Tag: oil news

Venezuela Shifts Oil Ventures’ Accounts To Russian Bank, PDVSA’s Move Comes After The United States Imposed New Financial Sanctions

Today’s Stock Market News – Venezuela Shifts Oil Ventures’ Accounts To Russian Bank

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 The decision was made amid tension with some of its partners, which have withdrawn staff from Caracas since U.S. sanctions were imposed in January.

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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.

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.