LatinNews Daily - 24 July 2020

* Carlos Vecchio, Venezuelan opposition leader Juan Guaidó’s representative in the US, has released internal documents from Venezuela’s state-owned oil company Pdvsa which show that 14.1m barrels of crude oil were shipped to Cuba between January and June, worth an estimated US$348m. Vecchio claimed that “Cuba does not need that much oil”, and as such announced the launch of an investigation into the possibility that oil is being shipped to Cuba for resale, in an effort to evade US sanctions on Pdvsa and the Venezuelan government. These sanctions – in combination with reduced global demand due to the coronavirus (Covid-19) pandemic – have substantially diminished export opportunities for Venezuelan crude, and with storage capacity in the country running low, oil production reportedly fell to a 77-year low of 393,000 barrels per day in June.

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