[posting]63767920[/posting]Iranian Oil Reaches Crisis-Stricken Venezuela
By Editorial Dept - May 29, 2020, 12:00 PM CDT
- The fourth Iranian fuel tanker has made its way into Venezuelan waters in a direct challenge to US sanctions on both countries. The first three tankers that Iran sent to Venezuela have already arrived and are in the process of unloading. The total deliveries from Iran to Venezuela are expected to be about 1.5 million barrels of gasoline and refining components that are critical to the nation’s oil industry survival. Venezuela has already nearly completely shut down all of its refineries, partly due to years and years of maintenance neglect and partly because it lacks the diluent to refine its ultra-heavy crude oil, which it used to import prior to the sanctions. There are five tankers total in the shipment from Iran. The lack of any response will play poorly against the Trump administration, ...
https://oilprice.com/Energy/Energy-General/Iranian-Oil-Reach…
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Venezuela: Staatsmonopol für Treibstoff aufgehoben – 200 Tankstellen privatisiert
Epoch Times31. Mai 2020 Aktualisiert: 31. Mai 2020 17:04
Angesichts der Krise in Venezuela hat die sozialistische Regierung ein Ende des Staatsmonopols für Treibstoff beschlossen. Das verkündete Staatschef Nicolás Maduro in einer Rede.
Angesichts der Krise in Venezuela hat die sozialistische Regierung zum 1. Juni eine Erhöhung der Benzinpreise und ein Ende des Staatsmonopols für Treibstoff beschlossen. „Wir haben entschieden, dass 200 Tankstellen dieses Produkt zum internationalen Preis verkaufen können“, ...
Der internationale Preis für Benzin sei mit 0,50 Dollar (0,45 Euro) festgelegt worden, führte Maduro aus. An wen die Lizenzen für die privat geführten Tankstellen gingen und ob es dazu ein Bieterverfahren gab, teilte der Präsident nicht mit.
Maduro kündigte zugleich ein Subventionssystem für weiterhin günstigeren Treibstoff an. Für ein Privatauto können demnach monatlich 120 Liter Benzin zum Literpreis von 5.000 Bolivar (0,023 Euro) gekauft werden, für Motorräder monatlich 60 Liter. Für den öffentlichen Verkehr soll der Treibstoff zu 100 Prozent subventioniert werden.
Venezuela ist das erdölreichste Land der Welt, ...
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... wer wird damit ausgeschalten ...https://www.epochtimes.de/politik/welt/venezuela-beendet-sta…
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U.S. Regulators Probe Investor Risk Disclosure Of World’s Top Oil ETF
By Tsvetana Paraskova - May 29, 2020, 3:30 PM CDT
The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are investigating the most popular exchange-traded fund tracking crude oil prices, the United States Oil Fund, to ascertain if the fund has managed to properly disclose to investors the risks, Bloomberg reported on Friday, citing three sources familiar with the issue.
The United States Oil Fund LP (NYSEARCA: USO), one of the most popular oil-tracking ETFs for retail investors, was said to be one of the reasons for the historic plunge in May WTI Crude futures on April 20, a day before the May contract expired on April 21.
Many retail investors ...
https://oilprice.com/Latest-Energy-News/World-News/OPEC-Comp…
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OPEC Compliance With Output Cuts Was Only 74% In May
By Julianne Geiger - May 29, 2020, 5:30 PM CDT
Not even a full month into OPEC’s deep production cut agreement, rumors have already surfaced that there is a difference of opinion over a possible extension of the oil production cuts—as usual, with Saudi Arabia on one side and Russia on the other.
But those discussions seem premature, given the latest Reuters survey that suggests that the cartel failed to fully comply with its agreed-upon quotas in May.
According to the survey data, Nigeria and Iraq did not live up to their commitments under the massive production cut deal that promised to take 9.7 million barrels of oil production per day out of the oversupplied market.
Overall, the survey showed the group cut just 5.91 million bpd from April levels, producing 24.77 million bpd. This is 4.48 million bpd of the promised reduction, or 74% compliant.
While some have suggested that the reason for OPEC’s failure to bring production down to promised levels is due to contractual obligations with buyers given the short timeframe between the date the agreement was made and its implementation, ...
https://oilprice.com/Latest-Energy-News/World-News/OPEC-Comp…
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Russia’s Top Oil Producer Is Struggling With Output Cuts
By Tsvetana Paraskova - May 28, 2020, 4:30 PM CDT
Russia’s largest oil producer, Rosneft, is struggling to supply its long-term buyers with crude oil as it has to cut output due to the OPEC+ deal and will find it hard to keep the current cuts through the end of 2020, as Saudi Arabia is reportedly proposing, Reuters reported on Thursday, quoting sources with knowledge of the matter.
“Rosneft is in pain... They must supply refineries, term buyers. There are simply no resources,” one source with knowledge of the company’s operations told Reuters.
This ‘pain’ for Rosneft may tip the scales in favor of Russia not agreeing to extend the current deep cuts through 2020 –
https://oilprice.com/Latest-Energy-News/World-News/Russias-T…