Oil exports from Venezuela sharply reduced after the US announced sanctions. This writes the Wall Street Journal, citing experts. According to the newspaper, this could lead to the collapse of the country’s oil industry

According to the newspaper, the country produces less than a million barrels of oil per day; compared to December, the decline was 10%. The government of Nicolas Maduro is finding it increasingly difficult to find buyers of oil, the sale of which is the country’s only real source of income. Instead of supplies to foreign markets, raw materials are supplied to internal storage.

According to the newspaper, in the last week tankers of a number of companies suspended the transportation of Venezuelan oil due to problems with payment. “This is an absolute disaster. There is almost no possibility to transport oil, ” said the leader of the Venezuelan Union of oil workers Luis Hernández.

In addition, oil production in the country is negatively affected by the lack of labor force due to hyperinflation and wage delays, and the lack of imported petroleum products, which are needed to dilute the heavy Venezuelan oil.

It is noted that this situation threatens the world markets. However, the impact may be stronger than previously thought.

Earlier, Venezuelan Ambassador to Russia Carlos Rafael Faria Tortosa said that Caracas will file lawsuits in international courts in connection with the imposition of sanctions by the United States.

The foreign Minister of Venezuela, Jorge Arreaza said that the American authorities entered sanctions against Venezuelan state-owned PDVSA have proved that the real target of the coup attempt in the country is oil.