Oil costs have spiked after US President Donald Trump introduced a “full and full” blockade on all sanctioned oil tankers getting into and leaving Venezuela.
President Nicolas Maduro has condemned the blockade calling it a “grotesque menace” and has accused Washington of making an attempt to take over his nation’s assets.
Venezuela’s struggling economic system is determined by its oil exports.
The nation is residence to the world’s largest confirmed oil reserves.
The US is the second-largest purchaser of Venezuelan crude oil after China.
President Nicolas Maduro says he will not let the US take what belongs to Venezuela.
In the meantime, the United Nations is looking for restraint and urging the US and Venezuela to hunt a diplomatic answer to the dispute.
Francisco Rodriguez is a senior fellow on the Heart for Financial and Coverage Analysis.
He was additionally the top of the Financial and Monetary Advisory of the Venezuelan Nationwide Meeting.
He says Trump’s blockade will additional stifle Venezuela’s economic system.
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