Sentences with phrase «venezuelan crude»

Lorne Stockman points out the «Proponents of the Keystone XL tar sands pipeline often cite energy security and the desirability of Canadian over Saudi or Venezuelan crude in promoting the project.

His plan is to set the value of the petro at one barrel of Venezuelan crude oil.

The petro is supposedly backed by Venezuelan crude, with one unit of the digital currency pegged to one barrel of oil.

A ban on Venezuelan crude into the U.S. could be ruinous for Citgo, so Rosneft wants to swap out its stake for more operational control of joint ventures inside Venezuela.

But the ban on Venezuelan crude would also affect the U.S., particularly American refining companies.

More importantly, though, is the effect of a potential ban on Venezuelan crude by the U.S. government.

A more severe action reportedly under consideration would be a ban on Venezuelan crude oil imports into the U.S., which would likely have far - reaching implications for Venezuela, the U.S., and the oil market.

Squeezed both by PDVSA's falling production and deteriorating relations, U.S. imports of Venezuelan crude fell by nearly half from a 1997 peak.

Just five days» journey away by tanker and still the world's biggest importer, the U.S. is an obvious export market for Venezuelan crude.

The red flags of an imminent U.S. embargo on Venezuelan crude are already apparent, according to an oil analyst, with ramifications of such a move likely to exacerbate an unprecedented economic meltdown.

According to U.S. Customs data compiled by Bloomberg, Venezuelan crude represented 43 percent of the refinery capacity at Chevron's Pascagoula refinery in July, as well as 62 percent of Valero's St. Charles refinery capacity.

The possibility of Venezuelan oil import restrictions has divided White House advisors, and now is pitting Harold Hamm, chairman and CEO of Continental Resources and energy advisor during President Trump's campaign, against U.S. refiners that import Venezuelan crude to process at their refineries.

compared to selected imports, Canadian oil sands crudes range from 9 % to 19 % more emission - intensive than Middle Eastern Sour, 5 % to 13 % more emission - intensive than Mexican Maya, and 2 % to 18 % more emission - intensive than various Venezuelan crudes, on a Well - to - Wheel basis;

Not exact matches

Hamm favors the approach of cutting off Venezuelan oil exports to the U.S., as well as stopping U.S. light sweet crude exports to Venezuela, which uses that type of crude to blend it with its heavy crude oil before shipping it to international markets.

Last month, the American Fuel & Petrochemical Manufacturers (AFPM), which represents more than 95 percent of the U.S. refining sector, sent a letter to President Trump, in which it argued that refineries along the Gulf Coast have made substantial investments to process heavy crude, particularly of the Venezuelan variety.

They argue that possible sanctions on the Venezuelan energy sector would harm the U.S. industry, and cause it to scramble for heavy crude supplies from elsewhere, which would result in higher fuel prices for consumers.

President Donald Trump is reportedly considering sanctioning Venezuela's crude industry in a bid to ratchet up pressure on Venezuelan President Nicolas Maduro, Reuters reported Thursday, citing an unnamed U.S. official.

The bottlenecks are frustrating for Canadian oil producers because heavy crude is in great demand from U.S. Gulf of Mexico refineries, which are designed to process it, and have faced shortages of Venezuelan and Mexican heavy crude.

«Oil industry companies would do well to be cautious and stop assuming that good relations with PDVSA can last forever due to a common interest in pumping oil,» Raul Gallegos, associate director with the consultancy Control Risks, and author of Crude Nation, a book about how oil ruined the Venezuelan economy, said in an interview with Reuters.

As a result, the Venezuelan government is looking to offer India a 30 percent discount on its crude oil if it pays in Petro.

A ban on Venezuelan oil would strain the market for heavy crude in the U.S., which is already tightening because of declining imports of medium sour oil from Saudi Arabia.

The market could supply Phillips 66 refinery with non Venezuelan heavy crude, but not Citgo.

Oil prices finish higher as IMF move threatens Venezuelan output Traders also weigh jump in U.S. crude supplies, risks to Iran dealAfter trading on a mixed note for much of Wednesday's session, oil prices settled decidedly higher, as the International Monetary Fund's threat to expel Venezuela reignited market concerns over the struggling nation's crude production.

* Market expects U.S. to re-impose sanctions against Iran * Plunging Venezuelan output further tightens markets * But soaring U.S. crude production holds back marketBy Henning GloysteinSINGAPORE, April 26 (Reuters)- Oil prices rose on Thursday, lifted by concerns over supply disruptions in Venezuela and theMiddle East as well as by strong demand.Brent crude oil futures were at 74.44 per barrel at0105 GMT, up 44 cents, or 0.6 percent, from their last close.U.S.

In December of 2017, the Venezuelan government announced that it would issue its own cryptocurrency that would be backed by crude.

The Venezuelan president Nicolas Maduro has announced that the value of the upcoming Petro cryptocurrency will be linked directly to crude oil, with one Petro worth the same as one barrel, around $ 60 at time of writing.