US terminates Iran sanctions waivers

: Crude oil
19/04/22

President Donald Trump will not renew waivers from US sanctions for the remaining buyers of Iranian oil, the White House said today.

The administration in November issued six-month exemptions from US sanctions to enable China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey to continue buying Iranian oil. But it has decided not to renew them after early May "to bring Iran's oil exports to zero, denying the regime its principal source of revenue."

The US will work with Saudi Arabia and the UAE to offset the decline in Iranian oil exports, the White House said. The announcement implies that Riyadh and Abu Dhabi will abandon the Opec production cut agreement in effect through the end of June.

While Italy, Greece and Taiwan already have stopped imports from Iran, Asia-Pacific crude importers would face a scramble to replace more than 1mn b/d of Iranian imports to comply with the US decision to end sanctions waivers.

The decision will put an additional strain on the global supply at a time when the US is separately enforcing sanctions on Venezuelan oil exports.

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25/12/17

US to blockade Venezuela oil flows: Trump

Washington, 16 December (Argus) — US president Donald Trump dramatically escalated the conflict with Venezuela Tuesday night by declaring a blockade of most Venezuelan seaborne oil shipments. Trump, in a social media post, also demanded — without providing any credible explanation — that Venezuela return "all of the Oil, Land, and other Assets that they previously stole from us." Venezuelan oil flows to Cuba already have stopped and cargoes to other destinations were grinding to a halt, following the 10 December seizure of a Cuba-bound Venezuelan oil tanker by the US Coast Guard. "I am ordering A TOTAL AND COMPLETE BLOCKADE OF ALL SANCTIONED OIL TANKERS going into, and out of, Venezuela," Trump said. The tanker seized by the US was previously sanctioned for alleged involvement in transporting Iranian oil. More than 30 tankers could be within the reach of US naval forces positioned near Venezuela if Washington decides to continue seizing ships on its sanctions list. It is not clear what Trump meant by claiming that Caracas "stole" US-owned oil, land or assets, especially his reference to "land". Venezuela during the rule of former president Hugo Chavez nationalized assets of US and other western companies. The government of President Nicolas Maduro also faces claims of expropriation of mining and other western assets, and it has defaulted on sovereign debt obligations. All in all, almost $60bn worth of claims have been advanced against Caracas and state-owned PdV in US courts and international tribunals. A US federal court ordered the sale of PdV-owned US refiner Citgo to partially satisfy those claims. Trump's post concluded a day that featured his senior national security advisers briefing US lawmakers on the US military operations near Venezuela, without mentioning a possible escalation that likely requires congressional approval. The US has stationed a large naval force in the waters near Venezuela since early September as part of an effort ostensibly aimed at stopping waterborne drug shipments. The US Navy has reported having destroyed 25 boats allegedly carrying drugs near the coasts of Venezuela and Colombia since early September, killing 98 crew members. The most recent strikes, destroying three boats, took place on Monday. US lawmakers briefed by defense secretary Pete Hegseth and secretary of state Marco Rubio earlier on Tuesday said they were left wondering about the ultimate objectives of the US military operation. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Venezuela crude flows slow, Cuba feels sting

