First two Venezuelan oil cargoes by Chevron after license depart to US
The U.S. Treasury Department granted Chevron a new license in late July allowing it to operate in the sanctioned South American country and export its oil, a policy shift from more strict rules the Trump administration had imposed earlier this year.
The Chevron-chartered tankers MediterraneanVoyager and Canopus Voyager departed from Venezuelan waters on Friday carrying cargoes of Hamaca and Boscan heavy crudes to U.S. refineries, according to LSEG data and exports records from state company PDVSA.
One of the vessels was heading to the U.S. West Coast, while the other was navigating to Port Arthur, Texas, with estimated date of arrival next week, the data showed.
Chevron is separately negotiating the reactivation of a supply agreement with Valero Energy (VLO.N), opens new tab that could give the U.S. refiner a portion of Chevron's entitled cargoes of Venezuelan crudes, which are popular among U.S. Gulf refiners, sources have said.
Chevron has said it conducts its business globally in compliance with applicable laws and regulations, as well as the U.S. sanctions frameworks. The company's chief executive, Mike Wirth, earlier this month said exports from Venezuela would resume in small volumes.
Chevron exported some 252,000 barrels per day (bpd) of Venezuelan oil to the U.S. in the first quarter, about 29% of the OPEC country's total.
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Spectator
5 hours ago
- Spectator
The 12 minutes of the Trump-Putin summit that shook the world
The Trump-Putin press conference in Anchorage was 12 minutes that shook the world. Putin got precisely what he wanted, which was full personal rehabilitation as a respectable world leader. Donald Trump literally rolled out the red carpet for Putin and at the presser said that he had 'always had a fantastic relationship with President Putin, with Vladimir.' And though no deal was done over Ukraine, what Putin achieved was something far more valuable – a re-set of relations between Russia and the US. Putin admitted that bilateral ties had fallen to the 'lowest point since the Cold War' but called for both sides to move on. 'Not far from here lies the international date line where one can literally step from yesterday into tomorrow,' said Putin. He spoke of a 'constructive atmosphere of mutual respect,' of 'mutually beneficial and equal ties' and twice called the newly reset relationship with America 'businesslike'. Trump, for his part, praised both Putin and his team of 'tremendous Russian business representatives.' True, a planned lunch for the two delegations and a second, expanded round of talks was cancelled. Three of the five senior economics officials that Putin had brought didn't get to sit down with their US counterparts. But that was because the Russians decided that they had already got what they had come for. 'The way that it felt in the room… like Putin came in and steamrolled,' reported Fox News correspondent Jacqui Heinrich. Putin 'got right into what he wanted to say and got his photo next to the president and then left.' Though no deal was reached, Putin did come away from the summit with one very significant practical victory. The Anchorage summit effectively swept away all of Trump's previous ultimatums and threats of 'severe consequences' and replaced them with an open-ended negotiation framework that buys Putin time. More, Putin was able to pretend to be seeking peace and negotiation while in reality escalating offensive operations in Ukraine. And perhaps most important of all Putin made clear that he was not interested in a ceasefire but rather a comprehensive peace deal to be negotiated even as his forces continue their grinding advance in Donbas. And Putin clearly believes that Trump will be a pushover at the negotiating table. 'Trump may sincerely want to end the war, but he does not have the mental capacity to negotiate with Putin,' wrote Janis Kluge of the German Institute for International and Security Affairs. 'You can't be tough if you don't understand the nuances of the issue you are negotiating. The result is that [Trump] gets manipulated.' What was striking was how carefully the Kremlin had planned the choreography of the summit. The very location of Alaska – loaded with symbolism not only of a lost Russian Empire but also of second world war US-Soviet cooperation – was the idea of veteran Russian diplomat Yury Ushakov. Meeting at the point of the North Pacific where Russia and America nearly touch also allowed Putin to greet Trump as his 'dear neighbour'. Enroute to the summit Putin stopped off at the former Gulag town of Magadan and there laid flowers at a monument to Soviet and American soldiers who were killed ferrying thousands of American planes gifted under Lend-Lease to the Soviet war effort. The symbolism was clear. Putin was honouring the men who died 'for our common victory' over Nazism, he told reporters. By implication, the US and Russia could unite again to oppose the supposedly Nazi regime in Kyiv. Putin's talking points were also precisely measured. He knows exactly what to say to please Trump, from confirming that the war would not have started if Trump had been president in 2022, to agreeing with Trump that Russian electoral interference in the 2016 US election was a 'hoax'. Appealing to Trump's greed, Putin spoke of the 'tremendous potential' for business cooperation. And to the outrage of many Ukrainians, Putin called the war that he himself started a 'terrible tragedy for us' and a 'wound' and insisted that Russians considered Ukrainians a 'brotherly nation'. That is a clear echo of a common Russian narrative that the war was fomented by western interference in Kyiv's affairs. It was also clear that the Kremlin's position has barely changed since 2022. When Putin speaks of the 'root causes' of the conflict he is saying that he sees an independent Ukraine that has the ability to defend itself is a fundamental threat to Russia. When he calls for a 'fair balance of security' Putin means restrictions on Nato deployments in the Baltics, Poland and Romania. Small wonder that ultranationalist Russian philosopher Alexander Dugin called the summit 'excellent… the best result that we could expect!' Hungary's prime minister Viktor Orbán wrote that 'the world is a safer place today than it was yesterday' as a result of the summit. The big question now is whether Trump will follow up by putting more pressure on Russia – or more pressure on Ukraine to capitulate. Trump will meet with Zelensky on Monday in the Oval Office to discuss what Trump called 'points that we negotiated [with Putin] and points that we largely have agreed upon. I think we have agreed on a lot… Ukraine has to agree to it, maybe they'll say no.' For Zelensky, the choice will be to agree to the terms Trump negotiated over his head – or refuse, and try to fight on with European help. Unfortunately for Ukraine, Putin doesn't seem to care whether the endgame of the war plays out on the negotiating table or the battlefield. Putin believes that he can win either way.
