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Investors assess Venezuela implications as they watch oil prices and stocks rise.
Investors weighed the implications of U.S. military intervention in Venezuela as they prepared for the week's worth of economic data releases that will be released in the first trading week of 2019. S&P 500 futures rose 0.1%, while MSCI's broadest Asia-Pacific index outside Japan gained 1.2%. Investors are assessing what the impact of the dramatic events of the past weekend, in which the U.S. captured Venezuelan President Nicolas Maduro. On Saturday, President Donald Trump announced that he would temporarily take Venezuela under American control. Neil Shearing is the group chief economist at Capital Economics. He said that the removal of Venezuelan President Nicolas Maduro from office by the U.S. will not have any significant economic effects on the global economy in the near future. "But its geopolitical and political ramifications are likely to reverberate," said Neil Shearing, group chief?economist at Capital Economics. Brent crude futures rose 0.2% to $60.87 as oil markets assessed?the impact?of the U.S. intervening in Venezuela and a Sunday vote by OPEC+ to maintain oil production at the same level. "A bearish story on oil prices is highly unlikely." Venezuela will need capital and engineering help to reach its'maximum production, which wasn't that impressive at the start," said Marko papic, chief strategy at BCA Research, Los Angeles. Papic said, "We do not consider ourselves to be sellers of oil at this time and in fact we think that there could be upside risks." The Nikkei225, a regional stock market, climbed 2.8% and is now near the record high set two months ago. The Japanese stock market continued to rise as the data revealed that manufacturing activity in December stabilised, ending a 5-month-long decline. Seoul's Kospi?and Taiwan?each climbed more than 2 % to reach new record highs. The Chinese markets were muted. The Hang Seng Index rose 0.1%. Chinese oil companies weighed down the index, which is a measure of Hong Kong-listed energy shares. Australian shares rose 0.1%. Vasu Menon is the managing director of OCBC's investment strategy in Singapore. He said: "Strategic calculations are taking place against the backdrop a midterm election year and developments are unpredictable." This uncertainty could support oil prices. "A more volatile geopolitical climate may boost haven assets such as precious metals." The U.S. dollar index, which measures greenback strength against a basket six currencies, rose 0.1% to 98.55 at the end of last day, continuing recent gains for a fifth straight day. The yield of the 10-year Treasury Bond in the United States was up 0.2 basis point at 4.187%. Gold rose 1%, trading at $4371.29. Bitcoin rose 0.2% to $91,452.90 while ether remained flat at $3.141.29. (Reporting and editing by Gregor Stuart Hunter, Muralikumar Anathharaman, and Shri Navaratnam).
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Oil volatile; Asian shares rise despite Venezuelan impact
Asian stocks opened higher on Monday and oil prices were 'choppy' as investors looked beyond the U.S. military actions?over the weekend? in Venezuela in order to prepare for the upcoming week of economic data in the first trading week of 2019. S&P 500 futures and MSCI's broadest Asia-Pacific share index outside Japan were both 0.1% higher at the end of last week. Investors are evaluating the impact of a weekend filled with dramatic events that saw the U.S. capture Venezuelan president Nicolas Maduro. On Saturday, President Donald 'Trump' said that he would temporarily place Venezuela under American control. Neil Shearing is the group chief economist at Capital Economics. He said that the removal of Venezuelan president Nicolas Maduro by the U.S. will not have any significant economic effects on the global economy in the near future. "But the geopolitical and political ramifications of this decision will be felt." WTI crude futures?flood between gains and losses?and?were?last up 0.1% at $57.36 as oil markets assessed impact of U.S. involvement in Venezuela, and a Sunday vote by OPEC+ to maintain oil production. "A bearish story on oil prices is highly unlikely." Venezuela will need capital and engineering help to increase its production, which has never been impressive, said Marko Papic of BCA Research, Los Angeles. Papic said: "We do not consider ourselves to be oil sellers in this situation, and we think that there could be downside risks." The Nikkei225 in Japan rose 2.5%, reaching its highest level in two months. Meanwhile, the Kospi index of Seoul grew 2%, setting a new record. The?U.S. The dollar index, which measures greenback strength against a basket six currencies, rose 0.1% to 98.55 last night, extending recent gains for a fifth day in a row. The yield of the 10-year Treasury Bond in the United States was last 0.2 basis points higher at 4.187%. Gold rose 1%, trading at $4371.29. Bitcoin last traded up 0.2%, at $91,452.90. Ether was last trading flat, at $3,141.29. (Reporting and editing by Gregor Stuart Hunter, Muralikumar Aantharaman).
