The Case For Washington To Remove Sanctions On Venezuela

By the 1990s, founding OPEC member Venezuela had become a true petroleum power pumping over two million barrels of crude oil per day. This saw the Latin American country ranked as OPEC’s third-largest oil producer, behind Saudi Arabia and Iran, and among the top-10 petroleum-producing nations globally. By 1998, the year that Hugo Chavez democratically won the presidency, Venezuela pumped a record average of 3.1 million barrels of crude oil per day. Since then, the now crisis-riven Latin American country’s petroleum output has rapidly…

Russia Ramps Up Its Hydrogen Energy Ambitions

Russia is building on its 2020 roadmap for hydrogen production over the next decade, announcing a new working group to coordinate the country’s hydrogen production and exportation projects.   With the development of a new working group, by Russian Prime Minister Mikhail Mishustin, to coordinate hydrogen projects, Russia appears to be responding to international energy transition expectations for the coming years.  Russia expects national demand to continue to rely heavily on oil and gas, meaning that much of its hydrogen production…

Inventory Draws Across The Board Lift Prices

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 4.728 barrels for the week ending July 23, bringing the total 2021 crude draw so far to nearly 54 million barrels, using API data. Analysts had expected a loss of 3.433 million barrels for the week. In the previous week, the API reported a surprise build in oil inventories of 806,000 barrels, compared to an expected draw of 4.333 million barrels. The price of a WTI barrel had fallen earlier on Tuesday on renewed fears of the Delta variant that…

Inventory Draws Across The Board Lift Prices

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 4.728 barrels for the week ending July 23, bringing the total 2021 crude draw so far to nearly 54 million barrels, using API data. Analysts had expected a loss of 3.433 million barrels for the week. In the previous week, the API reported a surprise build in oil inventories of 806,000 barrels, compared to an expected draw of 4.333 million barrels. The price of a WTI barrel had fallen earlier on Tuesday on renewed fears of the Delta variant that…

Venezuela Plans To Revive Its Oil Industry Despite U.S. Sanctions

Venezuela is ignoring U.S. sanctions with its plan to boost production to 1.5 million bpd by the end of the year, around three times the current output. A document has been released showing that Venezuela has received delivery of condensate from the Rene supertanker in its Jose port. After national production broke down, Venezuela came to rely on condensate imports to thin its extra-heavy crude grades for processing. Due to U.S. sanctions on the country, introduced in 2019 in response to the dictatorship, Venezuela has not been able to produce…

Germany Needs To Significantly Speed Up Wind Power Installations

Even the 62-percent yearly jump in wind capacity installations in Germany in the first half of 2021 is not enough to meet the national and EU level of wind additions, wind power association BWE and VDMA engineering association said on Tuesday. During the first half of 2021, Germany installed 971 megawatts (MW) of wind capacity, a surge of 62 percent compared to the same period of 2020. Despite the strong growth and evidence that wind power installations are back on track after the pandemic, Germany needs a lot more capacity additions if it wants…

Why The U.S. Wants China To Stop Importing Iranian Crude

In an attempt to increase pressure on Iran in order to push through a nuclear deal with Iran, the U.S. is considering cracking down on Iranian oil exports to China. Chart of the Week-     The government of the United States is mulling a ban on Chinese imports of Iranian crude as it becomes increasingly clear that reaching a deal with Iran before the inauguration of its new government is unlikely. –    The oil markets see the U.S. somewhat unlikely to antagonize China further, yet Washington would be inclined to highlight…