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Some aid trucks cross into Venezuela, others burn

  • Market: Crude oil, Oil products
  • 23/02/19

Venezuela's sitting president Nicolas Maduro broke relations with neighboring Colombia today amid ongoing clashes at several border crossings where the US-backed political opposition is trying to bring in humanitarian aid.

The unrest could presage a drawn-out conflict in the Opec country, where new US oil sanctions have accelerated a decline in crude production and exports.

Three trucks carrying aid had crossed into Ureña in the western Venezuelan state of Táchira this afternoon, only to erupt in flames as they were attacked by Venezuelan national police. Live fire and tear gas used by the police and paramilitaries injured numerous protesters.

Maduro accused Colombian president Ivan Duque of supporting a US-orchestrated coup led by opposition leader Juan Guaidó, whom the US, Canada and most of Latin America and the EU recognize as Venezuela´s interim president.

Ground zero for the humanitarian campaign is the Colombian border city of Cúcuta, where Duque, accompanied by Chile´s president Sebastián Piñera, Paraguay´s president Mario Abdo and Organization of American States (OAS) secretary general Luis Almagro, this morning reiterated a call on Venezuela´s military to let the aid through.

In his remarks, Duque said the "cowardly and dangerous dictatorship has activated gangs in some places to cause unrest and block the aid from reaching its territory, committing what could become serious crimes against humanity."

Around 23 Venezuelan national guards, special forces and police have defected so far today, but the vast majority continues to obey Maduro´s order to block the frontier.

Some aid trucks traversed the border with Brazil this morning, but tensions are running high there as well after clashes yesterday killed four members of the Pemon indigenous community in southern Venezuela. Around 29 others were injured.

Guaidó asserted that Maduro and his supporters were increasingly isolated. "They said the aid would not get in. The trucks crossed into the country," he tweeted this afternoon. "They said the people were on their side. They are alone and dozens of soldiers have abandoned them."

Maduro announced the immediate suspension of "all political and diplomatic relations" with Colombia and ordered all Colombian diplomatic personnel out of Venezuela within 24 hours.

Colombia´s foreign minister Carlos Holmes Trujillo said today from Cúcuta that Colombia does not recognize Maduro´s legitimacy and "appreciates president Juan Guaidó´s invitation to the Colombian diplomats and consular officials to remain in Venezuelan territory" but for their safety Colombia will evacuate them from Venezuela as soon as possible.

Speaking at a loyalist rally in Caracas today, Maduro declared he will "never under any circumstances surrender, but always will defend our nation with my life if necessary."

He called on his loyal military and civilian supporters to take to the streets and defend the Bolivarian revolution "if something happens to me someday."

Speaking from the military high command headquarters in Caracas yesterday, Maduro said the opposition was trying to "weaken, divide and demoralize" the military and demanded loyalty.

In a Tweet this afternoon, US national security adviser John Bolton warned Venezuela's military to "Embrace democracy, protect civilians, and allow in humanitarian aid; or face even more sanctions and isolation."

Washington is the chief patron of the Venezuelan opposition movement, supplying most of the aid at border points in Colombia, Brazil and the Dutch Caribbean island Curacao. But the US administration is not showing signs of preparation to confront Maduro beyond using Twitter and official statements to implore members of his regime and the military to switch sides.

The International Committee of the Red Cross and other aid organizations have refused to take part in the campaign which they see as violating their commitment to political neutrality.


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Syria faces fuel supply conundrum

London, 13 December (Argus) — The overthrow of Syrian president Bashar al-Assad has left the country's trading relationship with Iran on an uncertain footing, putting pressure on the new transitional government to upgrade refining infrastructure and find alternative sources of fuel supply. As the Assad regime's closest ally, Iran has been Syria's main source of both crude and oil product imports since western sanctions were imposed on Damascas in the early stages of its civil war in 2011. The product shipments are difficult to track as they are carried out by Iran's 'dark fleet', but consultancy FGE estimates Iran has been sending around 10,000-20,000 b/d to Syria in recent years. Those trade flows are no longer guaranteed, given that Hayat Tahir al-Sham (HTS), the main militant group behind the armed revolt to topple Assad, has close ties to Iran's regional rival Turkey. Syria is now likely to import oil products from other local sources, a trading analyst told Argus . Turkey itself is an option, although one Turkish trader ruled out any immediate business plans to supply Syria. Watad, HTS' affiliated oil trading arm, has previously imported oil and gas from Turkey and has marketed gasoline thought to have come from Ukraine via Turkey, according to a regional analyst. Egypt is another possible supplier. It has enough capacity to export refined products to Syria for the time being, according to a refining source in the country. Vortexa data show gasoil was last loaded from Egypt's Sidi Kerir terminal in July. Syria's transitional government may also attempt to increase domestic supply, although that will require rehabilitating the country's 140,000 b/d Banias and 110,000 b/d Homs refineries. Run rates have halved since 2011, the IEA estimates. Only the Banias refinery is operating at a reasonable level, according to sources. Iran earlier this year proposed a €140mn revamp of the Homs refinery, which has been operating below capacity for years because of infrastructure damage incurred during the civil war . Syrian demand for oil products has seen a structural decline since the civil war, with consumption dropping by around 60pc between 2011 and 2022, according to the IEA. But with Assad's overthrow signalling a potential return of refugees from neighbouring Turkey, Lebanon and Jordan, demand may pick up in the coming months, intensifying pressure on the transitional administration to seek new trade flows and repair the country's refining infrastructure. By George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Canada sets 2035 emissions reduction goal


