Supreme Court Won’t Take Case That Could Block Sale of Venezuelan Oil Assets

The U.S. Supreme Court rebuffed Venezuela’s request to review a ruling allowing creditors to pursue assets of CITGO Petroleum’s parent company. The decision removes an obstacle to an upcoming court-ordered auction of shares in CITGO’s parent, the government-owned oil concern, Petróleos de Venezuela S.A. (PDVSA). The court denied the petition for certiorari, or review, in Bolivarian Republic of Venezuela v. OI European Group B.V., in an unsigned order on Jan. 8. In addition to the Venezuelan government, PDVSA, was also listed as a petitioner. No justices dissented from the order. The court did not provide reasons for its decision. At least four of the nine justices must vote to grant the petition for it to advance to the oral argument stage....