• War in Ukraine Russian oil sales plummet as Moscow considers suspending debt payments

  • War in Ukraine The US is in talks with Europe to ban the purchase of Russian oil

The Russian invasion of Ukraine has already produced two unexpected winners:

Venezuela and Saudi Arabia

.

Over the weekend, the United States began a diplomatic opening towards both countries, which it needs to supply the Russian oil that is disappearing from the market as a result of the sanctions on financial transactions imposed on Russia.



Saudi Arabia is the only producing country that has the capacity to

pump more crude

, while Venezuela can also extract more hydrocarbons because its exports have been limited both by international sanctions and by the disastrous technical and management situation of its oil monopoly. state,

PDVSA

, converted by Chavismo into a kind of ATM to finance the regime.



By contrast, in the United States, which is the world's largest oil producer, it

will take six months to significantly increase production

, according to industry sources at S&P's annual CERA Week conference, which began yesterday in the city of Houston.

At the same time, the losers in this dynamic are the democratic forces in Saudi Arabia and Venezuela.

In the first of these countries, the Biden government is reversing its distancing policy, and even a visit by the president to Riyadh next month is not ruled out.


In Venezuela, the change has been even more radical: on Saturday, in an unexpected diplomatic move,

a mission of representatives of the Joe Biden government

secretly traveled to Caracas to meet with Nicolás Maduro's team.



Venezuelan President Juan Guaidó, whom the US recognizes, was not notified of the trip, the

New York Times reported on Sunday.

.

This means that, in practice, Washington recognizes the Maduro regime as the government of Venezuela, thus breaking three years in which the US, the EU, and 60 other countries have considered Guaidó the legitimate president of the country.



The American opening seems to be based on two pillars.

On the one hand,

the isolation of Vladimir Putin

.

The only countries that recognize the republics invented by Russia in the former Soviet republics (including two in Ukraine) are Cuba, Nicaragua, Venezuela, and Nauru.

That highlights the tremendous ties between those countries and Putin.



Paradoxically, Nicaragua and Venezuela are the closest to Russia.

That is because the Nicaraguan dictator

Andrés Ortega

He has always relied heavily on Moscow, and Maduro's personal security is in the hands of the Russians, since he does not trust the Cubans.

On the contrary,

Cuba does not need Russia

because it already has its own repressive and institutional apparatus created and established," according to a person with knowledge of the situation, who adds that "Havana is interested in economic aid, and that is something that Russia does not ask to give it".



The other element is the oil tanker.

Venezuela's crude is heavy, like Russian

. That simplifies, in principle, replacing one with another. 3% of the crude oil that the United States imports comes from Russia, although, when derived products are considered, the proportion reaches 8%.



The Biden government does not want to suspend imports of Russian oil, but most congressmen - including weights attached to his party, such as the president of the House of Representatives, Nancy Pelosi

- are pressuring him to do so

.



And the cancellation of purchases of oil and derivatives from Russia by the United States would not have a very large impact on the global market in terms of volume.

But

its psychological consequences would be enormous

, as it would send a very clear signal that the United States sees energy as a weapon to force Putin to withdraw from Ukraine.



Over the weekend, the United States began talks with its European partners to reduce purchases of Russian oil.

"At the moment, there is a voluntary import reduction policy," explains Philip Cornell, of the Economist Impact consultancy and the

Atlantic Council

think tank .



But the main importer of Russian crude,

Germany, does not want to hear about import cuts

.

The German chancellor, the social democrat Olaf Scholz, declared yesterday that Berlin cannot break "overnight the quotation marks on energy imports from Russia.

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Know more

  • United States

  • Venezuela

  • War Ukraine Russia

Venezuela Lightning trip and by surprise of a diplomatic mission of the United States to Caracas

VenezuelaMaduro speaks by phone with Putin to give him his support and "strengthen" his strategic partnership

Russia-Ukraine WarWhat to do in case of nuclear attack

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