US forces have seized an oil tanker off the coast of Venezuela, in a major escalation of Donald Trump’s four-month pressure campaign against the South American country’s dictator, Nicolás Maduro.
US forces have seized an oil tanker off the coast of Venezuela, in a major escalation of Donald Trump’s four-month pressure campaign against the South American country’s dictator, Nicolás Maduro.
Did they say why Venezuela would smuggle Iranian oil? I thought it was an oil rich country? I didn’t see it in the article. Maybe I missed it.
Venezuela wants to sell oil, but is under sanctions. Iran wants to buy oil, but is under sanctions.
That makes sense. I was thinking Iran probably had oil too, but I don’t know enough about their imports/exports.
Iran has the second-largest reserves in the world. However production is limited by ageing infrastructure and sanctions. It is also the second-largest oil consumer, as the cheap cost has meant there has been no incentive for efficient use.
If so, that would be a money laundering thing where they relabel the oil as from them to avoid sanctions on iran oil export.
Okay yeah that makes sense. I didn’t think of that.