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How US sanctions on Venezuela are rippling through oil markets

New York (CNN Business)US sanctions on Venezuela’s national oil company have accelerated the unprecedented collapse of its oil output and set off a domino effect in the global energy market. Heavy crude is typically cheaper than light crude, but demand for it has become so intense that it’s suddenly trading at a premium to lighter barrels. US Gulf Coast refiners, led by Citgo, Chevron and Valero, blend heavy crude with lighter barrels found in US shale oilfields to churn out gasoline, diesel and jet fuel. Meanwhile, Venezuela’s government, which relies…

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