The Guardian
8 hours ago
- The Guardian
Trump's cold brew: New York coffee shops warn of higher prices amid steep tariffs
The Trump administration has targeted Brazil with steep US tariffs of 50%. Coffee shops in the heart of New York are bracing for impact. When the Trump administration announced another wave of sweeping tariffs, particularly on Brazil, Stone Street Cafe's managing partner was first confused. Then came fear. A cafe already runs on slim margins and extra costs passed on from tariffs could risk everything. 'If these tariffs are long term, it will put our business in jeopardy,' Antony Garrigues, managing partner of Stone Street Cafe, said. 'In New York City, the operating costs are already so high, and these tariffs will make everything much more expensive. 'In the end, if people cannot afford our coffee, and we do not have a profit margin, we will not make it.' Stone Street Cafe, based in Manhattan, sources green coffee beans from more than 35 different countries, including Brazil. But Brazil is not the only coffee-producing nation facing tariff pressures: Vietnam, Colombia, Ethiopia and Indonesia are also affected. 'These tariffs are not paid by the country. The costs are passed down to the business owner, and consumer,' noted Garrigues. 'For now, we are going to try and absorb as much [of] the cost as we can. But at the end of the day, this is a business – so we may have to increase the prices.' With the growing effects of climate change already inflating coffee prices, other cafes have already done so. Aside from coffee Ciao Gloria, in Brooklyn, also imports cocoa powder from Brazil. Jams sourced from Italy now face Trump's 15% tariff on exports from the European Union. The cafe raised prices by about 25 cents per cup, but plans to absorb any additional tariffs costs, at least for now. 'I'm selling sugar and caffeine – I'm basically a drug dealer,' joked owner Renato Poliafito. 'So I want to make sure the menu is affordable.' But then he turned serious. 'We have to be vigilant about analyzing the situation before jumping to price increases.' Customers are already scrutinizing their receipts. US coffee prices rose 14.5% in the year to July, according to official data. 'It's this idea of shifting baseline where we normalize something being expensive when it shouldn't [be], and it's very scary to see,' said Helina Seyoum, 29, who has reverted to making coffee at home. 'Now a morning coffee becomes a burden, because you're obsessing over the costs.' A daily cafe trip was how Aley Longo, 28, made sure she escaped the confines of her studio apartment and spoke to people outside work in an 'affordable' way. Now it's strictly a weekend activity. Trump's tariffs are 'bad for Americans, and our quality of life', Longo said, 'and we are suffering, whether it's as tiny as just being able to buy coffee out, or something so much bigger'. Those behind the counter know what it's like to watch the price of a regular purchase grow. Allon Azulai, who owns Kos Kaffe in Brooklyn, which imports beans from countries including Colombia, Honduras and Kenya, described nervously asking vendors for their latest prices each week, as tariffs and mounting demand looms large. 'Right now the industry is so unstable and what worries me if tariffs continue is cafes that do not have big pockets will not be able to survive,' said Azulai. As US cafes come under pressure, the coffee producers they source from are also preparing for disruption. Brazil is the world's largest coffee producer and exporter. The US is the leading destination of its coffee: about a third of its coffee imports are Brazilian. The Brazilian Soluble Coffee Industry Association, which represents producers, said the 50% US tariff on the country's exports amounted to a 'clear competitive disadvantage' as other leading countries for coffee production face lower rates, ranging from 10% to 27%. 'This decision not only harms the Brazilian industry but could also negatively affect American consumers, who benefit from the quality and competitive price of our coffee,' the association said. Brazilian producers and exporters still hope they can lobby for coffee to be exempt from US tariffs, arguing the US produces very little coffee domestically. The US commerce secretary, Howard Lutnick, had previously suggested products not cultivated on American soil could be granted zero tariffs, they note. If that fails Brazil's Coffee Exporters Council says it will at least seek to reduce the tariff on coffee to 10%, in line with other Brazilian goods, including oil, orange juice and aircraft. 