25/12/16

Venezuela crude flows slow, Cuba feels sting

Caracas, 16 December (Argus) — Venezuelan oil flows to Cuba have stopped for now and cargoes to other destinations are grinding to a halt, sources tell Argus, as US pressure on Caracas continues to build. With the exception of crude cargoes chartered by Chevron and a few other foreign oil majors working with state oil firm PdV, very little crude tanker traffic is moving out of Venezuela's main ports, according to industry and government sources. The US seizure of a crude cargo earlier this month and US threats to strike targets in the country are leading some shippers to divert ships heading to pick up Venezuelan crude. Operational problems caused by a cyberattack on PdV systems over the weekend are also impeding cargo loadings. Since late September the US has stationed a large naval force in the waters near Venezuela as part of an effort ostensibly aimed at stopping waterborne drug shipments. Overall crude exports from Venezuela since the start of the operation are not significantly different from the same period a year ago — exports from the country averaged 785,000 b/d from 15 September-15 December, compared to 792,000 b/d during that same period in 2024, according to oil analytics firm Vortexa. But since the start of December the volumes have dropped more significantly, with only seven cargoes and average volumes of 258,000 b/d, versus 17 cargoes and 1.08mn b/d of flow in the first half of December 2024. Of those seven cargoes that have left Venezuela so far this month, four are on their way to the US, one is destined to Malaysia, another to China and another to Cuba, according to Vortexa, although the final destinations may change. Following the US tanker seizure, market participants said they have adopted a "wait-and-see" approach that may be contributing to an overall slowdown in charterers in the Caribbean and Gulf of Mexico. Rates for 2mn bl very large crude carriers (VLCCs) loading out of the US Gulf coast fell on Monday, though levels remain near three-year highs and firmly above the lows reached months prior during the summer months. Asian buyers of Venezuelan crude are unlikely to see a curtailment in flows immediately, according to market sources, since Venezuela exported a relatively steady volume of crude in early fall that has yet to be offloaded. Among the reasons for the overhang is that refiners in the Chinese refining hub of Shandong did not get their import quotas until late November. Cuba, which relies heavily on Venezuela for crude, has been the first to feel the pinch in constrained flows. Cuban premier Miguel Diaz-Canel said this week the disruption of crude supplies from Venezuela — including from the ship seized by the US earlier this month that appeared to be en route to Cuba — is creating a dire economic situation on the island. Dolores Dobarro, a former oil vice minister, told Argus that some China-bound tankers laden with Venezuelan oil previously made quick stops in Cuba to offload some crude volumes, but that traffic has largely stopped following the US seizure operation on 10 December. By Carlos Camacho, Joao Scheller and David Haydon Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US House clears hurdle to pass permitting bill

25/12/16

US House clears hurdle to pass permitting bill

Washington, 16 December (Argus) — Republicans in the US House of Representatives have overcome an initial obstacle to passing a marquee permitting overhaul bill after committing to vote on key amendments that would strip out potential benefits for offshore wind. Republicans in the House voted 215-209 in a vote on Tuesday to approve a rule that will dictate the terms of debate for votes later this week on the SPEED Act, which has become the focus of bipartisan efforts to fast-track the permitting process for pipelines, electric transmission lines, railroads and other infrastructure. A group of far-right conservatives initially voted against the rule, but most reversed course during the vote in exchange for revisions that have yet to be made public. The Tuesday vote was one of the last remaining hurdles to House passage of the SPEED Act, which is expected to pick up some Democratic votes when it comes up for a final vote later this week. The House majority typically is responsible for putting up all the votes for a rule, meaning it would only take a few Republicans to block bill debate. Republicans were uncertain they would have enough votes for the rule, as far-right conservatives such as US representative Andy Harris (R-Maryland) and others were lobbying for changes. On Monday, US representative August Pfluger (R-Texas) urged attendees of a conference to put as "much effort as you possibly can" into persuading wavering Republicans to support the permitting bill. Pfluger is the chair of the Republican Study Commission, a caucus that represents a majority of House Republicans. "Go talk to them and let them know how important this is," Pfluger said during an event organized by the think tank the Conservative Coalition for Climate Solutions. Ahead of the vote, an industry coalition on Tuesday released a joint letter offering "strong support" for the bill. Among the signatories were the American Petroleum Institute, the US Chamber of Commerce, the Association of American Railroads and the US LNG Association. President Donald Trump has yet to take an explicit position on the SPEED Act, but administration officials are optimistic permitting legislation could be enacted. "I think we are at a time where the chance of a real permitting reform bill is higher maybe than it's ever been," US energy secretary Chris Wright said at the event on Monday. The SPEED Act would focus on the implementation of the National Environmental Policy Act (NEPA), a decades-old law that requires federal agencies to prepare environmental reviews of infrastructure projects. Pipeline companies and renewable energy developers alike blame the law for costly delays, both because of the time it takes for agencies to issue reviews and then the risks that permits will be thrown out because of lawsuits. The bill would narrow the scope of environmental reviews, aligning with a unanimous US Supreme Court ruling this summer. But the bill's most significant changes would make permits more durable. Even if a court found a NEPA review was flawed, the bill would keep permits intact during further analysis. And in a last-minute change, the bill would offer more permit "certainty" by limiting the government's ability to rescind prior approvals. That could protect pipeline permits such as the now-canceled Keystone XL pipeline, while also stopping Trump from halting more offshore wind projects. But the permit certainty language drew concern from far-right conservatives who oppose offshore wind. House Republicans in response agreed to vote on an amendment sponsored by Harris and others that would remove the "permit certainty" changes. Two other amendment votes also backed by Harris would stop expedited permitting treatment in the SPEED Act for offshore wind or any project that Trump has sought to block. Passage of those amendments could cost some Democratic support for the bill. Even if the bill passes, it is expected to be subject to major changes in the US Senate to attract enough support from Democrats to prevent a filibuster. Senate Democrats are hoping to insert language that would prevent what they describe as a "solar ban" being enforced by the Trump administration. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Trinidad to host US aircraft, Venezuela ends gas deal

