Valero: U.S. Import Ban On Venezuela Oil To Raise Heavy Sour Crude Prices

If the United States imposes a ban on crude oil imports from Venezuela, prices for the heavy sour crude grades like the one Venezuela is supplying to the U.S. would increase, Valero Energy Corp’s Vice President Gary Simmons said on Thursday, adding that a ban would send Venezuelan cargoes to markets other than the U.S. Gulf Coast. The U.S. Treasury imposed on Wednesday sanctions against 13 officials of the Government of Venezuela, including on the former and current vice presidents of finance of state-owned oil company Petroleos de Venezuela…