X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 4 minutes IMPORTANT ARTICLE BY OILPRICE.COM EDITOR - "Naked Short Selling: The Truth Is Much Worse Than You Have Been Told"
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 17 mins Texas forced to have rolling black outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 14 hours Retired RAF pilot wins legal challenge over a wind farm
  • 12 hours U.S. Presidential Elections Status - Electoral Votes
  • 4 hours Speaker Pelosi, "Tear Down This Wall"
  • 10 hours NYT:  The Supreme Court’s order (Re:  Trump’s tax returns) set in motion a series of events that could lead to the startling possibility of a criminal trial of a former U.S. president
  • 3 hours Interest article about windmills and waterwheels in Europe
  • 2 hours Joe Biden's Presidency
  • 5 hours Disaster looming in UK offshore wind power
  • 14 hours Wednesday Nikki Haley reached out to Trump for meeting at Mar-a-lago. Trump said No ! You blew it Nikki . . .
  • 2 days Minerals, Mining and Industrial Ecology
  • 13 hours Scientist clone endangered Black Footed Ferret from Ferret that died 30 years ago . It's a 100% exact genomic match.
  • 21 hours Pipeline vs Train vs Ship to Transport Crude Oil.
  • 23 hours NG spot prices hit triple digits for weekend delivery
  • 2 days Chance for (Saudi)Arabian peninsula having giant onshore Gas too?
Can OPEC+ Maintain Order As Oil Prices Rise?

Can OPEC+ Maintain Order As Oil Prices Rise?

Oil prices soared past $60…

Oil Holds Gains Above $60

Oil Holds Gains Above $60

Oil prices are at a…

UAE-Based Firms Help Venezuela’s Oil Exports To Skirt U.S. Sanctions

Little-known shipping companies registered in the United Arab Emirates (UAE) have been shipping Venezuelan crude oil in breach of the U.S. sanctions on Nicolas Maduro’s regime, Reuters says in a special report on Tuesday.  

The companies Muhit Maritime, Issa Shipping FZE, and Asia Charm Ltd, all registered in two free zones in the UAE, have transported nearly 4 percent of Venezuela’s total crude oil and fuel exports so far this year, according to Reuters estimates based on internal shipping documents of Venezuelan state oil firm PDVSA, tanker tracking data from Refinitiv Eikon, and shipping database Equasis.

Authorities in the free trade zones in the UAE, one of the key U.S. allies in the Middle East, told Reuters they were not aware of the scheme or of the activities of the UAE-based companies, but they were already investigating the three firms mentioned in the report.  

“We are closely tracking these kinds of creative efforts by companies to evade sanctions,” a spokesman for the U.S. Department of State told Reuters, in response to questions about the UAE-based shipping entities allegedly helping Venezuela to skirt the increasingly harsher U.S. sanctions on its oil exports.

In June 2020, the United States additionally tightened the sanctions aimed at cutting off the revenues from oil—Venezuela’s only hard-currency income—of the Maduro regime. The U.S. Department of the Treasury targeted in June several maritime companies and tanker owners for having assisted Venezuelan oil exports.

The Latin American country, which holds the world’s largest crude oil reserves, has become increasingly inventive in getting its crude to market, according to various reports in recent weeks.

Earlier in December, Bloomberg reported that Venezuela had boosted its crude oil exports nearly threefold in November to more than 500,000 barrels per day (bpd), including by hiding the true identity of tankers to avoid detection.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News