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Washington has been trying to encourage negotiations between President Nicolas Maduro and the political opposition over elections in Venezuela and other demands. U.S. President Joe Biden's government is prepared to provide Venezuela sanctions relief if the country moves to restore democracy, the White House said on Wednesday. A new round of talks began last November in Mexico including Maduro's representatives, the opposition and U.S. officials, but have shown little progress. The White House declined to comment on the oil sanctions reframing proposal. MORE OIL FOR MORE PEOPLEThe U.S. is this time considering a specific offer to reframe oil sanctions on the country so crude buyers in Europe and other regions also can resume imports of Venezuelan oil in a structured, organized way, the people said.

Persons: Nicolas Maduro, Joe Biden's, Jorge Rodriguez, Biden, Donald Trump, Dinorah Figuera, Rodriguez, Marianna Parraga, Vivian Sequera, Mayela, Timothy Gardner, Diane Craft, Berkrot Organizations: Chevron Corp, U.S, White, National Security Council, U.S . State Department, National Assembly, Mayela Armas, Thomson Locations: CARACAS, WASHINGTON, American, Washington, Venezuela, U.S, United States, Mexico, Europe, China, Iran, Russia, Houston, Caracas

☆ Head of US 'KleptoCapture' unit targeting Russian oligarchs leaves Justice Dept.
▼ + stars: | 2023-07-27 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

Andrew Adams, who has led the "KleptoCapture" task force since its inception in March 2022, will be replaced by his deputies Michael Khoo and David Lim, a DOJ spokesperson said. "It was a privilege to cap this time in service of the Department's response to the war in Ukraine," Adams, a 10-year Justice Department veteran, wrote in a LinkedIn post. In launching the task force, U.S. Attorney General Merrick Garland said it would enforce sanctions and export controls designed to freeze Russia out of global markets, and confiscate assets obtained through unlawful conduct. During Adams' tenure, the unit unveiled indictments against aluminum magnate Oleg Deripaska and TV tycoon Konstantin Malofeyev for alleged sanctions busting, and seized yachts belonging to sanctioned oligarchs Suleiman Kerimov and Viktor Vekselberg. Reporting by Luc Cohen in New York; Additional reporting by Sarah N. Lynch in Washingon, D.C.; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Adams, Michael Khoo, David Lim, Adams, General Merrick Garland, Oleg Deripaska, Konstantin Malofeyev, Suleiman Kerimov, Viktor Vekselberg, Artem Uss, Khoo, Lim, Luc Cohen, Sarah N, Lynch, Daniel Wallis Organizations: U.S . Department, Reuters, Department of Justice, DOJ, Department, Vekselberg's, Huawei Technologies, Iran, Airbus, D.C, Thomson Locations: Moscow, Ukraine, New York City , New York, U.S, Russia, York, Russian, Italy, New York, Washingon

Roszarubezhneft's five joint ventures now must rely on PDVSA-designated intermediaries that take a large share of the revenues for their services, the people said. The joint ventures are owed about $3.2 billion from sales handled by PDVSA, one of the people said. Roszarubezhneft, Russia's oil ministry, PDVSA and Venezuela's oil and foreign affairs ministries did not reply to requests for comment. It also could help PDVSA make progress toward its goal of raising Venezuela's oil output by 40% this year. Oil production at the five joint ventures has dwindled as U.S. sanctions have hampered investment and maintenance work, and deterred many buyers of Venezuelan crude.

Persons: PDVSA's Jose Antonio, Carlos Garcia Rawlins, PDVSA, Rosneft, Nicolas Maduro's, Roszarubezhneft, Alexandra Ulmer, Marianna Parraga, Vivian Sequera, Daniel Flynn Organizations: REUTERS, Chevron, PDVSA, Reuters, Washington, U.S . Treasury, National Security, State Department, Nicolas Maduro's United Socialist Party, Assembly, Thomson Locations: PDVSA's, Anzoategui, Caracas, Moscow, Venezuela, U.S, Russia, Ukraine, Roszarubezhneft, Venezuela's, Rosneft

These comments represent just one of the contradictions in the current oil market. The desire for a stable oil market is extremely difficult to reconcile with being unpredictable. But the risk is that the increase isn't sustained, largely as a result of another oil market contradiction. It's another contradiction for the oil market to resolve as those three exporters are all under some form of Western sanctions. It may well be the case that the second half of this year sees a huge pick-up in crude oil demand.

