HOUSTON/CARACAS, July 7 (Reuters) - Venezuela's opposition is crafting a proposal for the country to redirect about 200,000 barrels per day of its oil exports to a trustee to pay creditors with claims on the nation's foreign assets.
A negotiation team representing Venezuela in late 2022 began formal talks with some creditors, including miner Crystallex and oil producer ConocoPhillips (COP.N), to avoid the loss of Citgo.
A license by the U.S. Treasury Department would be required and Venezuelan state oil company PDVSA would not have access to cash flow from those exports, Medina said.
One of the opposition's arguments is that PDVSA is currently forced by U.S. sanctions to sell its oil in Asia at deep discounts.
Energy analysts estimate the U.S. Gulf Coast has more room for processing Venezuela's heavy sour crude grades.
Persons:
Horacio Medina, Nicolas Maduro, Medina, PDVSA, refiners Citgo, Marianna Parraga, Rosalba O'Brien
Organizations:
HOUSTON, Petroleum, ConocoPhillips, United Nations, Maduro, U.S . Treasury Department, Valero Energy, PBF Energy, Treasury Department, Chevron Corp, PDVSA, Chevron, . Energy, Gulf, Thomson
Locations:
CARACAS, Venezuela, Venezuelan, United States, China, Houston, Washington, American, Asia, Chevron, Caracas