Stephen Michael Kellat

For all the Venezuela chatter...

Stephen Michael Kellat at

I know people have been mentioning that there are purportedly lies floating around about the status of Venezuela. I've read what they've posted. It has been considered. That line of thinking still runs into a wee bit of a problem.


The US gasoline retailer Citgo is 100% owned by the state-owned Venezuelan oil company PDVSA. Citgo is the key right now in the Venezuela situation since it represents cashflow to that country coming from sales of gasoline in the USA. Depending upon potential actions in a Delaware court, we could have an incident well underway: https://www.rigzone.com/news/wire/delaware_judge_could_play_key_role_in_citgo_battle-22-feb-2019-158221-article/


Citgo is the cash cow that Venezuela needs to stay afloat: https://newsok.com/article/feed/8977544/us-refiner-citgo-emerges-as-key-to-venezuelas-power-battle


PDVSA has a bit of oil it can't do anything with at the moment. Even if sanctions are immediately lifted, it still can't do anything with it due to a lack of appropriately trained personnel. This will tip the balance more than anything on the ground in Venezuela most likely.

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