Venezuelan Oil Imports and Refinery Challenges

The future of Venezuela's oil industry is in the crosshairs of a political battle. Current president Nicolás Maduro is fighting to maintain power following a contested July 28 election, and protests have caused gasoline shortages in the country, where supply is already limited by low refinery run rates. While crude production has held up, Venezuela's exports have fallen, and it is possible the US will impose tougher sanctions on the country if Maduro clings to power, reducing the likelihood of further upstream and downstream investment.

Jeff Mower speaks with oil analyst Nick Blanco and senior refined products editor Maria Jimenez Moya about the implications of Venezuela's post-election turmoil on oil markets.