One year later, US sanctions on Venezuela's PDVSA have had wide market impact

January 28 marks the one-year anniversary of sanctions imposed by the US Department of Treasury on Venezuela's state-run oil producer, PDVSA, which has been translated as a de facto ban on Venezuelan crude exports to the US market.

Since then, PDVSA has seen a deterioration of its oil industry and has struggled to sell its crude barrels in international markets. In contrast, other Latin American crudes competing for business in the US Gulf Coast not only have been favored with increasing demand in that region, but also in Asia.

Francisco Monaldi, fellow in Latin American energy policy at the Baker Institute for Public Policy at Rice University, and Maria Eugenia Garcia, Latin American crude senior editor with S&P Global Platts Platts, discuss the impact of the sanctions on the international crude market.