Latest news with #Vitol
Yahoo
3 hours ago
- Business
- Yahoo
Venezuela's oil exports stable as buyers in China receive more
(Reuters) -Venezuela's oil exports remained almost unchanged last month as increased shipments to customers in China offset a decline in U.S.-authorized sales, according to vessel-tracking data and internal documents from state company PDVSA. The U.S. Treasury and State departments in March revoked the authorizations they had granted in recent years for PDVSA's customers and partners to export oil from sanctioned Venezuela. They gave the firms until May 27 to wind down transactions. The license expirations and PDVSA cancelling some cargoes to one of its main partners, Chevron, due to payment uncertainties, reduced deliveries to the state company's traditional customers in the U.S. and Europe. However, intermediaries received more cargoes bound for China. U.S. President Donald Trump's administration has increased pressure on Venezuela amid complaints about what U.S. officials have called the OPEC country's lack of progress towards electoral reforms and migrant returns. President Nicolas Maduro's government rejects the sanctions and has said they amount to an "economic war" against Venezuela. The U.S. energy sanctions have been in place since 2019 and companies abiding by them need U.S. authorization to export Venezuela's oil or do business with PDVSA. In May, a total of 30 vessels departed from Venezuelan waters carrying an average 779,000 barrels per day of crude and refined products, and 291,000 metric tons of oil byproducts and petrochemicals, according to the data and documents. In April, the South American country had exported 783,000 bpd of crude and fuel as sales to U.S.-authorized customers began to fall, down from 850,000-900,000 bpd in previous months. In May 2024, oil exports averaged 770,000 bpd, according to the data. China was the largest receiver of Venezuela's oil last month with some 584,000 bpd, above the 521,000 bpd of April. The U.S. received some 140,000 bpd, slightly more than the 130,000 bpd of the previous month. PDVSA did not deliver any cargoes to Chevron or India's Reliance Industries in May, but a large oil swap with joint-venture partner Maurel & Prom and trading house Vitol was completed as planned, marking the last U.S.-authorized deal before the license expirations. The Venezuelan state firm began exporting Boscan heavy crude on its own to Asia, the documents showed. The grade jointly produced with Chevron was feeding U.S. refiners before the license expirations. PDVSA and Reliance did not immediately reply to requests for comment. Vitol and M&P declined to comment. Chevron last week confirmed its license for Venezuela had expired and said its presence in the country remained "in compliance with all applicable laws and regulations," including the U.S. sanctions framework. Venezuela increased fuel imports to some 159,000 bpd in May from 94,000 bpd in April, the data showed, a move to replenish stocks of the heavy naphtha PDVSA needs to dilute its extra heavy output ahead of the reinforcement of U.S. sanctions.
Reuters
4 hours ago
- Business
- Reuters
Venezuela's oil exports stable as buyers in China receive more
June 3 (Reuters) - Venezuela's oil exports remained almost unchanged last month as increased shipments to customers in China offset a decline in U.S.-authorized sales, according to vessel-tracking data and internal documents from state company PDVSA. The U.S. Treasury and State departments in March revoked the authorizations they had granted in recent years for PDVSA's customers and partners to export oil from sanctioned Venezuela. They gave the firms until May 27 to wind down transactions. The license expirations and PDVSA cancelling some cargoes to one of its main partners, Chevron (CVX.N), opens new tab, due to payment uncertainties, reduced deliveries to the state company's traditional customers in the U.S. and Europe. However, intermediaries received more cargoes bound for China. U.S. President Donald Trump's administration has increased pressure on Venezuela amid complaints about what U.S. officials have called the OPEC country's lack of progress towards electoral reforms and migrant returns. President Nicolas Maduro's government rejects the sanctions and has said they amount to an "economic war" against Venezuela. The U.S. energy sanctions have been in place since 2019 and companies abiding by them need U.S. authorization to export Venezuela's oil or do business with PDVSA. In May, a total of 30 vessels departed from Venezuelan waters carrying an average 779,000 barrels per day of crude and refined products, and 291,000 metric tons of oil byproducts and petrochemicals, according to the data and documents. In April, the South American country had exported 783,000 bpd of crude and fuel as sales to U.S.-authorized customers began to fall, down from 850,000-900,000 bpd in previous months. In May 2024, oil exports averaged 770,000 bpd, according to the data. China was the largest receiver of Venezuela's oil last month with some 584,000 bpd, above the 521,000 bpd of April. The U.S. received some 140,000 bpd, slightly more than the 130,000 bpd of the previous month. PDVSA did not deliver any cargoes to Chevron or India's Reliance Industries ( opens new tab in May, but a large oil swap with joint-venture partner Maurel & Prom ( opens new tab and trading house Vitol was completed as planned, marking the last U.S.-authorized deal before the license expirations. The Venezuelan state firm began exporting Boscan heavy crude on its own to Asia, the documents showed. The grade jointly produced with Chevron was feeding U.S. refiners before the license expirations. PDVSA and Reliance did not immediately reply to requests for comment. Vitol and M&P declined to comment. Chevron last week confirmed its license for Venezuela had expired and said its presence in the country remained "in compliance with all applicable laws and regulations," including the U.S. sanctions framework. Venezuela increased fuel imports to some 159,000 bpd in May from 94,000 bpd in April, the data showed, a move to replenish stocks of the heavy naphtha PDVSA needs to dilute its extra heavy output ahead of the reinforcement of U.S. sanctions.