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Russian politicians say Trump strike on Venezuela unlawful, destabilising
Dmitry Medvedev, the deputy chairman of Russia's Security Council and a senior legislator said at the weekend that "U.S. The actions of President Donald Trump in Venezuela are illegal and destabilising. However, they can be portrayed as an assertion of U.S. interest. Comments follow Trump's ?statement The United States has struck Venezuela, and Maduro and Maduro's wife have been captured and removed from the country. This prompted international reactions and calls for urgent UN discussion. Medvedev said to TASS that Trump's behavior was not only illegal, but also internally coherent as it served U.S. interest. "It is important to acknowledge that, despite Trump's obvious illegality, there is a consistency in his behavior. Medvedev said that Trump and his team "defend their country's interests very harshly". Medvedev claimed Latin America was seen as "the backyard" of the United States and suggested Trump wanted to gain leverage over Venezuelan oil supplies. Medvedev, citing TASS, said that Uncle Sam's motivation has always been the same: to take other people's goods. He said that if a similar?operation was carried out against a more powerful country, this would be viewed as an act or war. Alexei Pushkov is a Russian Senator who chairs the Federation Council's information policy commission. He said that Trump's rhetoric and the operation could prove to be less effective than they were. "It is impossible to deny the impact of Trump's statements and his actions. "Their effectiveness is a different matter," Pushkov stated on Telegram. He said that the initial "triumphs", which he compared to premature U.S. victories in Iraq, Afghanistan, and Libya, later became defeats or prolonged crises. Pushkov stated that the United States had violated international norms by seizing Venezuela's president and attacking Venezuela. This "alarmed" the entire world, returning it to the "wild?imperialism from the 19th century", and bringing back a Wild West right of action at will within the Western Hemisphere. What will be the final outcome? "Will this 'triumph,' not become a catastrophe?" asked he. The Russian Federation has maintained strong ties with Venezuela for many years, including energy cooperation, high-level contacts and military links. Moscow has also supported Caracas in its diplomatic efforts to increase trade and investment. (Reporting, writing and editing by Vladimir Soldatkin; Editing by Guy Faulconbridge & Stephen Coates).
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Trump's political base abandons isolationism and cheers Maduro's capture
Many supporters of U.S. president Donald Trump have praised the capture and detention of Venezuelan leader Nicolas Maduro, describing it as a quick, painless victory. However, political analysts warn that support may wane if "the operation drags out" or echoes previous foreign interventions. Despite a few conservative figures criticizing the attack on Venezuela, and the detention of Maduro, as a betrayal to Trump's pledge "America First", most of Trump's Republican allies sided with him. Early support was given even though Trump had said that the United States temporarily "run" Venezuela, and would?work to?tap into its oil reserves. This raised the possibility of an open-ended foreign involvement which Trump and his MAGA base are opposed to. Political analysts say that for now, the base is willing to cheer the removal of Maduro. They see little risk of escalation, into a long-term quagmire, like the wars of Afghanistan and Iraq. Joshua Wilson, professor of political sciences at the University of Denver, said that this was too recent to expect a MAGA-base backlash. There are a lot of questions about the future, so this could be another test for Trump's ability frame events and control base. Trump's approval rating has been in decline. A /Ipsos survey last month showed that only 39% of U.S. adult citizens approved of his performance. This was primarily due to?disappointment with his handling of the economic situation. Matthew Wilson, professor of political science at Southern Methodist University, says that historically, military action has only given presidents a temporary political boost. This means that the risk is to the Republicans and Trump's disadvantage heading into the November midterm elections, where control of Congress will be at stake. Wilson stated, "If the election goes well, I expect that it will be forgotten by the midterms." "If it doesn't go well, it will become an albatross." The last time that the United States intervened to remove a ruler in a Latin American nation was during the invasion of Panama in 1989, which ousted the dictator Manuel Noriega. This was the first of two relatively quick and successful military operations under U.S. president George H.W. Bush orchestrated the Gulf War in 1991, but he lost his 1992 re-election campaign to Bill Clinton mainly due to?a weak economy. GREENE AND OWENS CRITICIZE ATTACK Democrats criticized Trump's actions against Venezuela, saying they were ill-advised. They