Glencore ( GLNCY ) plans to curb production at one of its biggest copper and cobalt mining operations, Mutanda Mining Sarl in Congo, according to people familiar with the matter, potentially taking a sizable portion of two important industrial metals out of circulation.
Gazprombank Freezes Accounts Of Venezuela’s PDVSA To Reduce The Risk Of The Bank Falling Under U.S. Sanctions
Russian lender Gazprombank has decided to freeze the accounts of Venezuelan state oil company PDVSA and halted transactions with the firm.
Chinese diplomats, worried over the future of its oil projects in Venezuela and nearly $20 billion that Caracas owes Beijing, have held debt negotiations in Washington in recent weeks with representatives of Juan Guaidó, the opposition leader heading the U.S.-backed efforts to oust Mr. Maduro.
The request was made in a letter sent to OPEC Secretary-General Mohammad Barkindo. “Our country hopes to receive the solidarity and full support of the member countries of OPEC and its ministerial Conference, in the fight we are currently having against the illegal and arbitrary intrusion of the United States in the internal affairs of Venezuela,” Maduro wrote.
U.S. Rig Count Rise, Crude Oil Prices Slide. Analysts Said Economic Concerns Were Also Weighing On Crude Oil Futures.
In the United States, energy firms last week increased the number of oil rigs operating for the second time in three weeks, a weekly report by Baker Hughes said on Friday.
Venezuela Shifts Oil Ventures’ Accounts To Russian Bank, PDVSA’s Move Comes After The United States Imposed New Financial Sanctions
State-run PDVSA several weeks ago informed customers of the new banking instructions and has begun moving the accounts of its joint ventures, which can export crude separately. The decision was made amid tension with some of its partners, which have withdrawn staff from Caracas since U.S. sanctions were imposed in January.
In a statement published Monday, 11 of the 14 members of the Lima Group called for a “peaceful transition through political and diplomatic means without the use of force.”
The group also underscored the need for an urgent delivery of humanitarian aid and insisted international governments “take measures to prevent the Maduro regime … from doing business in oil, gold and other assets.”
The deepening turmoil in Venezuela is exacerbating a shortfall of crude oil. Venezuela’s oil occupies a special niche to U.S. refiners’ operations
On Monday, the U.S. imposed sanctions on Venezuela’s state-owned oil giant in an attempt to prevent the proceeds of crude sales to the U.S. from reaching the government of President Nicolás Maduro.
U.S. homes and businesses used record amounts of natural gas for heating during the brutal freeze blanketing the eastern half of the country on Wednesday
Several utilities urged customers to cut back on power and gas use on Thursday during the brutal freeze blanketing the eastern half of the country after U.S. homes and businesses used record amounts of natural gas for heating on Wednesday
Venezuela Has 20 Tons of Gold Ready to Ship. On Monday, a plane belonging to Nordwind Airlines, a company based in Moscow, landed at the international airport near Caracas
Venezuela has been trying for years to increase its gold reserves by encouraging mining, putting the military in charge of vast territories that yield the precious metal.
With strongman President Nicolas Maduro losing control of the country’s already-scant finances and reserves thanks to U.S. sanctions, who can put his hands on the nation’s estimated 200 tons of gold at home and abroad has become a key question.
Venezuela Oil Sanctions Likely to Hit Some U.S. Refiners. Profit margins for turning heavy crude into gasoline and diesel have slumped to the lowest level in more than a year
The Trump administration has drafted a slate of sanctions but hasn’t decided whether to deploy them, said people familiar with the matter. Earlier this month, White House officials warned U.S. refiners that sanctions were being considered, and advised them to seek alternative sources of heavy crude. Some U.S. refiners worried about sanctions experimented with alternatives last year before ultimately returning to Venezuelan crude.
Mexico has significantly reduced imports of U.S. gasoline. Cutback comes as a government crackdown on fuel theft leads to shortages across the country
The decline is the result of fewer orders of American gasoline and congestion at Mexico’s Gulf Coast fuel terminals where at least 15 tanker vessels were idling in the Gulf of Mexico waiting to unload several million barrels of gasoline as of Friday, according to industry analysts and government officials.
Oil headed for its biggest weekly gain in over two years. Still, prices are about 30 percent lower than their highs in October
Crude’s direction in coming weeks may be determined by whether the Organization of Petroleum Exporting Countries and allies including Russia implement output cuts they have promised for the first six months of 2019. Also crucial will be the outcome of trade negotiations between the U.S. and China — the world’s two biggest economies. A deal between the nations could boost flagging global growth that underpins oil demand.
Oil prices climbed around 3 percent on Wednesday as the extension of U.S.-China talks in Beijing raised hopes that the world’s two largest economies would resolve their trade standoff
Both crude price benchmarks added to Tuesday’s 2 percent gains and have now been on the rise for eight straight days – their longest rally since June 2017