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Venezuela is seeking help from Iran to start an ageing refinery. The increase in pressure from Trump administration has left the South American country with no choice. In the preparation to prevent gasoline shortage, Maduro appreciated Iran on sending key chemical components used for producing gasoline. The package was sent through the flight on Thursday and according to the sources 14 more flights are expected in the coming day.
US has been constantly pressurizing the Venezuelan government of Nicolas Maduro over ties with other energy companies and vice-versa. From Russia's Rosneft to Chevron and Reliance, everyone has been warned to "tread cautiously". These comments have come in response to the question on about possible sanctions against Rosneft. I would tread cautiously towards their activities in Venezuela that are in support, directly or indirectly, of the Maduro dictatorship because ... we're halfway through our maximum pressure campaign", said US official.
State-owned PDVSA has restarted supplying gasoline to fuel-deprived Venezuela on Tuesday. The company has announced delivery to six different regions from country’s large crude producing state Anzoategui. Costly and complicated fuel exports and refinery underinvestments had caused fuel shortages in many regions including country's capital Caracas. Shortages increased after there was a sharp decline in fuel exports from 210,000 BOPD in October to 135,000 BOPD in November.
PDVSA-owned Citgo Petroleum Corp yesterday registered a 76.2% rise in profit for 3Q2019. Citgo recorded an increase of 14.3% in the total refinery throughput to 825,000 barrels per day (bpd) from the preceding quarter, with utilizing rate of 94%. The net income for the eighth-largest U.S. refiner by capacity rose to $215 million in the third quarter, compared to $122 million in the 2Q2019.
Reliance Industries of India will resume loading Venezuelan crude in October after a four-month pause. This will help Venezuela's state-run company PDVSA vacate its inventories. The refineries of Reliance are accustomed to the heavy sour crude that Venezuela sells. And this is why the downstream giant has decided to resume the import. According to PDVSA's documents, Reliance will send at least two vessels to Venezuela's Jose port for loading.
Chevron Corp. is seeking relief from the U.S. for continuing doing business in the oil-rich nation Venezuela. The US President has been pushing for regime change in Venezuela owing to sham elections last year. Oil sanctions are being deployed as the main tool for uprooting an autocrat in Venezuela. According to the sources, Chevron expects the extension of the waivers set to expire on July 27.
A storm of blackout in Venezuela paralyzed its crude production. After this, the OPEC nation has decided to make the crude prodcution "independent" of national grid. For this, PDVSA will install 20 generators for the the crude project partly owned by Chevron. The company informed that the generators will have a total capacity of 50 megawatts and would “increase the stability of (electricity) service for the extraction of daily barrels”.
Oil prices tumbled on Thursday due to the record US crude production. This resulted in a significant increase in the stockpiles. Benchmark Brent dipped 0.1%, to $72.09 per barrel. WTI decreased and was traded at $63.58 per barrel. The crude market is strained outside US due to the expiration of US sanction waivers against Iran, worsening political crisis of Venezuela and OPEC led supply cuts.
Even though Venezuela is crippling due to previously imposed US sanctions, the United States hit the Latin American country with a fresh wave of sanctions, yesterday. The new sanctions are imposed on four companies from Liberia and Italy by the US Treasury department, apart from nine ships of different firms. Venezuela is, currently, facing an economic and political catastrophe, and US sanctions have only aggravated the conditions.
OPEC-led supply cut and US sanctions on Iran and Venezuela pushed oil prices up in the international market on Tuesday. International Brent crude futures rose 0.4%, to $67.46 per barrel. US WTI crude futures edged up 0.8% and were traded at $59.31 per barrel. However, market analysts have cautioned of a sharp economic slowdown, which could weigh on the crude markets.
Oil prices fell in the international market on Monday, as concerns of an economic slowdown offset supply cut from OPEC and US sanctions. Benchmark Brent crude oil futures dipped 0.8%, to $66.52 per barrel. US WTI crude futures dropped 1.1% and were priced at $58.42 per barrel. As 10-year treasury yields touched early 2018-lows, an impending recession has gained potential in the US.
Oil prices lowered in the international market on Monday over the concerns of an economic slowdown. The market was, however, held tight by OPEC-led supply cuts and sanctions on Iran and Venezuela. Brent crude oil futures dipped 0.2%, to $67.03 per barrel. US WTI crude futures dropped 0.3%, to $58.32 per barrel.
A minor deficit in global supply resulting from production cuts by OPEC and US sanctions kept oil prices firm in the international market on Friday. Brent crude oil futures remained in close vicinity with year highs, at $67.15 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures were traded at $58.55 per barrel.
Indian oil firm, Reliance Industries yesterday said that it has paused diluents supply to Venezuelan state-run firm, PDVSA until sanctions are lifted. Reliance supplied diluents to crisis-struck Venezuela from its Houston-based subsidiary. The Indian conglomerate has also not increased oil purchases from Venezuela. Ship tracking data acquired by Reuters indicated a drop in Reliance’s purchase from Venezuela below 300,000 bpd in 2018 and in January 2019.
Brent crude oil prices touched new year-highs today, buoyed up by OPEC-led supply cut and current US sanctions against Iran and Venezuela. Brent crude swelled up to $67.80 a barrel, before settling to $67.75 per barrel. U.S. WTI crude futures increased 0.2%, to $58.38 per barrel. Crude oil prices were also supported by a weekly report from EIA which showed a surprising plunge in US crude production and inventories.
A crude oil pumping station owned by state-run PDVSA was caught in a fire yesterday. A company statement informed that the fire at the 300,000 bpd-Ero pumping station was controlled, with no one injured. PDVSA will, however, experience problems in the transport of crude through pipelines. PDVSA referred to the incident as “an act of sabotage perpetrated by the right-wing opposition.”
Oil prices on Wednesday gained over OPEC’s supply cut statement and US sanctions on Venezuela. International Brent crude futures rose 0.8%, to $62.93 per barrel. US WTI crude oil futures climbed 0.9% to $53.60 per barrel. OPEC on Tuesday said that the cartel had curbed its output by approximately 800,000 bpd in January to 30.81 million bpd.
Oil prices dipped in the international market today after EIA data showed climb in US crude inventories, with production levels in the country hitting record levels. Brent crude futures lowered 0.4% to $62.43/barrel. US WTI crude futures dropped by 0.3% to $53.84 per barrel. EIA data yesterday indicated US crude inventories climbing to 447.21 million barrels. US sanctions against Venezuela are estimated to halt 500,000 bpd of crude exports.