Trump's Two-Front War on OPEC May Clash With Love of Cheap Oil - Bloomberg:
President Donald Trump may soon need to choose between two recurring fixations: battling OPEC nations, and cheap oil.
After announcing sanctions on Venezuela’s state-run oil company PDVSA this week, the president is now in conflict with two of the cartel’s founding members, having imposed similar measures against Iran late last year. Trump is pressuring the Islamic Republic over its nuclear program, and squeezing Venezuela’s President Nicolas Maduro for fraudulently clinging to power.
Iranian shipments have already slumped by 1.3 million barrels a day, and about 500,000 barrels a day of Venezuelan crude which has been banned by the U.S. will soon need to find new buyers. The overall disruption could be much bigger if America succeeds in choking off Iran’s exports entirely, or if sanctions on Venezuelan oil are applied more broadly, as suggested in a tweet from National Security Adviser John Bolton.
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