Bloomberg: PetroChina Americas Is Said to Review Venezuela Oil-for-Loans

While these types of transactions are common in the oil industry and have helped finance production from Iran to Brazil, the new U.S. sanctions against the government of Venezuelan President Nicolas Maduro may change the playing field. A $2 million fine levied against Exxon Mobil Corp. in July for violating sanctions against Russia have made oil companies wary, according to Russ Dallen, a managing partner at Caracas Capital Markets.

“The sanctions didn’t appear to be much at a first look, but they are actually very harmful,” Dallen said in a telephone interview from New York. “After what happened to Exxon, everyone thinks twice before signing anything with Maduro or PDVSA’s money man Simon Zerpa.”