Presidential Election News

Venezuela's loss of a key U.S. license that allowed it to freely export and increase investment in its oil sector will hit the volume and quality of its crude and fuel sales while prompting a flurry of requests for individual U.S deal authorizations.U.S. officials had warned that absent progress by President Nicolas Maduro on implementing an electoral roadmap agreed last year, the U.S. would not renew license 44, which since October had eased oil sanctions in place for the last five years.On Wednesday…

The Biden administration said it would not renew a license set to expire early on Thursday that had broadly eased Venezuela oil sanctions, moving to reimpose punitive measures in response to President Nicolas Maduro’s failure to meet his election commitments.Just hours before the deadline, the U.S. Treasury Department announced on its website that it had issued a replacement license giving companies 45 days to “wind down” their business and transactions in the OPEC country's oil…

A bottleneck of vessels waiting to load crude and fuel in Venezuela has increased in recent weeks as state-run oil firm PDVSA struggles to deliver cargoes on time, according to people familiar with the matter, documents and shipping data.PDVSA has sought to ramp up shipments this month, the documents and data showed, following setbacks in January as outages at Venezuela's main port hit its exports. But the increase has been insufficient to ease the congestion.As of Monday, at least 19 supertankers were waiting to load near Venezuela's Jose and Amuay ports…

There is no denying that 2023 was a challenging year for the U.S. offshore wind market. Citing macroeconomic factors including high inflation, rising interest rates, and supply chain bottlenecks, Ørsted announced on October 31 that they were ceasing the development of the Ocean Wind 1 and Ocean Wind 2 projects, which were scheduled for construction off the coast of New Jersey. Unfortunately, the troubling news has continued into the new year, with Equinor and BP announcing on…

Polish oil and gas firm Orlen has provisionally chartered a supertanker to load Venezuelan oil for China, according to a shipbroker and tracking data, following a temporary easing of U.S. sanctions on the South American country.The Very Large Crude Carrier (VLCC) Olympic Trophy, chartered for $13 million, is scheduled to load in early December, according to a source and ship tracking data on Kpler.Vitol, the world's largest independent oil trader, chartered a supertanker earlier this month to load Venezuelan crude for China.

Vitol, the world's largest independent oil trader, has provisionally chartered a supertanker to load oil from Venezuela for China, according to two shipbrokers and data from shiptracking firms Kpler and Vortexa.The Very Large Crude Carrier Gustavia S., chartered for $11 million, is scheduled to load its cargo between Nov. 27 and Dec. 2, according to the sources.The company declined to comment on the issue.Vitol is among major European trading houses seeking to resume trade in Venezuelan oil after Washington in mid-October issued a general licence lifting…

On March 29, 2021, President Biden announced his ambitious plan to deploy 30 gigawatts (GW) of offshore wind power – enough energy to power 10 million U.S. homes – by 2030. The plan would leverage authorities under the Department of Interior, Energy, and Commerce to guide “more than $12 billion per year in capital investment in projects on both U.S. coasts, create tens of thousands of good-paying, union jobs, with more than 44,000 workers employed in offshore wind by 2030 and nearly 33,000 additional jobs in communities supported by offshore wind activity.” The U.S.

Russia said on Sept. 21 that it had temporarily banned gasoline and diesel exports to all but four ex-Soviet states in response to domestic shortages, a move that will disrupt global trade that has already had to adjust to Western sanctions on Russian fuel exports.Russia eased some of the restrictions on Sept. 25, saying it would allow the export of bunkering fuel for some vessels and diesel with high sulphur content. The government has yet to give a timeline for any further easing…

The Russian government has approved some changes to its fuel export ban, lifting the restrictions for fuel used as bunkering for some vessels as well as diesel with high content of sulphur, a government document showed on Monday. It also lifted restrictions on the export of fuel already accepted for export by the Russian Railways and Transneft before the initial ban had been announced last week. The ban on all types of gasoline and high-quality diesel remains in place. Russia…

With a lame-duck CNO, a divided Congress and the impending launch of the next Presidential election cycle, America’s naval market is locked into something of a fragile and fearful autopilot, cruising inexorably towards whatever excitement 2024 might bring.Materially, don’t expect much change: The demand for naval platforms will continue to outstrip available funding, meaning there will be little movement or growth in America’s major shipbuilding programs of record. The procurement outlines are already set.