13/12/24
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13/12/24

Canada sets 2035 emissions reduction goal

London, 13 December (Argus) — Canada has set a new 2035 climate goal, aiming to reduce its greenhouse gas emissions by 45-50pc by 2035, from a 2005 baseline. This builds on its 2030 target of a 40-45pc emissions reduction, again from 2005 levels. Canada's emissions had been in 2015 projected to rise by 9pc by 2030, from 2005 levels, "but we are now successfully bending the curve", the Canadian environment and climate change ministry said. The newly-announced target is in line with a pledge Canada made at the UN Cop 29 climate summit last month. Countries that are party to the Paris climate accord must submit new national climate plans by 10 February 2025, to cover a timeframe up to 2035. Canada, the EU, Mexico, Norway and Switzerland committed at Cop 29 to set out new plans with "steep emissions cuts" that are consistent with the global 1.5°C temperature increase limit sought by the Paris Agreement. The plans are known as nationally determined contributions (NDCs). Canada's NDC is being considered by the cabinet, and the country plans to submit it by the deadline, Canadian climate change ambassador Catherine Stewart told Cop 29 delegates on 21 November. Tackling climate change is "both an environmental imperative and an economic opportunity", she added. The target was informed "by the best available science, Indigenous Knowledge, international climate change commitments, consultations with provinces and territories and expert advice", the ministry said. Canada will also "seek feedback on how to help companies take advantage of the economic opportunities that come with building a clean economy" in the near term, it added. Although the plan is not yet available, the ministry said that it will examine the role of carbon removal technologies for the energy transition. "Canadians are increasingly experiencing record-breaking extreme weather," the ministry noted. The country experienced record wildfires in 2023. Carbon emissions from wildfires this year were second only to the "unprecedented" levels in 2023, EU earth-monitoring service Copernicus found this month. Canada has a legally binding target of net zero emissions by 2050. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Tarmac to receive bitumen at UK Dagenham terminal


13/12/24
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13/12/24

Tarmac to receive bitumen at UK Dagenham terminal

London, 13 December (Argus) — Tarmac, one of the UK's leading road and general construction firms, will start receiving bitumen cargoes at the 20,000t capacity Dagenham bitumen terminal in southeast England in late January, market participants told Argus . The terminal, operated by trading firm Trafigura's Puma Energy unit since 2015 , is part of an oil storage facility run by Stolthaven Terminals, a subsidiary of Norwegian company Stolt-Nielsen. Puma Energy regularly imports bitumen cargoes into Dagenham from a variety of sources including its own Cadiz bitumen terminal in Spain. Some 211,000t has been imported into Dagenham this year, roughly double 2023 volumes, according to data from trade analytics firm Vortexa. The sharp rise follows Puma Energy's decision to halt operations at its bitumen barge terminal in Newport, Wales early this year. Market participants said at the time that they expected Puma Energy to increase imports into Dagenham for inward truck supply to domestic UK customers to help compensate for the Newport halt. Trafigura and Tarmac have declined to comment on the latter's bitumen purchase plans at Dagenham. It is not clear whether Trafigura will exclusively supply the volumes into the terminal for Tarmac. The constructor is understood to have struck its annual term deals for all its UK bitumen purchases for 2025, but the identity of the suppliers has not been disclosed. by Fenella Rhodes and Keyvan Hedvat Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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NordBit to exit Dunkirk bitumen terminal at year-end


12/12/24
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12/12/24

NordBit to exit Dunkirk bitumen terminal at year-end

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Opec+ decision reduces potential supply surplus: IEA


12/12/24
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12/12/24

Opec+ decision reduces potential supply surplus: IEA

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