Commodities
Venezuela’s oil exports hit a 4-year peak on higher output, sales to US, India
By Marianna Parraga and Mircely Guanipa
HOUSTON/MARACAY (Reuters) – Venezuela’s oil exports rose to a four-year high, approaching 950,000 barrels per day in October, boosted by growing crude output and more sales to India and the United States, according to shipping data and documents from state firm PDVSA.
The increase happened despite a large storage terminal fire last month, tighter U.S. sanctions since June and the arrest of the country’s former oil minister, Pedro Tellechea, and former PDVSA executives over corruption allegations.
A bounce in crude production, mainly due to the stabilization of processing operations at Venezuela’s largest oil region, the Orinoco Belt, has allowed the recovery of heavy crude inventories, the PDVSA documents showed.
In total, PDVSA and its joint ventures exported an average of 947,387 bpd of crude and fuel, 21% over the previous month and the highest monthly figure since early 2020, according to the data, based on tanker movements.
The South American country, which has remained under U.S. sanctions since 2019, also exported 314,500 metric tons of oil byproducts and petrochemicals, slightly more than the 267,000 tons of September.
Crude shipments by Chevron (NYSE:) to the United States reached a peak of 280,000 bpd, the highest since the U.S. producer resumed exports of Venezuela’s heavy grades early last year. Spanish producer Repsol (OTC:) also exported Venezuelan oil cargoes to the U.S. and Spain last month.
PDVSA increased exports to India, which used to be a top market before the sanctions, sending three cargoes, or about 141,000 bpd, last month, the data showed.
Crude deliveries to the U.S., Europe and India are authorized under U.S. licenses to some PDVSA’s joint venture partners and customers, including Chevron, Repsol, Eni, Maurel & Prom, and Reliance Industries.
However, China remained the main destination of Venezuela’s oil exports in October with 385,300 bpd shipped to the world’s top oil importer directly and indirectly. Exports to China had been higher in September, when they averaged some 451,500 bpd.
Venezuela’s exports to political ally Cuba, which is struggling to overcome an acute energy crisis, slightly rose to 28,000 bpd, from 22,000 bpd in September.
Venezuela also saw an increase in fuel imports to 81,000 bpd, from 67,000 bpd the previous month, according to the data.
Commodities
Gold prices rise, set for strong weekly gains on Russia-Ukraine jitters
© 2007-2024 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Commodities
Oil heads for weekly gains as Ukraine war intensifies
By Robert Harvey and Enes Tunagur
(Reuters) – Oil prices held steady on Friday, on track for a weekly rise of 5%, as the Ukraine war intensified and Chinese imports were set to increase in November.
futures climbed 33 cents, or 0.44%, to $74.56 a barrel by 1008 GMT. U.S. West Texas Intermediate crude futures rose 27 cents, or 0.39%, to $70.37 per barrel.
Both contracts are set for gains of 5% this week, the strongest weekly rise since late September, as Moscow steps up its Ukraine offensive after Britain and the United States allowed Kyiv to strike Russia with their weapons.
Putin said on Thursday Russia had fired a ballistic missile at Ukraine and warned of a global conflict, raising the risk of oil supply disruption by one of the world’s largest producers.
Ukraine has used drones to target Russian oil infrastructure, for instance in June, when it used long-range attack drones to strike four Russian refineries.
“What the market fears is accidental destruction in any part of oil, gas and refining that not only causes long-term damage but accelerates a war spiral,” said PVM analyst John Evans.
The world’s top crude importer, China, announced policy measures on Thursday to boost trade, including support for energy product imports, amid worries over U.S. President-elect Donald Trump’s threats to impose tariffs.
China’s imports are set to rebound in November after sharp price cuts boosted demand for Iraqi and Saudi oil, offsetting a drop in Iranian supply, according to analysts, traders and ship tracking data.
Oil prices briefly dipped after data showed euro zone business activity took a surprisingly sharp turn for the worse this month as the bloc’s dominant services industry contracted and manufacturing sank deeper into recession.
Goldman Sachs said in a note that it expects Brent to stay in a $70 to $85 range, but added that prices could reach the top end of that if Iranian output is impacted by Trump’s possible tightening of sanctions.
Commodities
Oil prices rise as Russia-Ukraine tensions offset US inventory build
Investing.com– Oil prices rose in Asian trade on Thursday, buoyed by fears of supply disruptions stemming from worsening tensions in the Russia-Ukraine war, although a build in U.S. inventories limited overall gains.
Prices advanced this week as the use of long-range U.S. weapons by Ukraine against Russia ramped up tensions between the two countries, sparking concerns that oil supplies from Moscow could be disrupted.
Oil also benefited from some bargain buying after dropping to more than one-month lows last week. Still, overall gains were limited by concerns over slowing demand, especially as U.S. inventories grew more than expected.
expiring in January rose 0.4% to $73.07 a barrel, while rose 0.4% to $68.79 a barrel by 22:04 ET (03:04 GMT).
Russia-Ukraine tensions underpin oil
Rising tensions between Russia and Ukraine were a key point of support for oil markets, especially after the U.S. authorized Kyiv to use long-range missiles against Russia.
Moscow responded to this by lowering its threshold for nuclear retaliation, and warned of a dire escalation in the war.
Ukraine on Wednesday fired a fresh volley of Western-made missiles into Russia, potentially drawing more severe retaliation from Moscow. A key point of anxiety for oil markets is Ukraine’s continued targeting of Russia’s energy infrastructure, which could potentially disrupt oil supplies.
US inventories grow more than expected, gasoline stockpiles rise
Data from the U.S. Energy Information Administration showed on Wednesday that U.S. grew 0.5 million barrels in the week to November 15, more than expectations for a build of 0.4 mb.
The build, while minimal, was a third straight week of builds.
More worrying for oil markets was a nearly 2.1 mb build in , which spurred some concerns that U.S. fuel demand was cooling as the winter season approached.
Oil prices remained skittish on the prospect of increased supply and softening demand in the coming year, which some analysts expect to cause a supply glut.
Reuters reported that the Organization of Petroleum Exporting Countries and allies (OPEC+) was planning to further postpone increases in oil production when it meets on December 1.
- Forex2 years ago
Forex Today: the dollar is gaining strength amid gloomy sentiment at the start of the Fed’s week
- Forex2 years ago
How is the Australian dollar doing today?
- Forex2 years ago
Dollar to pound sterling exchange rate today: Pound plummeted to its lowest since 1985
- Forex2 years ago
Unbiased review of Pocket Option broker
- Cryptocurrency2 years ago
What happened in the crypto market – current events today
- World2 years ago
Why are modern video games an art form?
- Commodities2 years ago
Copper continues to fall in price on expectations of lower demand in China
- Forex2 years ago
The dollar is down again against major world currencies