Persons: Prince Abdulaziz bin, Brent, Sonali Paul Organizations: Organization of, Petroleum, Saudi Energy, Brent, International Energy Agency, SECOND, Saudi Aramco, Aramco, Reuters, Thomson Locations: LAUNCESTON, Australia, Saudi, OPEC, Vienna, Russia, China, India, Saudi Arabia

[1/2] Oil tanker Kerala, chartered by Chevron, is loaded in the Bajo Grande oil terminal at Maracaibo Lake, in the municipality of San Francisco, Venezuela, January 5, 2023. To back up its license application, Chevron last year signed an oil-for-debt swap with Venezuela's state-run PDVSA. The initial exports have rapidly drained the ventures' oil inventories, which had built up for years. Chevron plans to continue pushing up heavy crude output mainly at oilfields in eastern and western Venezuela belonging to its Petropiar and Petroboscan projects, according to the sources. GOLDEN TICKETChevron's license broke a four-year U.S. prohibition on Venezuelan oil exports to the United States designed to oust President Nicolas Maduro.

HOUSTON, April 28 (Reuters) - Chevron Corp (CVX.N) has stepped up sales of Venezuelan crude oil to rival U.S. refiners, adding PBF Energy Inc (PBF.N) and Marathon Petroleum Corp (MPC.N) to its list of customers for the crude, vessel tracking and loading schedules showed. Chevron, the last big U.S. oil producer still operating in U.S.-sanctioned Venezuela, has increased exports of the crude since January. So far in April, it has loaded about 148,000 barrels per day (bpd) of oil at Venezuelan ports, with cargoes going to at least three other U.S. refiners, besides Chevron's own refinery. In mid-April, Chevron sold about 550,000 barrels of Venezuelan crude to PBF for its 185,000-bpd Chalmette refinery, near New Orleans, U.S. Customs data on Refinitiv Eikon showed. Chevron has sent Venezuelan crude to its 369,000-bpd Pascagoula, Mississippi, refinery and this month shipped a cargo to a Bahamas oil-storage terminal, PDVSA's schedules showed.

☆ China's big refineries crowd out teapots for discounted Russian oil
▼ + stars: | 2023-04-21 | by ( Muyu Xu | ) www.reuters.com time to read: +4 min

SummarySummary Companies Hengli, Shenghong join Russian oil purchasesChina's April Russian oil imports likely to exceed March recordTeapots turn to cheaper Iranian oil, diluted bitumenSINGAPORE, April 21 (Reuters) - Chinese state oil giants and major private refiners are sweeping up more Russian crude, supporting prices and forcing smaller independents to seek out cheap alternatives such as Iranian oil, according to trade sources and shipping data. Shenghong imported a Urals crude cargo of about 720,000 barrels in March and 1 million barrels in April, Kpler showed. China's overall Russian crude imports, including pipeline and ships, rose to a record 9.61 million tonnes, or 2.26 million barrels per day (bpd) in March, customs data showed on Friday. TEAPOTSSmaller Chinese independent refineries, known as teapots, snapped up almost all of the ESPO supplies between November and January when others steered clear of Russian oil around the start of the European Union ban on Dec. 5. With the return of big buyers, price-sensitive teapots are looking for alternatives such as Russian Arctic grades, Iranian and Venezuelan oil.

Venezuelan oil resumed flowing to the U.S. in January under a Treasury Department license granted to Chevron that allowed it to expand output there and export the oil. Refiners including Valero and Phillips 66 (PSX.N) have bought cargoes from Chevron, according to U.S. Customs and shipping data. Chevron's license - and approvals granted to European firms Eni (ENI.MI) and Repsol (REP.MC) - allow only for oil or debt swaps. Chevron's resumption of Venezuelan crude imports has not led to an increase in the country's overall exports this year, according to PDVSA schedules and Refinitiv Eikon data. 2 U.S. oil company exported some 86,000 barrels per day of Venezuelan oil in February.

