The U.S. government has further extended sanctions against Venezuela after last weekend’s elections via an Executive Order from President Trump regarding government debt financing. That is another incremental move rather than tackling the largest lever of oil imports. Those were worth $5.4 billion in the 12 months to March 31, and had already fallen by 40% on a year earlier in the first four months of the year due to underinvestment in production. Yet there are three reasons why oil will remain untouched. A loss of government revenues could further damage already weakened food imports. S...