The U.S. is once again reported to be close to imposing sanctions on the Venezuelan government, potentially including oil exports. The U.S. imported $10 billion of oil from Venezuela in the past year, making it the third largest supplier with 6% of the total. Citgo, PdVSA’s refining operation, is the main buyer, and while its imports jumped 26% in June it has fallen long-term. Citgo could alternatively buy oil from Canada. However, that would have a doubly-negative impact on its parent company’s cash-flows. PdVSA would have lost oil sales and face lower profits from buying more expensive...