Posts tagged ‘Venezuela’

Brian Scheid
Senior editor, oil news

Venezuela, Rosneft and US sanctions complications: Fuel for Thought

February 18, 2020 13:31 UTC

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US efforts to starve Venezuela’s Maduro regime of oil revenues have substantially increased the role of Russian energy in the US Gulf Coast, an outcome the Trump administration likely never anticipated when it put sanctions in place over a year ago.

The situation has created a significant shift in product flows into Gulf Coast refineries and appears to have complicated the Trump administration’s plans to increase pressure on Venezuela, including plans to sanction Russian state oil Rosneft, which have remained on hold for months.

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crude oil, Rosneft, Russia, USGC, Venezuela

Brian Scheid
Senior editor, oil news

As Maduro hangs on, US may rethink Venezuela oil sector waivers: Fuel for Thought

January 14, 2020 09:33 UTC

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After nearly a year of sanctions on Venezuelan oil exports have failed to force President Nicolas Maduro from office, the US may effectively remove Chevron and other US companies from the South American nation, potentially quickening the collapse of the country’s oil sector.

The Trump administration may let a waiver allowing Chevron, Halliburton, Schlumberger, Baker Hughes and Weatherford International to continue certain work with PDVSA, outside of US sanctions, expire on January 22.

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Chevron, oil, Rosneft, sanctions, upstream, US, Venezuela

Laura Huchzermeyer and Maria Eugenia Garcia
Editors, Americas crude oil markets

Venezuela sanctions alter crude oil flows from Latin America to US Gulf

October 17, 2019 15:20 UTC

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Imports of Latin American crudes into the US Gulf Coast from January to date have plummeted 30% versus the same period in 2017, to 280 million barrels. This is mostly due to a lack of imports from Venezuela, US Customs Bureau and Platts Analytics data showed.

The removal of Venezuelan barrels from regional trade due to US sanctions has created openings for other Latin American producers in the US, driving demand for grades similar to the heavy sour crudes Venezuela produces, in particular. However, competition with Canadian crudes is likely to intensify, given soaring freight rates.

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crude oil, Latin America, refining, USGC, Venezuela

Robert Perkins
Editor

Global oil reserves data is muddled, but does it really matter? Fuel for Thought

June 25, 2019 09:18 UTC

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Proved oil reserves, historically a proxy for geopolitical clout and energy security, may be losing their currency in a world set on ushering in the end of the fossil fuel era.

The growing acceptance of the climate threat from carbon-rich energy is focusing minds on producing cleaner fuels rather than stockpiling sources of old, dirty ones.

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energy transition, oil, Saudi Arabia, US, Venezuela

Paul Hickin
Associate editorial director

Insight Conversation: Fatih Birol, IEA

May 29, 2019 10:09 UTC

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Fatih Birol, executive director of the International Energy Agency, spoke to Paul Hickin about the new oil market dynamics unleashed by US shale production, challenges facing Venezuela, and heightened geopolitical risk.

In 2012, Fatih Birol predicted that the US would become the largest oil producer by the end of the decade. In an exclusive interview with S&P Global Platts at the IEA headquarters in Paris, Birol did not hold back in outlining the impact US supply is now having on OPEC. The ardent supporter of Turkish soccer team Galatasaray, who has never driven a car, is also worried that Middle East producers may score an own goal if they do not diversify their economies quickly.

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EVs, oil, OPEC, Russia, US, Venezuela

Andrew Critchlow
Head of news, EMEA

Trump won’t gamble with US strategic oil stocks despite supply disruption risks

May 28, 2019 09:55 UTC

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Keeping fuel prices low is a political priority for US President Donald Trump. Just don’t bet on him gambling with America’s emergency oil stocks to achieve a second term in office, at the risk of jeopardizing energy security for the world’s largest economy.

Created in the early 1970s, soon after the oil shock caused by OPEC’s disastrous response to the Yom Kippur war, the Strategic Petroleum Reserve (SPR) remains arguably America’s most important economic buffer. Ironically, the first oil pumped into the giant salt caverns acquired by the US government was shipped from Saudi Arabia.

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Donald Trump, Iran, oil, Saudi Arabia, Strategic Petroleum Reserve, Venezuela

Brian Scheid
Senior editor, oil news

Insight from Washington: Does Venezuela need to hit rock bottom to find oil recovery?

May 7, 2019 12:14 UTC

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For months, the Trump administration resisted calls to sanction crude flows out of Venezuela, fearing the US would be blamed for the ultimate collapse of the South American nation’s once-mighty oil sector.

Venezuela’s oil industry was already teetering towards disaster – there was no need for US policy to push it off the cliff. By the time Trump administration officials unveiled sanctions on PDVSA, Venezuela’s state-owned oil company, in January, the country’s oil output had fallen below 1.22 million b/d, down roughly 800,000 b/d since President Trump’s inauguration and roughly half the level of production when President Nicolas Maduro came to power in 2013.

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sanctions, US, Venezuela

Maria-Eugenia Garcia, Brian Scheid and Laura Huchzermeyer
Editors, Americas crude oil markets

In the LOOP: US imports fewer heavy sour crudes, despite supply crunch

March 26, 2019 11:30 UTC

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Despite receiving fewer barrels of crude oil from Venezuela, US Gulf Coast refineries and terminals, including the Louisiana Offshore Oil Port, have not started to import more heavy, sour crudes from other markets.

On January 28, the US imposed sweeping sanctions on Venezuelan state PDVSA, which analysts widely expected would drastically cut US imports of Venezuelan crude and cause US refiners to seek alternative barrels from other Latin American countries and the Middle East.

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oil, sanctions, US, Venezuela

Kristian Paris Tialios, Laura Huchzermeyer and Maria Eugenia Garcia
Editors, Americas crude oil markets

In the LOOP: West Canadian Select price on US Gulf Coast hits new high

March 12, 2019 13:11 UTC

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Price differentials for heavy, sour Western Canadian Select on the US Gulf Coast have reached their highest levels on record as Albertan production curtailment, Venezuelan political upheaval and OPEC production cutbacks have created a tight supply of heavy sour grades in the region.

WCS at Nederland, Texas, was assessed Monday at the NYMEX WTI CMA plus $3.50/b, its strongest ever differential, according to S&P Global Platts data going back to 2016.

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Canada, oil, US Gulf Coast, Venezuela

Laura Huchzermeyer and Maria Eugenia Garcia
Editors, Americas crude oil markets

In the LOOP: US Gulf crude imports tumble on geopolitical disruptions

February 26, 2019 13:27 UTC

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OPEC’s reduced oil production and US sanctions on Venezuela and Iran have translated into a considerable fall in crude imports into the Louisiana Offshore Oil Port so far this year.

January to date, 8 million barrels of crude have been delivered at LOOP’s delivery point in Morgan City, Louisiana, down 66% from the 24 million barrels recorded in the same period of last year, according to the latest S&P Global Platts Analytics and US Customs Bureau data.

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Kuwait, LOOP, Mexico, oil, Saudi Arabia, Venezuela

Platts Insight

Posts tagged ‘Venezuela’

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