• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 2 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 9 hours China's aggression is changing the nature of sovereignty.
  • 20 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 23 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 1 day OPEC+ Expects Large Oil Glut In Early 2022
  • 5 hours Ukrainian Maidan after 8 years
  • 21 hours NordStream2
  • 5 hours Delta variant in European Union
  • 19 hours President Biden’s Nuclear Option Against OPEC+ - Waste of Time
  • 1 day Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 1 day Forecasts for Natural Gas
  • 4 days "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 2 days Big Bounce: Russian gas amid market tightness - new report by Oxford Institute for Energy Studies
Russia Is Ready To Return To Pre-Pandemic Oil Production

Russia Is Ready To Return To Pre-Pandemic Oil Production

According to Russia’s Deputy Prime…

Oil Nations Are Selling Billions In Green Bonds

Oil Nations Are Selling Billions In Green Bonds

Environmental, social, and governance investing…

Trump Seeks To Slap More Sanctions On Venezuela

The U.S. federal government is considering more sanctions to add to a list aimed at severing the lifeline between the Venezuelan government and oil revenues that, according to Washington, are the only thing keeping Nicolas Maduro in power.

Bloomberg reports, citing unnamed sources familiar with the situation, that Washington is mulling over sanctioning swap deals between PDVSA and other energy companies. The discussions have been going on for months but no decision has been made yet as the administration prioritized punishing Iran for helping Venezuela with fuel exports.

Earlier this month, the U.S. administration said it had seized Iranian fuel cargos en route to Venezuela in what was a first since the start of the maximum pressure campaign of the Trump government against Venezuela. The fuel was going to Venezuela to help alleviate a severe gasoline shortage caused both by the sanctions and also by years of neglect at Venezuelan refineries, as well as by the suspension of diluent imports from the United States amid the escalation between the two.

Despite this maximum pressure, however, Venezuela is still finding ways to export crude oil and in July these exports even managed to rise to the highest in four months to 325,000 bpd. This is still way below what the country with the largest oil reserves in the world used to export before it fell in the crosshairs of Trump but was still an increase, made possible by the sort of deal the U.S. leadership now wants to sanction: diesel-for-crude swaps.

Since the start of the year, Venezuela’s exports have averaged 535,000 bpd, according to Bloomberg. This is the lowest export rate in seven decades and most of it has been made possible by the swap deals, with companies including Reliance Industries, Spain’s Repsol, and Italian Eni. According to Bloomberg data, this month alone, some 80 percent of Venezuelan oil contracted for export was in oil-for-diesel swaps.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • Mamdouh Salameh on August 19 2020 said:
    By slapping more harsh sanctions against Venezuela and oil piracy against shipments of refined products destined for it, Trump is displaying to the world the ugly face of capitalism and old imperialism.

    And despite increasing the misery and hardships of the Venezuelan people, they still express the willingness to rise up against the perceived threat of “Yankee imperialism”. After all, it was the Bolivarian revolution that liberated countries of South America from Spanish oppression.

    The only consolation for the Venezuelan people is that the United States has failed miserably in imposing its puppet Juan Guaidó in a regime change, or getting its hands on Venezuela’s huge oil reserves, the world’s largest or stopping Venezuelan crude oil exports reaching the world.

    Venezuela and its oil industry are unbowed.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News