Yahoo
4 hours ago
- Business
- Yahoo
Venezuela's oil exports stable as buyers in China receive more
(Reuters) -Venezuela's oil exports remained almost unchanged last month as increased shipments to customers in China offset a decline in U.S.-authorized sales, according to vessel-tracking data and internal documents from state company PDVSA. The U.S. Treasury and State departments in March revoked the authorizations they had granted in recent years for PDVSA's customers and partners to export oil from sanctioned Venezuela. They gave the firms until May 27 to wind down transactions. The license expirations and PDVSA cancelling some cargoes to one of its main partners, Chevron, due to payment uncertainties, reduced deliveries to the state company's traditional customers in the U.S. and Europe. However, intermediaries received more cargoes bound for China. U.S. President Donald Trump's administration has increased pressure on Venezuela amid complaints about what U.S. officials have called the OPEC country's lack of progress towards electoral reforms and migrant returns. President Nicolas Maduro's government rejects the sanctions and has said they amount to an "economic war" against Venezuela. The U.S. energy sanctions have been in place since 2019 and companies abiding by them need U.S. authorization to export Venezuela's oil or do business with PDVSA. In May, a total of 30 vessels departed from Venezuelan waters carrying an average 779,000 barrels per day of crude and refined products, and 291,000 metric tons of oil byproducts and petrochemicals, according to the data and documents. In April, the South American country had exported 783,000 bpd of crude and fuel as sales to U.S.-authorized customers began to fall, down from 850,000-900,000 bpd in previous months. In May 2024, oil exports averaged 770,000 bpd, according to the data. China was the largest receiver of Venezuela's oil last month with some 584,000 bpd, above the 521,000 bpd of April. The U.S. received some 140,000 bpd, slightly more than the 130,000 bpd of the previous month. PDVSA did not deliver any cargoes to Chevron or India's Reliance Industries in May, but a large oil swap with joint-venture partner Maurel & Prom and trading house Vitol was completed as planned, marking the last U.S.-authorized deal before the license expirations. The Venezuelan state firm began exporting Boscan heavy crude on its own to Asia, the documents showed. The grade jointly produced with Chevron was feeding U.S. refiners before the license expirations. PDVSA and Reliance did not immediately reply to requests for comment. Vitol and M&P declined to comment. Chevron last week confirmed its license for Venezuela had expired and said its presence in the country remained "in compliance with all applicable laws and regulations," including the U.S. sanctions framework. Venezuela increased fuel imports to some 159,000 bpd in May from 94,000 bpd in April, the data showed, a move to replenish stocks of the heavy naphtha PDVSA needs to dilute its extra heavy output ahead of the reinforcement of U.S. sanctions. Sign in to access your portfolio
TimesLIVE
a day ago
- Business
- TimesLIVE
Nigeria's Dangote oil refinery extends US crude buying spree into July
Nigeria's Dangote oil refinery will import at least 5-million barrels of US WTI crude oil in July, three trading sources told Reuters, extending its buying spree after a potential record tally for June. The giant new 650,000 barrel per day capacity oil refinery is set to import around 161,000 bpd of WTI in July after awarding tenders in recent days, the sources said, off the back of a record 300,000 bpd booked in its June tenders. Final totals for the month could change should the refinery make more purchases. The buying spree highlights the increasing competition oil exporters face as the OPEC+ producer group increases output, with US crudes struggling to compete in Asia against a six-month low in spot premiums for UAE Murban crude, traders said. Commodity trader Vitol supplied 2-million barrels for July delivery in the latest Dangote tender, Azeri state-owned Socar another 2-million barrels, and miner and trader Glencore sold the remaining 1-million barrels, the sources said. Vitol did not immediately respond to a Reuters request for comment on the tender result, while Socar and Glencore declined to comment.
Business Insider
3 days ago
- Business
- Business Insider
Dangote refinery extends U.S. crude buying spree into July
Dangote oil refinery plans to import at least five million barrels of U.S. West Texas Intermediate (WTI) crude oil in July, according to three trading sources familiar with the matter. The Dangote Refinery plans to import 5 million barrels of U.S. WTI crude oil in July 2023. The refinery has secured its July deliveries through tenders awarded to Vitol, Socar, and Glencore. The refinery's challenges include securing sufficient local crude supplies, supplemented by international imports. Dangote oil refinery plans to import at least five million barrels of U.S. West Texas Intermediate (WTI) crude oil in July, according to three trading sources familiar with the matter. The massive refinery, with a capacity of 650,000 barrels per day, is set to import around 161,000 barrels per day (bpd) of WTI crude in July after awarding tenders in recent days, the sources said. This comes after a record 300,000 bpd was booked in its June tenders. Commodity trader Vitol secured two million barrels for July delivery in the latest Dangote tender, Azerbaijan's state-owned Socar provided another two million barrels, and miner and trader Glencore sold the remaining one million barrels, Reuters reported. The sellers of the nine million barrels Dangote planned to import for June, according to an earlier tender, were not confirmed, as tender details are not publicly disclosed. Africa's largest refinery, the $20 billion Dangote Petroleum Refinery, has been sourcing crude oil from international suppliers to supplement its domestic deliveries as it continues to scale up operations. Dangote's previous record for U.S. crude imports was 173,000 bpd in April, according to data from global shipping analytics firm Kpler. Despite its massive capacity, making it larger than Europe's ten biggest refineries, Dangote Refinery has struggled to secure adequate crude supplies locally. To address this, founder Aliko Dangote announced that the company would source crude from other African-producing nations to maintain production levels. Dangote Petroleum Refinery and the state-owned Nigerian National Petroleum Company Limited (NNPC) have had disagreements, particularly regarding the naira for crude deal. However, in March, NNPC confirmed ongoing negotiations for a new naira-for-crude deal with Dangote Petroleum Refinery.
