Supply Chain Research

Venezuela’s national oil company, PdVSA, will likely have to sell Citgo – its U.S. oil refining business – after losing a court appeal to Crystallex in relation to prior debts. That may further complicate global oil supply chains with U.S. sanctions on Venezuela joining those on Iranian supplies. U.S. imports of oil from Venezuela fell 95.3% year over year in May with replacement imports from Canada and Mexico – which together rose 6.8% – as well as from Nigeria whose shipments rose 13.7%. Aside from Citgo the largest importers of Venezuelan oil were Valero and Chevron. Valero does not a...