America imported no oil from Venezuela last week. Here's why that's a big deal:
The United States imported exactly zero barrels of crude from Venezuela last week, according to government statistics. That's never happened since the US Energy Information Administration began tracking this weekly metric in 2010. It marks a sharp decline from the prior week, when the United States imported 112,000 barrels per day from Venezuela. The plunge in oil shipments from Venezuela helped lift US oil prices above $60 a barrel this week for the first time since November.
"Venezuela has been a problem child for the oil market for quite some time," said Michael Tran, director of global energy strategy at RBC Capital Markets. Saudi shipments down 37%The shutdown of oil shipments from Venezuela adds to the upward pressure on energy prices. US oil has surged 40% since Christmas Eve and gasoline prices are creeping higher.
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