January 31, 2019 / 6:56 PM / 20 days ago

U.S. refiners cut processing as Venezuela sanctions lift crude costs

NEW YORK, Jan 31 (Reuters) - Some U.S. refiners have begun reducing crude processing as crude oil costs have risen following U.S sanctions on Venezuela and as gasoline margins crashed to the lowest in nearly a decade, market sources said on Thursday.

Venezuela ships about 500,000 barrels of crude oil to the United States daily, which refiners use to produce gasoline and diesel. But sanctions announced on Monday by Washington, aimed at driving President Nicolas Maduro out of power after his contested re-election last year, are expected to cut off or dramatically reduce those shipments. (Reporting by Devika Krishna Kumar and Stephanie Kelly in New York; Collin Eaton in Houston; Editing by David Gregorio)

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