'We remain optimistic and hopeful,' the council said. New coffee export deals with the US are on hold and shipments ready to go are stuck in storage, adding costs for exporters. China has meanwhile approved 183 new Brazilian firms to export coffee, although the exporters' council cautioned that sales may take time to materialize. In Vietnam and Colombia – the world's second and third largest coffee-producing nations, respectively – exporters hope that lower US tariffs on their coffee will help them steal a march on Brazil. 'The US can't grow coffee at scale, so tariffs won't bring production back home,' Timen Swijtink, founder of Lacàph Coffees in Vietnam, said. 'With the tiny margins in our industry, any tariff cost goes straight to the American consumer.' Even with 20% US tariffs on Vietnam, the country's farmers 'are resilient and will find new markets', added Swijtink, 'with global demand strong and China's demand growing like a rocket ship'. With the US tariff on Colombia only at the baseline 10%, small coffee growers across the country are shrugging off any immediate impacts. 'The average coffee farmer won't feel it, at least for now,' said José David Posada, a fourth-generation coffee farmer and owner of Capilla del Rosario, a finca in Medellín. 'It's the exporters who will be impacted.' There is also a sense among some that, given Brazil's tariffs are at 50%, Trump's tariff war could even help Colombian business. The country's coffee cultivation is vital to the national economy, representing 8% of total Colombian exports. Posada said: 'The fact that Brazil has a higher tariff, obviously that's going to have a positive impact on us, right?' Guilherme Morya, a coffee analyst at Rabobank, said the 50% tariff on Brazilian coffee may, at least in the short term, shift American buyers toward other sources. 'Colombia gains a price advantage, and being the second-largest supplier, it becomes the most obvious candidate to fill this gap,' he said. But Alejandro Lloreda, a farmer at family-run Cafetal de la Trinidad, which produces specialty coffee, cautioned the difference would only give Colombia 'a temporary advantage'. 'A coffee tree can take two to three years to produce, and the tariff situation could well change before then,' he said. Back in New York, cafe owners find themselves in an equally uncertain position. 'The tariffs are to small businesses' detriment,' said Poliafito, of Ciao Gloria. 'Big businesses can find a way around it. But we will suffer the costs.' 'It's scary to not know if we can continue our business,' added Nick Kim, manager of Koré Coffee in Manhattan. 'It's really a shame, and sad, that you know bad things are coming, but you cannot do anything to change it. We have no option but to see what will come.'
Reuters
8 hours ago
- Reuters
US coffee buyers requesting to postpone Brazil imports, Brazilian lobby says
SAO PAULO, Aug 12 (Reuters) - Coffee buyers in the United States have started requesting to postpone imports of Brazilian coffee following a 50% tariff imposed on Brazilian goods by U.S. President Donald Trump, local exporters' group Cecafe said on Tuesday. The U.S. coffee industry, a major buyer of Brazilian coffee, is now in a holding pattern as it awaits news on tariff negotiations, said Cecafe President Marcio Ferreira. "They have inventory for 30 to 60 days, which gives them some breathing room to wait a little longer for ongoing negotiations," Ferreira said. In an email to Reuters, the United States' National Coffee Association said it did not have information on the matter. Postponements in shipping would also hit exporters using advances on exchange contracts, or ACCs, a type of instrument used for pre-shipment financing, Ferreira said. "With delays to business, an ACC is not complied with and we start to suffer from more interest, high fees, and additional costs, with overheads, for example," Ferreira said. Furthermore, the current inverted futures market - where more distant contracts depreciate versus closer ones, he said, adding that postponing a shipment planned for September until December would cause an additional loss of $10 per bag. "Postponing shipments ... has this cumulative and accentuated negative impact," Ferreira said. While the tariff took effect this month, Brazilian green coffee exports to all destinations fell 28.1% in July compared to the same month a year ago, to 2.45 million 60-kilogram (132.3 lb) bags, according to Cecafe data. Brazil, the world's top coffee producer and exporter, shipped 1.98 million bags of arabica beans abroad last month, a 20.6% decline year-on-year, while exports of the robusta variety dropped nearly 49% to about 461,000 bags, the data showed. While the U.S. is the biggest consumer, other top customers include Germany, Italy, and Belgium, according to Cecafe.