also argued that the actions could be illegal because they were taken without Congress' approval. Chuck Schumer, the party leader in Senate, warned that Trump could drag?the U.S. into "another costly foreign war." Marjorie Taylor Greene has joined the Democrats, who have long been Trump supporters but had a public fallout with him this year. On Sunday's "Meet the Press", the Republican said that Maduro was arrested as a betrayal to Trump's promise during the presidential campaign of 2024 to avoid foreign conflicts. She said, "This is Washington's playbook we are so tired of and that doesn't help the American people." Candace Owens, a podcaster who is known for her conspiracy theories and right-wing views, also criticized Maduro's arrest. She wrote on X, that the CIA staged "another violent takeover of a nation at the behest a globalist psychopaths." Most of Trump's supporters, and even some of his critics, either supported the attack or refused to comment. Steve Bannon, former Trump aide, and prominent voice of the Make America Great Again Movement, described the raid on his podcast as "bold" and "brilliant", embodying the tone of hawkishness prevalent among the president's supporters. Officials in the Trump administration have gone to great lengths to describe Saturday's operation against Maduro as an action of law enforcement. Maduro has been indicted for drug-related offenses and will be appearing in court on Monday in New York. MAGA influencers have said that they support Trump's stated aim of asserting U.S. power in the Western Hemisphere. Laura?Loomer, a right-wing activist, argued in a social media post that the United States should exploit Venezuela's vast reserves of oil rather than allow adversaries like Iran, China and Russia to profit from them and finance attacks against the West. Loomer, who lost to Trump in the Republican primary of 2024, wrote: "We will exercise our power and take 'the oil and financial starve the axis evil" on X. He was referring to Representative Thomas Massie. Massie is one of the only Republicans who questioned the legal basis of the strikes against Venezuela. Nikki Haley who lost the Republican primary to Trump 2024 called Maduro a 'brutal socialist dictator' in a post on X. She also said that the Venezuelans "deserved freedom". Rand Paul, the Republican senator and a staunch opponent of foreign military interventions, didn't criticize Trump in a post on social media, but he did warn that "time will show if regime change is achieved in Venezuela without significant human or monetary cost." Matt McManus is a professor of political science at Spelman College. He said that it was incorrect to portray the MAGA movement in a purely isolationist light, as it has always been confident about projecting its power. He cited Trump supporters' support for the U.S. strike on Iranian nuclear sites in June, and Trump's threats against other nations during his first term. McManus stated that "MAGAdom was never defined by an obsession with ideological consistency." It takes its cues a lot from the leaders... And right now, Trump's signalling is very strong that Venezuelan interference is good for America. McManus, along with other experts, agreed that a prolonged military intervention in Venezuela could test Trump's grip on his party and MAGA movement. This is especially true if U.S. soldiers are deployed. The president hasn't ruled this possibility out. Dante Scala is a professor of political science at the University of New Hampshire. He said, "Venezuela will be the test to see if MAGA is what Donald Trump claims it is." Nathan Layne reported from Wilton, Connecticut. Sergio Non edited the story.
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Goldman: US sanctions policy will determine Venezuela's oil output outlook
Goldman Sachs analysts said that the future of Venezuela's oil output will be determined by how?U.S. Goldman Sachs analysts have said that sanctions policies will evolve after U.S. president Donald Trump removed Venezuelan President Nicolas Maduro. Goldman Sachs analysts said that sanctions policy will evolve after U.S. President Donald Trump?deposed Venezuelan?President Nicolas Maduro. In a note published on January 4, Goldman Sachs analysts, led by Daan?Sachs, said that they see "ambiguous but modest risks" to the oil price in the short term from Venezuela depending on U.S. Sanctions policy. Goldman's forecasts for 2026 oil prices remained the same - with Brent's average price at $56 a barrel and West Texas Intermediate at $52 per barrel. Venezuela's oil production in 2026 is expected to remain flat at 900,000. Analysts said that Venezuelan production could rise over the long-term, adding downside risks to oil price forecasts for 2027 and beyond. Venezuela produced around 3 million barrels per day (bpd) at its peak in mid-2000s. It holds about a quarter of the world's proven oil reserves. Analysts say that any recovery in production will be gradual and would require significant investment. We estimate a $4/bbl drop in oil prices by 2030 if Venezuelan crude production increases to 2mb/d. Reporting by Florence Tan, Editing by Lincoln Feast.
