Politics, Geopolitics & Conflict
- Venezuela’s opposition leader Juan Guaido has vowed to protect Chevron’s assets in the country if the US doesn’t extend its license to operate there. Without naming Chevron specifically, Venezuela threatened in April to have its allies take over any non-producing assets. Chevron wins either way: The U.S. could grant it a license to continue operations, or Guaido will ensure asset protection for Chevron if the oil giant is forced to take a step back temporarily. Chevron has survived as much before, including Chavez. The deadline for renewing Chevron’s license is July 27th.
- Japanese diplomat Yukiya Amano, who led the International Atomic Energy Agency (IAEA) for a decade and was involved in negotiations over Iran's nuclear program, has died. He was 72. No details were given on the cause of death. However, the announcement was made on the day Amano was expected to announce his decision to step down due to an illness.
- Nearly one-third of Libya’s oil output was taken offline for three days this week after a pipeline was sabotaged from the giant Al-Sharara field, which produces 315,000 bpd. On Monday, production resumed, but not before Libya lost 290,000 bpd for 48 hours. That’s about $19 million a day in losses, confirmed by our sources at the Tripoli-based National Oil Company (NOC). The NOC is not keen to discuss publicly what the cause of the shutdown was, or who was behind the sabotage.…