Oil Daily | Venezuela's PDVSA Crude Export Drop; Egypt Boosts Fuel Oil Purchases Amid Costly Gas
Saturday, May 17, 2025 8:00 am ET
1min read 【Oil-Producing Countries Dynamics】
Venezuela's PDVSA has taken over crude shipments previously managed by Chevron due to sanctions and payment disputes, affecting oil exports. The company's storage tanks are full, and exports have dropped by nearly 20%, halting momentum from relaxed U.S. sanctions. Political tensions with neighboring regions are also increasing.
Egypt is increasing fuel oil purchases to power plants as natural gas becomes costly. The Egyptian General Petroleum Corporation plans to buy nearly 2 million tons of fuel oil. Egypt's declining natural gas output has shifted it from net LNG exporter to importer. A 10-year LNG import unit agreement has been signed to address demand.
【Latest Oil Policies】
The U.S. is intensifying efforts to close loopholes used by Iran to sell oil to China, warning Hong Kong banks against facilitating these transactions. U.S. Treasury officials have urged banks to conduct thorough due diligence on suspicious activities. Recent sanctions targeted Hong Kong-based shipping operators and energy firms involved in Iranian oil sales.
【Industry News】
The expanded Trans Mountain pipeline has shifted Canadian crude flows, with China now the largest buyer instead of the U.S. After expansion delays, the pipeline now carries 890,000 bpd from Alberta to the Pacific Coast, diversifying Canada's export markets amid geopolitical tensions and changing trade policies.
Venezuela's PDVSA has taken over crude shipments previously managed by Chevron due to sanctions and payment disputes, affecting oil exports. The company's storage tanks are full, and exports have dropped by nearly 20%, halting momentum from relaxed U.S. sanctions. Political tensions with neighboring regions are also increasing.
Egypt is increasing fuel oil purchases to power plants as natural gas becomes costly. The Egyptian General Petroleum Corporation plans to buy nearly 2 million tons of fuel oil. Egypt's declining natural gas output has shifted it from net LNG exporter to importer. A 10-year LNG import unit agreement has been signed to address demand.
【Latest Oil Policies】
The U.S. is intensifying efforts to close loopholes used by Iran to sell oil to China, warning Hong Kong banks against facilitating these transactions. U.S. Treasury officials have urged banks to conduct thorough due diligence on suspicious activities. Recent sanctions targeted Hong Kong-based shipping operators and energy firms involved in Iranian oil sales.
【Industry News】
The expanded Trans Mountain pipeline has shifted Canadian crude flows, with China now the largest buyer instead of the U.S. After expansion delays, the pipeline now carries 890,000 bpd from Alberta to the Pacific Coast, diversifying Canada's export markets amid geopolitical tensions and changing trade policies.
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