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Venezuela's oil, mining and mining sector: huge potential but weak infrastructure
Here are some key facts about Venezuela's oil and mining sector. According to U.S. president Donald Trump, the U.S. captured President Nicolas Maduro on Saturday. RESERVES Official data show that Venezuela may have the largest oil reserves in the world, but its crude production is only a fraction of what it could be due to years of mismanagement, a lack of investment, and sanctions. According to the London-based Energy Institute, Venezuela holds about 17% of the global reserves, or 303 billion barils, ahead of the Organization of Petroleum Exporting Countries leader Saudi Arabia. According to the U.S. Department of Energy, Venezuela's oil reserves consist mainly of heavy crude in the Orinoco Region of central Venezuela. This makes its crude costly to produce but relatively simple to process. Maduro and Delcy Rodrguez, the acting president of Venezuela at the time, announced in?2019 a five-year plan to boost mineral extraction, as an alternative for oil production. Venezuelan government published data in the year before that included key terms used by mining industry, such as reserve and resource, interchangeably. It is difficult to determine if Caracas was aware of its full mining potential. A reserve is a volume estimate for a mineral which can be economically produced. The volume of a particular mineral in a region is called a resource, regardless of whether it can be economically extracted. The 2018 report was published by Venezuela's Mining Ministry website as a "minerals catalogue" for investors. It estimated that coal reserves were approximately 3 billion metric tonnes and nickel reserves at 407,885 tons. The same report also estimated gold reserves of 644 metric tonnes, iron ore resources of 14.68 billion tons (although much of this is speculative), and a resource of bauxite of 321.5 millions metric ton. Venezuela published in 2021 a map of its mineral reserves, based on 2009 data. The map listed antimony, copper and nickel reserves, as well as coltan, magnesium, zinc, titanium, tungsten, and molybdenum. However, it did not include volumes. Rare earths are a group of 17 minor metals used in magnets to turn energy into motion. Rare earths is a subset critical minerals. Venezuela, along with Iran, Iraq Kuwait and Saudi Arabia, was a founding member in OPEC. The country's struggle with electricity has repeatedly hindered mining and oil operations. In the 1970s, the country produced as much as 3.5 millions barrels of crude oil per day. This represented at that time over 7% global oil production. In the 2010s, production fell below 2,000,000 bpd and reached an average of 1.1 million barrels per day last year. This represents just 1% global oil output. This is roughly the same as the production of the U.S. State of North Dakota. If the developments lead to a real regime change in the end, it could result in even more oil being available on market. It will take some time before production recovers fully, said Arne L. Rasmussen of Global Risk Management. Saul Kavonic, analyst at MST Marquee, says that if the regime changes succeed, Venezuelan exports will grow, as sanctions are lifted, and foreign investments return. Jorge Leon, Rystad's head of geopolitical analyses, said that Libya and Iraq are clear examples. Trump said to Fox News Saturday that the United States will be heavily involved in Venezuela's petroleum sector. It is unclear what the operational status of mines linked to Maduro’s 5-year plan. Maduro's National Council for Productive Economy said last month that the national production of iron ore, gold and coal increased in the first quarter of 2025. However, it did not provide any figures. Venezuela nationalized its gold industry in 2011. CVG, a maker of iron and steel, is also under the control of the government. Last October, it was reported that Venezuela had restarted its coal production. It aimed to export over 10 million metric tonnes of the mineral by 2025. The government has not yet confirmed if it met its target. The U.S. Geological Survey estimates that Venezuela produced 100,000 tons of coal in 2019 from 731 million tons of reserves. In the last decade, the production of many minerals has declined, including nickel and bauxite. Joint Ventures Petroleos de Venezuela S.A. was created in 1970, when Venezuela nationalised the oil industry. Venezuela took steps in the 1990s to open up the oil sector to foreign investors. Venezuela required that all oil projects be owned by PDVSA after Hugo Chavez was elected in 1999. Exxon-Conoco left Venezuela in the 2000s, and their assets were confiscated. PDVSA has set up joint ventures with Chevron and other companies, including China National Petroleum Corporation, ENI, Total, and Rosneft, in order to boost production. Maduro said in 2023 that he would license mines in an area where Guyana and Venezuela are in dispute over ownership. Maduro’s government has supported artisanal mining of gold in the Venezuelan Amazon since at least 2016. EXPORTS AND REFINING Since the introduction of the sanctions, China is now the largest buyer of Venezuelan crude oil. Venezuela owes China about $10 billion after China became its largest lender during the late president Hugo Chavez. Venezuela repays loans with crude oil transported by three very large crude carriers that were previously owned jointly by Venezuela and China. In December, two of these supertankers approached Venezuela when Trump announced the blockade on all tankers entering and leaving the country. According to PDVSA documents, and shipping data, the vessels are waiting for instructions as Venezuelan exports were mostly stopped. Trump said to Fox News Saturday that China will get the oil, without providing any further details. Russia has also lent Venezuela billions of dollar, but the exact amount remains unclear. PDVSA owns significant refinery capacity outside of the country. This includes CITGO, which is located in the United States. However, creditors have been fighting to take control through lengthy legal cases before U.S. court. Reporting by Marianna Paraga, Arathy Sommesekhar Dmitry Zhdannikov Ernest Scheyder Daina Beth Soolo; Editing by Jason Neely Stephen Coates
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What is the name of Delcy Rodriquez, the acting President of Venezuela?
