By R.C.
Sun, Mar 13, 2022 11:30 p.m.
UPDATE: American Reporter Brent Renaud was Killed at UKRAINIAN Checkpoint Behind Russian Front -- Likely Friendly Fire Incident
https://www.thegatewaypundit.com/2022/03/update-american-reporter-brent-renaud-killed-ukrainian-checkpoint-behind-russian-front-likely-friendly-fire-incident/
Reporter
A/K/A plausible deniability.
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HELLO VENEZUELAN OIL,GOODBYE RUSSIAN?OIL PRICES DROP ON BELIEF OF DEAL WITH MADURO
(ZH) Oil,which earlier tumbled below $100 (for WTI) amid speculation that a Ukraine ceasefire is imminent (it isn't) and that Chinese oil demand will collapse due to the Shenzhen lockdown (it won't), dropped over a dollar moments ago when Reuters reported that a new source of oil may be about to emerge: Venezuela, which like Russia, is currently sanctioned by the US (but not for long).
According to Reuters, which cites "three people familiar with the situation", Chevron is preparing to take operating control of its joint ventures in Venezuela if Washington relaxes sanctions on Caracas to boost crude supplies after banning Russia’s oil imports.
THE U.S. oil major has begun assembling a trading team to market oil from Venezuela as a first step, and if U.S. approvals are received, Chevron aims to expand its role in the four joint ventures it shares with state-run company PDVSA.
The Biden admin - which is desperate to procure oil from any source, even Venezuela, if it means lower gas prices - has said that any new authorization will depend on whether Venezuelan President Nicolas Maduro takes further political steps, such as releasing more jailed Americans and setting a firm date for resuming negotiations with the Venezuelan opposition.
While a date has not been set for issuing the authorization, Chevron has begun preparations for employees to get Venezuelan visas in Aruba, ready to head to Caracas if the U.S. Treasury eases restrictions.
Meanwhile, Reuters adds that Chevron’s proposed moves could revitalize Venezuela’s oil output and exports after years of underinvestment and sanctions shrank it to about 755,000 barrels per day (bpd) last month from 2.3 million bpd in 2016. Chevron’s joint ventures with PDVSA had produced about 200,000 bpd before U.S. sanctions and lack of financing cut their output.
Chevron aims to begin moving Venezuelan oil to refineries as soon as next month. Last week’s U.S. ban on Russian imports allows oil under existing contracts to arrive in the country through April 22.
It is unclear how quickly any new barrels could reach the market: Chevron has vastly reduced its presence in Venezuela after Washington tightened sanctions on Venezuela in 2020. For years, Chevron and other PDVSA venture partners have requested more operating oversight.
The Biden administration had not previously made Venezuela a foreign policy priority. That changed when Middle East and U.S. shale producers would not boost their crude supplies when the White House asked them to do so after the Ukraine invasion.
Congressional Republicans and even some of Biden’s fellow Democrats such as U.S. Senator Bob Menendez have opposed any deal that would benefit the socialist president. Washington condemned Maduro’s 2018 re-election as a sham.
The United States imported 670,000 barrels per day (bpd) of Russian oil and fuel last year. One of the few countries in a position to replace those imports is Venezuela. Before sanctions, its oil went mainly to U.S. Gulf Coast refiners.
Venezuela holds about 300 billion barrels of oil reserves, the world’s largest, but has not been able to hit its production targets due to underinvestment, poor maintenance, lack of supplies and U.S. sanctions.
GRA:Interesting move.
--GRA
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