default have appeared for more than a year now, market sentiment regarding Venezuela’s ability to weather the oil price downturn has taken a turn for the worse as of late.