☆ ConocoPhillips in Talks to Sell Venezuelan Oil in U.S. to Recover Billions It Is Owed
▼ + stars: | 2023-01-13 | by ( Patricia Garip | ) www.wsj.com time to read: 1 min

ConocoPhillips , which abandoned Venezuela after its assets were nationalized in 2007, is now open to a deal to sell the country’s oil in the U.S. as a way to recover the close to $10 billion it is owed by Venezuela, according to people familiar with discussions between the company and Venezuela representatives. In what are preliminary talks between ConocoPhillips and national oil company Petróleos de Venezuela SA, the two sides are looking at a proposal that could allow the Houston-based company to load, transport and sell Venezuela’s oil in the U.S. on behalf of PdVSA, as the state oil company is known. This would give ConocoPhillips a chance to recover the money it lost in the country and help the U.S. meet its energy needs, the people said.

Companies Chevron Corp FollowHOUSTON, Jan 10 (Reuters) - Chevron Corp's (CVX.N) first cargo of Venezuelan crude under a U.S. license received in November has departed from a ship-to-ship transfer hub near Aruba to its Pascagoula, Mississippi refinery, according to shipping data seen by Reuters on Tuesday. State-run oil company PDVSA allocated Chevron the first crude cargo this month, which was loaded at Venezuela's Jose terminal last week, according to shipping data and documents. Chevron's tanker Caribbean Voyager this week transferred the 500,000-barrel cargo of Hamaca heavy crude it had loaded in Venezuela to Malta-flagged vessel Sealeo at a ship-to-ship hub near the Caribbean island of Aruba, Refinitiv Eikon tanker monitoring data showed. The Sealeo is scheduled to arrive in Chevron's Pascagoula refinery on Jan. 15, according to the Eikon data. A separate Venezuelan crude cargo chartered by Chevron on tanker Kerala was on Tuesday at Maracaibo Lake's navigation channel, where lack of dredging and a stranded vessel are creating limitations for ship transit.

But a plan to move heavy oil quickly from inventories at the Petroboscan joint venture with state-run company PDVSA is facing delays because of lack of dredging at Maracaibo Lake's navigation channel, the people said. Petroboscan has instructed vessels since to limit their draft after loading at the Bajo Grande oil terminal. That means about 250,000 barrels of Boscan heavy crude can move at a time through the channel linking Bajo Grande to the Caribbean Sea. In a sign that Chevron expects to expand operations quickly, the oil producer has begun advertising for Venezuelan contract administrators and cargo schedulers. The company wants to assemble a trading team to market oil from Venezuela and expand its role in the four projects.

☆ Chevron to send 500,000-barrel cargo of Venezuelan oil to its Pascagoula refinery
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

HOUSTON, Jan 3 (Reuters) - U.S. oil producer Chevron Corp (CVX.N) plans to export this month its first cargo of Venezuelan crude to its Pascagoula, Mississippi refinery following a U.S. license granted last year, according to shipping documents seen by Reuters on Tuesday. The 500,000-barrel cargo of Hamaca heavy crude, to be loaded at state-run PDVSA's Jose port, comes from the Petropiar oil joint venture operated by both companies. As of Tuesday, the tanker scheduled to carry the shipment, the Bahamas-flagged Caribbean Voyager, was waiting to load near Jose, Refinitiv Eikon data showed. Chevron declined to comment on Tuesday and PDVSA did not immediately reply to a request for comment. Washington had previously authorized Italy's Eni (ENI.MI) and Spain's Repsol (REP.MC) to recoup pending debts in Venezuela by taking Venezuelan crude for refining in Europe.

Companies Chevron Corp FollowHOUSTON, Dec 30 (Reuters) - U.S. oil company Chevron Corp (CVX.N) is sending two oil tankers to Venezuela, one of which will load the first cargo of crude destined for the United States in nearly four years, according to a person familiar with the matter and shipping data. On Friday, a Chevron-chartered vessel approached the South American country's waters to pick up a cargo of Venezuelan crude. A second tanker carrying a cargo of diluents to a Chevron oil joint venture is due to arrive in the country early next month, the person said. The U.S. last month issued a 6-month license to Chevron authorizing it to take an expanded role at four Venezuelan oil joint ventures that produce, process and export oil, and to bring their oil to the United States. Washington officials have said further easing of Venezuelan oil sanctions could come with a reinstatement of excluded political candidates and election observers.