25/12/16

Trinidad to host US aircraft, Venezuela ends gas deal

Houston, 15 December (Argus) — Trinidad and Tobago said it is allowing the US military to use its airports during the current pressure campaign on Venezuela, prompting Venezuela to cancel plans for future natural gas supply. The Caribbean country's airports will be used by the US for "logistical" activities, including "the facilitating of supply replenishment and routine personnel rotations," according to the foreign ministry. Prime minister Kamla Persad-Bissessar said Trinidad and Tobago will not be used to launch attacks on Venezuela. The US has stationed a large naval force in the waters near Venezuela since September as part of an effort ostensibly aimed at stopping waterborne drug shipments, but it has also called for President Nicolas Maduro to step down. The US has destroyed around 20 small boats in the area it said were carrying drugs, killing more than 80 people, and last week seized a tanker carrying Venezuelan crude. Trump said in November he would order land strikes against Venezuela soon. Gas-short Trinidad and Venezuela previously agreed to develop a gas field in Venezuelan waters close to their maritime border. In October Venezuela indicted it was likely to end work on the agreement because of Trinidad's support for the US operations. Persad-Bissessar was being "hostile" to Venezuela, "and has turned her country into a US aircraft carrier to attack Venezuela, in an unequivocal act of vassalage," Venezuelan vice president Delcy Rodriguez said. Trinidad and Tobago has two international airports. The southwestern tip of the country is 11 miles from Venezuela's north coast. By Canute James Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

PdV says cyber attacks contained

25/12/15

PdV says cyber attacks contained

Caracas, 15 December (Argus) — Venezuelan state oil firm PdV said cyber attacks on company systems that started on 13 December have been contained. In an internal communication seen by Argus over the weekend PdV told workers that all of the company's computers had been infected with a virus that erased information. The attack appeared to be focused on operations in the Oriente Norte division, where a number of pipelines, refineries and upgraders of Orinoco extra heavy crude operate. Workers had been instructed not to turn on any work computers until further notice. Exiled oil union boss Ivan Freites posted on social media on Sunday that the attack shut down operating and control systems for docks, production and refineries in the region. "Workers are operating in emergency mode, under extremely risky conditions," Freites said. US oil major Chevron, which is a partner with PdV in four joint ventures, including two located in or near the Oriente Norte area, said its operations continue without disruption. By Carlos Camacho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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US terminates Iran sanctions waivers

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