Face-off in Venezuela

25 Jan 2019; 

On Wednesday, Mr. Juan Guaido, the head of the country’s National Assembly, declared himself interim president of Venezuela.  He declared the incumbent, Mr. Maduro illegitimate and invoked a constitutional rule that transfers power to the head of the National Assembly if the presidency is vacated.  Mr. Guaido was immediately recognized by the United States, Canada, the United Kingdom, the Organization of American States and most Latin American Governments.  However, major backers of the Maduro regime, such as Russia, China and Turkey as well as regional supporters Cuba, Nicaragua and Bolivia continue to support the incumbent.  So far Venezuela’s military has also thrown its support behind Mr. Maduro.  Depending on how it plays out, the leadership crisis in Venezuela could have a significant impact on the tanker market.

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