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Tuesday, March 5, 2024

Oil – Venezuela. Venezuelan oil is to flow to Europe, the recipients are to be Eni and Repsol

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Venezuelan oil could reach Europe as early as next month. The recipients are to be the Italian oil company Eni and the Spanish Repsol – informed the Reuters Agency, citing five people familiar with the case.

One person reported that the amount of pus from VenezuelaEni and Repsol will receive is not big and the impact on world oil prices will be small. However, Washington’s consent to resume long-frozen gas supplies from this direction to Europe may be a symbolic impulse for the president of Venezuela Nicolas Maduro – assessed the Reuters Agency.

In mid-May, the AP agency informed that the US government intends to ease some economic sanctions imposed on Venezuela, which is to unblock the possibility of importing oil from this direction to Europe.

Dawid Czopek, the manager of the Polaris Investment Fund, recently said on TVN24 BiS that Venezuela, next to Iran, is in fact “the world’s greatest hope” to replace raw material from Russia. – These countries have the best opportunities when it comes to increasing oil production. He has some options Saudi Arabiathere are some possibilities in African countries, but these two countries, i.e. Iran and Venezuela, are mentioned as the main sources from which in the future – but these are quarters, not months – oil can be obtained – said Czopek.

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Venezuelan oil can flow to Europe

According to sources, the US State Department gave both companies permission in writing to resume deliveries. Administration of the US President Joe Biden hopes Venezuelan oil will help Europe reduce its dependence on Russia and divert some of its supplies from Venezuela to China. Another goal is to get Maduro to resume political talks with the Venezuelan opposition, Reuters sources said.

As we read, two European energy companies that have joint ventures with the Venezuelan state-owned oil company PDVSA may count oil deliveries towards unpaid debts and delayed dividends.

Licenses for the supply of Venezuelan oil to Europe were to be issued in May. Eni and Repsol did not respond to a request for comment. The key condition, one interviewee said, is that the oil “must go to Europe. It must not be resold elsewhere.”

Washington believes PDVSA will not benefit financially from these deals, unlike selling gas to China. The cited data shows that the Middle Kingdom has become the largest recipient of Venezuelan oil, as much as 70 percent. monthly deliveries go to local refineries. In addition, the Reuters Agency noted that China has not joined Western sanctions imposed on Moscow and that despite appeals by the US, it continues to buy Russian oil and gas.

Maciej ZieliƄski / PAP

US sanctions against Venezuela

The Reuters agency recalled that the US had not previously granted similar approvals for the collection of Venezuelan oil, e.g. the American concern Chevron, the Indian Oil and Natural Gas Corp, or the French company Maurel & Prom. These companies were also expected to lobby the US state and treasury departments to accept the oil in exchange for billions of dollars in debt from the South American country. The supply was suspended in mid-2020 during the “maximum pressure” campaign led by the then US president Donald Trump. As part of the campaign, oil exports from Venezuela were reduced, which was to contribute to the overthrow of Maduro.

Venezuelan vice president Delcy Rodriguez last month said she hoped US efforts would “pave the way for a complete lifting of illegal sanctions that affect the entire nation.”

In March this year. Joe Biden’s administration held top-level talks with the government in Caracas. Venezuela freed two of at least 10 imprisoned US citizens and promised to resume electoral talks with the opposition. Maduro has not yet set a date to return to the negotiating table, the Reuters Agency said.

Republicans and some Democratic Party officials are opposed to the relaxation of US policy towards Maduro. Washington states that further easing of sanctions will depend on progress towards democratic change in Venezuela.

Venezuela is mired in a political crisis that has lasted since January 2019. It was then that Nicolas Maduro, after the election not recognized by the opposition, began a new term as president of the country.

Main photo source: EPA / Miguel Gutierrez



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