A tanker carrying a cargo of about 1 million barrels of Venezuelan heavy crude has been stranded for more than a month off the coast of Louisiana for lack of a bank letter of credit to discharge, three sources have told Reuters.
Venezuela’s unraveling socialist government is increasingly turning to ally Russia for the cash and credit it needs to survive – and offering prized state-owned oil assets in return, sources familiar with the negotiations told Reuters.
While the level and focus of concern varies by region and country, ISIS and climate change clearly emerge as the most frequently cited security risks across the 38 countries polled.
About a third of all oil produced in Venezuela is processed at American refineries on the Gulf Coast. Shipments to the U.S. were worth about $12 billion last year.
During President Donald Trump’s recent visit to Poland, he got a lesson in the reality of the global oil and gas market from Polish President Andrzej Duda.
It’s been more than five months since President Donald Trump declared that he was putting Iran “on notice.” For the Iranian regime, that is turning out to be a rather comfortable place.
A month after Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed diplomatic, trade and transport ties with Qatar, accusing it of backing terrorism, it is suffering from isolation but is nowhere near an economic crisis.
Exxon Mobil Corp. and other energy companies have joined President Donald Trump in expressing concerns over a bill to toughen sanctions on Russia, arguing that it could shut down oil and gas projects around the world that involve Russian partners.
It may be too soon to write OPEC’s obituary, but the oil producer club appears in urgent need of late-life care.
“For years, Washington stood in the way of our energy dominance, and that changes now,” Perry said. “An energy-dominant America means a self-reliant, a secure nation, free from geopolitical turmoil of other nations who seek to use energy as an economic weapon.”
