• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 57 mins America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
  • 1 hour TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 36 mins Saudi Arabia Can't Endure $30 Oil For Long
  • 4 hours Hillary Clinton tweeted a sick Covid joke just to attack Trump
  • 3 hours Where's the storage?
  • 3 hours Oxford Epidemiologist: Here’s Why That Covid-19 Doomsday Model Is Likely Way Off
  • 1 min Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 12 hours China extracts record amount of natural gas from Gas Hydrates in South China Sea
  • 44 mins Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 8 hours Dr. Fauci is over rated.
  • 19 mins Wait till America opens their Q1 401k Investment Statements and see they have lost 35% of their retirement savings. They can blame the Authoritarian Chinese Communist Party..
  • 2 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
S&P Cuts Oil Nations Ratings

S&P Cuts Oil Nations Ratings

Several oil-producing nations woke up…

Iran Is Preparing For An Oil Export Boom

Iran Is Preparing For An Oil Export Boom

Iran is gearing up to…

US May Slap Sanctions On Rosneft For Trading Venezuelan Oil

Rosneft

The United States is not ruling out imposing sanctions on Russia’s oil giant Rosneft over its involvement in trading oil from Venezuela, Sputnik quoted the U.S. Special Representative for Venezuela, Elliott Abrams, as saying on Tuesday.

Asked whether Rosneft could be slapped with sanctions because it has been buying increased amounts of Venezuelan oil and reselling it, Abrams said, as carried by Sputnik:

“Yes, it can be [sanctioned]. We have not gotten to that point yet.”

“At some point, we will have to consider the question of Rosneft’s conduct and what kind of reaction we want to have to it,” the U.S. envoy for Venezuela added.

U.S. President Donald Trump signed in early August an executive order freezing all assets of the Venezuelan government in the United States. The move may lead to the U.S. imposing secondary sanctions against companies doing business with the Maduro government—companies such as Rosneft.

According to trading sources and ship tracking data, Rosneft has already become the largest buyer of oil from Venezuela. The Russian oil giant was the top buyer and trader of Venezuelan crude in July and the first half of August, Reuters reported last month.  

Related: The Biggest Tech Play Of The Year Is Flying Under Wall Street’s Radar

Rosneft has been reselling the oil from the Latin American country to buyers in China and India and thus helping buyers hesitant to approach Venezuela and its state oil firm PDVSA because of the U.S. sanctions on Caracas, and, at the same time, helping Venezuela to continue selling its oil despite stricter U.S. sanctions.

Last month, people with knowledge of shipping arrangements told the Financial Times that Rosneft had remained the last gasoline supplier to Nicolas Maduro’s regime in Venezuela, extending a lifeline to the Socialist leader whom Russia supports.

According to documents seen by FT, Rosneft’s trading arm Rosneft Trading shipped all the gasoline that Venezuela imported in June—eight cargoes totaling 1.7 million barrels via ship-to-ship transfers offshore Malta, Gibraltar, and Aruba. 

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