A Study of Venezuelan Oil Trade Sanctions Strategies and Policies and Its Comparison with Iranian Strategies

Document Type : Original Article

Authors

1 Assistant Professor of Energy Economics, Tehran Faculty of Petroleum, Petroleum University, Tehran, Iran.

2 Assistant Professor of Shahed University, Tehran, Iran.

Abstract

Iran and Venezuela are two oil-producing countries that have both been subject to unfair economic and non-economic sanctions over the past decades. Sanctions imposed on the two countries have limited their main source of foreign exchange and  oil revenue, and created many problems for their economies, including inflation, recession, and the devaluation of the national currency. These tensions have created other problems. After examining the effects of sanctions on the two countries' oil industry, this article seeks to answer the question: What are Venezuela's anti-sanctions strategies to counter US oil sanctions? And in the current context of sanctions, how can manage relations between sanctions countries in the field of oil trade the oil sanctions? Also, what are the differences and similarities between the two countries' counter-sanctions strategies for the oil trade? The method of the present research is a qualitative type of document analysis that is done using library resources. The research results show that according to the current smart sanctions, in the technical field of oil swap strategies, oil blending, construction of small refineries and petroleum refineries in the sanctioned countries, construction of storage tanks inside and outside the country, domestic oil exchange and development projects The country should be used by foreign companies to benefit from oil revenues to counter sanctions.

Keywords

References

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Economic Strategy
Volume 10, Issue 37 - Serial Number 37
September 2021
Pages 351-386

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