White House Press Secretary Sarah Sanders, National Security Adviser HR McMaster, Secretary of Treasury Steve Mnuchin and Homeland Security Adviser Tom Bosser hold an extensive press briefing to cover: Current events, Venezuela, Afghanistan, the debt ceiling and Hurricane Harvey.
On Venezuela it is important to note the brilliance of the U.S. strategy and leverage. The U.S. is the only remaining cash purchaser of Venezuelan oil for refinement. Both China and Russia purchase Venezuela oil, however their purchases are made via pay-downs to previous loans from China and Russia to the Maduro regime. Since the corrupt election the U.S. has not refined oil shipments from Venezuela putting massive financial strain on the regime. (ie. economic leverage)
MEXICO CITY (Reuters) – A tanker carrying a cargo of about 1 million barrels of Venezuelan heavy crude has been stranded for more than a month off the coast of Louisiana for lack of a bank letter of credit to discharge, three sources have told Reuters.
[…] Major banks are cutting exposure to Venezuela as a result of political upheaval in the South American country. Some have closed accounts linked to officials of the OPEC member who have had sanctions leveled against them by the U.S. government and have refused to provide correspondent bank services or trade in government bonds.
[…] Crude sellers typically request letters of credit from customers that guarantee payment within 30 days after a cargo is delivered. The documents must be issued by a bank and received before the parties agree to discharge.
[…] The tanker Karvounis carrying Venezuelan oil is anchored at South West Pass off the coast of Louisiana, according to Reuters vessel tracking data. PBF Energy Inc, the intended buyer of the cargo, has been trying unsuccessfully to find a bank willing to provide a letter of credit to discharge the oil, according to two trading and shipping sources. (more)