Unions hope a $30 million grant to electrify tractors in a Long Beach, California, port terminal's final push to become the world's first zero-emissions facility will serve as a bulwark against lost jobs in an era of energy transition and increasing automation. The money from U.S. President Joe Biden's administration for Long Beach Container Terminal's purchase of 60 electric yard tractors that haul shipping containers from stacks to waiting trains comes with strings attached…

Valero Energy Corp, the second-largest U.S. oil refiner, is seeking Washington's permission to import Venezuelan crude, according to four people close to the matter, hoping for a repeat of the approval granted to Chevron Corp in November after a four-year ban.President Joe Biden's administration has eased some U.S. sanctions on the OPEC-member nation in an effort to encourage a political dialogue with the country's opposition. That has led to further pressure from U.S., European and Asian energy firms…

Nigeria opened a billion-dollar Chinese-built deep seaport in Lagos on Monday, which is expected to ease congestion at the country's ports and help it become an African hub for transshipment, handling cargoes in transit for other destinations.President Muhammadu Buhari has made building infrastructure a key pillar of his government's economic policy, and hopes that this will help his ruling party win votes during next month's presidential election.The new Lekki Deep Sea Port is 75% owned by the China Harbour Engineering Company and Tolaram group…

U.S. oil producer Chevron Corp 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…

U.S. oil company Chevron Corp 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 Venezuela early next month, the person said.The U.S. last month issued a six-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.The U.S. license will reopen oil flows that were shut by U.S.

As a rudderless U.S. Navy debates maritime strategy, fleet futures and platform performance, America’s naval shipbuilding industry can look forward to another year of relative stasis.Barring a major geopolitical incident or unexpected maritime provocation, government shipbuilding isn’t going to change course. With Admiral Michael Gilday approaching the final “lame duck” year of his four-year term as Chief of Naval Operations and the 2024 election season looming, the prospect for major changes in the Navy’s demand signal seems limited.Aside from the U.S.

Spanish police on Monday impounded a superyacht belonging to Russian oligarch Viktor Vekselberg on behalf of U.S. authorities, the first time the United States has seized property belonging to a Russian oligarch since its invasion of Ukraine in February.Valued at more than 90 million euros ($99 million), the 78-metre-long "Tango" (255 ft) was seized in a shipyard on the Mediterranean island of Mallorca, the Guardia Civil police and the U.S. Justice Department said in parallel…

China will not use its strength to "bully" its smaller neighbors including the Philippines, its foreign minister said on Monday, as he highlighted the importance of settling disputes in the South China Sea peacefully."Stressing only one side's claims and imposing one's own will on the other is not a proper way for neighbors to treat each other and it goes against the oriental philosophy of how people should get along with each other," Wang Yi, the Chinese government's top diplomat…

Britain gave France 48 hours on Monday to back down in a fishing row that threatens to spiral into a wider trade dispute between two of Europe's biggest economies or face tortuous legal action under the Brexit trade deal.Post-Brexit bickering over fish culminated last Wednesday in the French seizure of a British scallop dredger, the Cornelis Gert Jan, in French waters near Le Havre. Paris has threatened sanctions from Nov. 2 that could snarl cross-Channel trade.The measures could include increased border and sanitary checks on goods from Britain and banning British vessels from some French ports."The French have made completely unreasonable threats…

Iran said on Wednesday the United States had agreed to remove all sanctions on Iran's oil and shipping but Washington said "nothing is agreed until everything is agreed" in talks to revive the 2015 Iran nuclear deal.The remarks by outgoing President Hassan Rouhani's chief of staff Mahmoud Vaezi echoed previous assertions by officials in Rouhani's pragmatist camp that Washington is ready to make major concessions at the nuclear talks in Vienna that began in April.The indirect talks adjourned on Sunday for consultations in capitals…

Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear program and has been moving oil into place to prepare for an eventual restart, four traders and industrial sources said.The U.S. and Iran began in mid-June their sixth round of indirect talks on reviving a 2015 nuclear deal that former U.S. President Donald Trump pulled out of in 2018. Trump reimposed sanctions on Iran’s energy sector, leading…

U.S. Secretary of State Antony Blinken on Tuesday criticized Russia's activities in the Arctic region, describing them as 'unlawful maritime claims' and repeated calls to avoid the militarization of the region, days before a gathering of Arctic nations.Blinken made the warning ahead of a planned meeting with his Russian counterpart Sergey Lavrov, the first such high-level in-person talks between Washington and Moscow since President Joe Biden took office in January.The United…

Taiwanese coast guard commander Lin Chie-ming is on the frontline of a new type of warfare that China is waging against Taiwan. China’s weapon? Sand.On a chilly morning in late January, Lin, clad in an orange uniform, stood on the rolling deck of his boat as it patrolled in choppy waters off the Taiwan-run Matsu Islands. A few kilometers away, the Chinese coast was faintly visible from Lin’s boat. He was on the lookout for Chinese sand-dredging ships encroaching on waters controlled by Taiwan.The Chinese goal…