☆ Russia discusses debt, energy stability with Venezuela
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +3 min

CARACAS, Dec 14 (Reuters) - Russian Deputy Prime Minister Alexander Novak met on Wednesday with Venezuela's oil minister in Caracas, where they discussed oil market volatility and the status of Venezuela's outstanding debts to Russia. "Oil- and gas-producing countries are the solid keystone of our trade and financial cooperation, which continues showing its resilience despite sanctions and pressure on Russia and Venezuela," Novak said. Moscow is negotiating a debt restructuring deal with Venezuela, Russian agency Interfax said on Wednesday, citing an official from Russia's finance ministry. The two countries signed a total of 11 agreements covering everything from medicine supply to oil well services, Venezuela's oil ministry said in a statement. Europe introduced an embargo on purchases of seaborne Russian oil starting this month, trying to cripple Moscow's military efforts in Ukraine.

LONDON, Dec 5 (Reuters) - The market for old oil tankers is booming, and it's all down to efforts by Western nations to curb trade in Russian crude. The European Union banned all seaborne Russian crude imports from Dec. 5, with a fuel import ban to follow in February. PRICE SURGEMajor Western oil companies typically stop using tankers when they are about 15 years old, and many would be scrapped. More tankers are now being used for voyages taking weeks, shipping Russian oil from the Baltic and Black Sea to Asia, whereas Russian oil was mainly sold in Europe previously and the voyages only took a few days. Ship broker Braemar also said that some of the vessels involved in shipping Iranian and Venezuelan oil were shifting to transporting Russian oil.

☆ Venezuela and Chevron sign oil contract in Caracas
▼ + stars: | 2022-12-02 | by ( Kareem El Damanhoury | ) edition.cnn.com time to read: +2 min

CNN —The Venezuelan government and American oil company Chevron have signed a contract in Caracas on Friday to resume operations in Venezuela, according to the country’s state broadcaster VTV. “This contract aims to continue with the productive and development activities in this energy sector, framed within our Constitution and the Venezuelan laws that govern oil activity in the country,” said Venezuelan oil minister Tareck El Aissami, who was slapped with United States sanctions in 2017. He attended the signing ceremony along with representatives from Venezuelan state-owned oil and natural gas company PDVSA and Chevron. April 2023 will mark Chevron’s 100th anniversary in Venezuela, El Aissami said at the event. In 2017, OFAC said El Aissami had played a “significant role in international narcotics trafficking,” according to a news release.

The Biden administration last week authorized Chevron to expand operations in Venezuela and resume taking prized heavy crude to the United States. Valero Energy Corp (VLO.N), PBF Energy (PBF.N) and Citgo Petroleum have shown interest in getting access to the oil Chevron is expecting in coming weeks, according to the people. No Venezuelan oil officially has been allocated to Chevron yet and no chartering contracts have been signed to transport cargoes to the United States, according to Venezuelan export schedules and Refinitiv freight data. Valero, PBF and other U.S. independent refiners would not need any new authorization to buy Venezuelan oil from Chevron. The primary effect will be to allow some Venezuelan oil to flow back to the United States, "which will help the U.S. refining system," Wirth said.

But satellite images and photos show the Chinese-owned ship had loaded the oil four months earlier in Venezuela, an OPEC nation in South America under U.S. oil sanctions. Two of those tankers, including the Young Yong, were designated this month by U.S. authorities for violating sanctions on Iran, one of Venezuela's closest allies. The U.S. Treasury declined to comment on the involvement of the Young Yong or the other vessels identified by Reuters in shipping Venezuela crude. Indonesian authorities said in early November that the Young Yong had run aground off the Riau Islands on Oct. 26. The United States imposed oil trading sanctions on Venezuela in 2019 after calling Maduro's re-election the previous year a sham.

