The WSJ is reporting that the US administration is preparing to scale down sanctions on Venezuela. The move would allow Chevron to resume oil production in the country. Such a move could see a reopening of U.S. and European markets to oil exports from Venezuela. WSJ cites people familiar with the proposal. The move comes after OPEC+ agreed on a 2mbpd crude oil production cut at the October meeting Wednesday. President Biden appears increasingly desperate after having sold the US … Continue reading “US Preparing to Lift Venezuela Sanctions with Chevron to Resume Oil Production WSJ Reports”
U.S. President Joe Biden announced “Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia,” via Twitter. The move comes right after Swiss refiners imported gold for the first time since February. Biden tweeted ahead of the G7 leaders arriving at Schloss Elmau, the luxury resort in the German Bavarian Alps. They are attending a summit about the Russian invasion of Ukraine and the global … Continue reading “With Russia About to Default US President Bidens Says G7 Will Ban Imports of Russian Gold”
Kazakhstan has been affected from indiscriminate fallout from Russia’s invasion of Ukraine, significantly by using Russian sea ports as a transit route for 20% of its export oil flow its oil suffers the fate of mistaken identity as Russian crude. Kazakhstan is changing the name of the oil it exports via Russian sea ports to Kazakhstan Export Blend Crude Oil (KEBCO) to dissociate it from oil originating in Russia in order to avoid sanction risks, hopefully getting better pricing and … Continue reading “Kazakhstan Export Oil Renamed KEBCO To Avoid Russia REBCO Urals Crude Mistaken Identity and Sanctions”
India has begun receiving Russian S-400 Triumf missile systems ignoring the threat of what many see as an impotent US. with sanction threats. India sees them as a boost to New Delhi’s air defense capabilities with the threats along the borders with China and Pakistan. Significantly the delivery is happening ahead of Russian President Vladimir Putin’s visit to India for an annual summit with India’s Prime Minister Narendra Modi next month. Source: NikkeiAsia From The TradersCommunity News Desk
Iran is anticipating massive demand for its copper from Turkey in the coming years and is investing $1bn to expand copper production. Iran is opening one of the largest aluminum smelters in the Middle East with over $1bn in investment.
Since the US re-established economic sanctions on Iran the country has been weathering the impact sanctions. Iran has maintained oil exports to China, Syria and India. Recent military and social accomplishments have emboldened officials.
The global anti-money laundering watchdog Financial Action Task Force (FATF) has given Iran a final deadline of February 2020 to comply with stricter money laundering financial standards.
Iran’s energy sector is on high alert to the threat of “physical and cyber” attacks Iranian oil minister Bijan Namdar Zanganeh said on Sunday.Iran continues to deny any link to the attacks on the Saudi Aramco facility two weeks ago,
With world leaders heading to Japan and an OPEC meeting next week the WSJ reports Iran warned Thursday that if the 2015 nuclear agreement unravels, it would follow North Korea and quit a treaty aimed at stopping the spread of nuclear weapons.
Oil prices have risen since the December lows on hopes the Russians cut production,despite Russia at new production highs and despite promises in the past. Sanctions are biting and even official unemployment rates are rising, Russia needs income to sate it’s huge poor population.