Venezuela is making moves to protect its precious oil resources and minimise the effect of tough US sanctions. A report says its state-owned oil company PDVSA has asked Venezuela’s allies to put their money into a new Russian bank account.
Meanwhile, a partially loaded oil tanker from Saudi Arabia, Abqaiq, is due to arrive in Venezuela in the next 24 hours. The tanker can carry up to two million barrels of oil. It is the first time the kingdom is sending an oil tanker to Venezuela in two years.
Manouchehr Takin, an independent oil and energy consultant and former OPEC official in London, talks to Al Jazeera about the significance of Saudi Arabia’s move.
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