Delcy Rodriguez is a Venezuelan politician who wields an iron fist. She is a proponent of economic orthodoxy, has worked to establish relationships with the private sector, and is well-known for her taste in luxury. In her more than 10 years in public life, Rodriguez, 56, has accumulated significant influence. Maduro called her "a tigress" because of her staunch support of his socialist regime, which presided over an economic crisis and exodus of 8 million migrants. She was vice president from 2018 onwards, having served simultaneously as finance minister then oil minister. She was previously a communications minister, a foreign?minister, and the head?of a progovernment legislature. She is close to her brother Jorge Rodriguez who is the head of the National Assembly. The Rodriguez siblings are children of leftist guerrilla Jorge?Antonio Rodriguez. He founded the Revolutionary Socialist League Party in 1976 and was arrested for his involvement in the kidnapping an American businessman. His family claims that he died from torture in police custody. Maduro has hailed him as a Venezuelan hero. Delcy is a labor lawyer who spent nine years in France and England studying postgraduate law. She competes in table-tennis competitions with brother. They often post their pictures on social media. She is often seen wearing designer clothing in public. After years of hyperinflation, she implemented orthodox policy, including cutting public expenditure, limiting credit, and a dollar-bolivar fixed rate. This helped to lower triple-digit inflation. Her role has brought her into close contact with foreign oil companies such as Chevron. Rodriguez is often referred to as "workaholic" by leaders in the industry. She attends private sector events that other public officials have neglected for years. She is Venezuelan official that travels the most to China, Russia and Turkey - allies of Venezuela. Diane Craft edited the report by Diane Craft.
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Barclays data indicates that in 2025, activists will run a record number of campaigns.
According to Barclays, activist investors who want companies to improve their performance launched a record-breaking number of campaigns in 2025. Market volatility, favorable financing terms, and increased deal activity created the ideal environment for lobbying for change. Blue-chip activists including Elliott Investment Management and a large number of newcomers launched attacks in 2025 on global companies, urging them to improve operations, replace board members, or even sell themselves. Activists attacked well-known brands like athleisure brand Lululemon Athletica and ride-hailing service Lyft. PepsiCo, the maker of soda and snacks, and Yeti, a cooler and drinkware manufacturer, were also targeted. The data revealed that the number of attacks in 2018 was up nearly 5% over 2024. It also surpassed the previous record set in 2018. Jim Rossman is the global head of shareholder advice at Barclays. He said, "We went from a period of maximum uncertainty to a rebound in M&A and private equity markets in the second half." It was an excellent time to use the activists' toolkit. Barclays data show that 141 campaigns were conducted in the United States. This represents a 23% increase from the previous campaign. The data also showed that Asian companies attracted the attention of activists, with a record number of 56 campaigns in Japan. Barclays reported that this accounted for half of all global activity outside the United States. Barclays data revealed that Elliott was the most active activist investor. It launched 18 campaigns in 2012, and spent nearly $20 billion of capital. The hedge fund has taken on Lululemon in the fourth quarter, urging management to consider hiring a former Ralph Lauren executive for the position of CEO. It also took on Barrick Mining by urging it to consider breaking up the company. Elliott has won 17 board positions in the past year. This includes two seats at Phillips 66 where investors voted for candidates that Elliott had proposed. Activist investors, formerly called corporate raiders and derided, have gained a new level of acceptance among corporate management. Their returns are improving, and they're working with boards to boost the share price of a company. Barclays' data also showed that the patience of corporate activists with chief executives could quickly run out. In the year following an activist campaign, 32 CEOs quit in a record number. In 2024, there will be 27 CEOs who resign, up from the 24 that left in 2023 due to activist pressure. Rossman, Barclays' Rossman, said: "If executives do not perform well, they will be fired." (Reporting and editing by Matthew Lewis in New York, Svea Herbst Bayliss)
China's Hengli uses additional import quota to buy Mideast oil from Overall, traders state
Private Chinese refiner Hengli Petrochemical has actually bought Middle East crude, 6 traders acquainted with the matter stated, mostly from TotalEnergies after the French major accumulated a big volume of the oil and as Iranian supply to China has actually tightened.
