Politics, Geopolitics & Conflict
The United States has now added more names to its sanctions list for Venezuela-related transgressions. Five oil tanker captains--all Iranian nationals--who brought 1.5 million barrels of Iranian gasoline and supplies to Venezuela earlier this year have been added. The sanctions not only block any US assets the captains may have, but they also bar any US persons from any dealings with them. These are just the latest in a string of related sanctions on Venezuela in an attempt to oust Maduro.
Shell has begun to evacuate its staff from its 225.000 bpd Bonga FPSO in Nigeria after a number of workers were diagnosed with Covid-19. Bonga FPSO had already been partially shuttered for maintenance.
Iraq’s parliament has approved a $5-billion loan from abroad to tide it over during the oil price crash. OPEC’s #2 producer has been hit particularly hard by the effects of the pandemic and resulting oil price crash, not least because of its political turmoil. The loan will be used in part to pay government salaries in this fragile rentier country.
The Trump administration has released its final plan to expand oil drilling in the Arctic Reserve of Alaska. The plan calls for 18.6 million acres of the 23 million acres in the reserve to be leased for oil and gas exploration. The plan would overturn protections that have been afforded to the sensitive area, although the Obama administration’s plan allowed development…