☆ Stocks making the biggest moves midday: Apple, Chevron, Bilibili, Hibbett & more
▼ + stars: | 2022-11-29 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Hibbett — Shares of Hibbett dropped more than 9% after the company posted a disappointing profit for the third quarter. Chevron — The energy stock rose more than 1% as oil prices rebounded from Monday's sell-off. Wynn Resorts , Las Vegas Sands — Shares of casino operators Wynn Resorts and Las Vegas Sands jumped 2.6% and 1.8% respectively on news that China has given new licenses to operators in Macao so that they can keep operating amid the government's zero Covid policy. Darden Restaurants — Shares of Olive Garden's parent company slipped roughly 1% following a downgrade to neutral from Baird. The firm said the "risk/reward looks more balanced" for Darden Restaurants following the stock's recent outperformance.

☆ Despite Shift, Markets Face Long Wait for Venezuelan Oil
▼ + stars: | 2022-11-28 | by ( Collin Eaton | José De Córdoba | ) www.wsj.com time to read: 1 min

Chevron will have to work on myriad technical issues at Venezuela’s aging oil fields before pumping crude there again. The Biden administration made a significant shift in its Venezuela policy when it allowed Chevron Corp. to pump oil in the South American country again, but the decision will yield little increase to the world’s oil production in the short-term. The U.S. company will have to contend with myriad technical issues at Venezuela’s aging oil fields and a complicated network of remaining U.S. sanctions that must be altered to ensure more of the country’s oil reaches the global market.

The United States on Saturday granted Chevron a six-month license to operate in Venezuela, reinstating oil trading privileges it had, while preventing exchanges of cash and requiring the crude cargoes go to U.S. refiners. Executives at Venezuelan state firm PDVSA initially welcomed the authorization for a partial return to the United States, once the country's most important market. In addition, European oil companies Eni (ENI.MI) and Repsol won U.S. approvals to take Venezuelan crude for debt repayment. Chevron's Venezuelan oil cargoes face potential seizures by creditors that have arbitration claims and court judgments, said trading experts and lawyers. Washington placed tight reins on the oil imports to win support from a Congress skeptical of deals with Maduro.

☆ Venezuelan oil offers little to U.S. or Chevron
▼ + stars: | 2022-11-28 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 28 (Reuters Breakingviews) - U.S. President Joe Biden is open to Venezuelan oil. Over the weekend, the Treasury Department issued $355 billion oil giant Chevron (CVX.N) a license to resume limited production in the country. But between the dirty Venezuelan oil and decrepit fields, the help is limited. Steadily tightening sanctions led to the country’s oil production falling by about three-quarters over the years. Follow @rob_cyran on TwitterloadingCONTEXT NEWSThe United States eased sanctions on Venezuela on Nov. 26 by granting a license to Chevron to resume production and importation of Venezuelan oil.

☆ More Venezuelan Oil Unlikely to Reach Markets Soon Despite New Chevron License
▼ + stars: | 2022-11-27 | by ( Collin Eaton | José De Córdoba | ) www.wsj.com time to read: 1 min

POLITICAL TALKSFollowing oil sanctions on Venezuela in 2019, Chevron received an exemption to trade its Venezuelan crude to recoup pending debts. Chevron's four PDVSA joint ventures produced about 200,000 barrels per day of crude oil and exported the crude around the world prior to the sanctions. It also allows the U.S. company to import supplies to help process the country's crude oil into exportable grades. That limits any wider expansion of Venezuelan oil production. Chevron and other U.S. oil refiners could benefit from supplies of Venezuela's heavy crude flowing to their U.S. Gulf Coast processing plants.

The U.S. will require that Chevron report details of its financial operations to ensure transparency. WASHINGTON—The U.S. said it would allow Chevron Corp. to resume pumping oil from its Venezuelan oil fields after President Nicolás Maduro’s government and an opposition coalition agreed to implement an estimated $3 billion humanitarian relief program and continue dialogue in Mexico City on efforts to hold free and fair elections. Following the Norwegian-brokered agreement signed in Mexico City, the Biden administration granted a license to Chevron that allows the California-based oil company to return to its oil fields in joint ventures with the Venezuela national oil company, Petroleos de Venezuela SA. The new license, granted by the Treasury Department, permits Chevron to pump Venezuelan oil for the first time in years.

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