The purchases follow Hengli receiving an extra crude import quota of 2 million lots (14.6 million barrels) that can be used in 2024 and 2025.
In late November, Hengli Petrochemical purchased about 12 million barrels of Middle East crude from Totsa, the trading arm of TotalEnergies, along with from PetroChina and Aramco Trading Co, according to some of the traders familiar with the transactions.
The barrels, that include grades such as Qatari al-Shaheen, Iraqi Basrah Medium and Upper Zakum from the United Arab Emirates, are to pack in December and January, said the traders, who decreased to be named due to the sensitivity of the matter.
Iranian unrefined supply to China has fallen because October, narrowing discount rates for the approved oil to their tightest in about five years, pressing some independent refiners to switch back to more expensive non-Iranian Middle Eastern oil regardless of their struggle with weak margins, traders stated.
The downturn comes ahead of expectations that U.S. President-elect Donald Trump will ramp up enforcement of sanctions on Tehran when he goes back to office in January and further capture Iranian oil exports, which represent more than 10% of crude purchases by China, the world's biggest oil purchaser.
A Dalian-based Hengli executive in charge of crude oil procurement and planning verified the refiner stepped up buying of Middle Eastern cargoes thanks to its additional quota and attractive rates, however denied it has actually previously bought crude from Iran.
We recently got new quota and the marketplace happens to be in our favour, so we bought some freights that have great worth for cash, the executive said, decreasing to be named as he is not authorised to speak with media.
Linking Hengli's current purchases to lower Iranian products is pure speculation, the Hengli executive stated.
Reuters reported in July that Hengli became a buyer of Iranian oil previously this year, with a senior trading source close to the firm stating it had bought 4 million barrels a month throughout the very first couple of months of the year. Another senior trading source near to Hengli put the volumes at 4 million to 6 million barrels a month.
Information analytics firm Vortexa stated at the time that Hengli was a buyer of Iranian crude shipments, based upon its tanker tracking information and analysis.
OVERALL SALES
Hengli's purchases are helping to reduce excess supply held by Totsa after it went on its uncommonly passionate two-month buying spree on the S&P Global Platts price assessment procedure called the window, the traders stated.
TotalEnergies was the leading purchaser on the Platts window for December- and January-loading Middle East oil cargoes, snapping up a total 23.5 million barrels, trade information evaluated revealed. Its last prior window purchases were in June, amounting to 4 million barrels of August-loading crude, the data revealed.
Traders stated they think Totsa still holds a number of million barrels after its current buys.
TotalEnergies did not respond to an ask for remark.
IRAN OIL
Last week, Washington designated more vessels and entities for involvement in helping with Iranian oil trade following a. comparable relocation in October.
Among the vessels, huge unrefined carrier (VLCC) Phonix,. has actually been anchored because last week outside Rizhao Port in China's. independent refining hub of Shandong province, LSEG. ship-tracking information programs.
Late in 2019, Chinese independent teapot refiners stepped. in as essential buyers of affordable Iranian crude, filling a vacuum. left by Chinese state oil companies wary of U.S. sanctions, saving. billions of dollars on the country's oil import costs and. sealing China's status as Tehran's leading crude market.
Chinese banks have recently refused to help with payments. for purchases of Iranian oil as the variety of sanctioned vessels. is increasing, said 3 different traders who deal in Iranian. crude.
It becomes increasingly more hard now as even if you. moved oil from a sanctioned tanker to a non-sanctioned. vessel, the latter would soon run the risk of being put on the sanction. list, stated one of the three traders.
(source: Reuters)