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Venezuela, Guyana leaders to meet on land dispute

  • Market: Crude oil, Natural gas
  • 10/12/23

Guyana's president Irfaan Ali and Venezuela's president Nicolas Maduro will meet on 14 December as tensions increase over Caracas' claim to Guyana's resource-rich Essequibo province, Guyana's government said.

Ali and Maduro will meet in St Vincent where they will be joined by Brazil's president Luis Inacio Lula Da Silva, who has agreed to act as a mediator, Guyana said on Saturday.

The meeting is being convened by chairman of regional trade group Community of Latin American and Caribbean States (Celac) Ralph Gonsalves, the prime minister of St Vincent.

But Guyana's position in rejecting Venezuela's claim to the Essequibo province will not be changed in the meeting, Ali said on Saturday.

"We have said from the beginning that we are not opposed to conversation," Ali said. "We have to co-exist as neighbors so we are not opposed to any conversation.

"But in having that conversation, we are establishing very clearly that the matter of the border controversy is before the International Court of Justice (ICJ) and that will not change," Ali said.

Venezuela have taken several actions to press its decades-old claim in the wake of a 3 December referendum in which it said the public voted in favor of doing so. This has included arresting one Venezuelan and one US citizen that it accused of sabotage related to the vote.

It also issued a decree to create a unit of state-owned PdV called PdV Esequibo to "manage the subsoil resources in the new state of Guayana Esequibo," the company said. But officials denied the veracity of a document circulating indicated that workers in the new unit would earn $450-$6,000/month, significantly higher than in its parent company.


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29/04/25

New Trinidad PM to seek access to Venezuelan gas

New Trinidad PM to seek access to Venezuelan gas

Kingston, 29 April (Argus) — Major LNG exporter Trinidad and Tobago's new government wants to open discussions with the administration of US president Donald Trump on access to natural gas fields on the border with Venezuela. United National Congress (UNC) party leader Kamla Persad-Bissessar will be the new prime minister of the Caribbean state of 1.5mn people after the party won Monday's general election, ending 10 years of administration by the People's National Congress (PNC) party of Stuart Young. The UNC won 26 seats in the 41-member assembly. "We will work with the Trump administration to see how the discussions with the Venezuelan government on the cross-border gas fields can be reopened," the UNC's energy spokesman David Lee said. Lee is expected to be appointed the energy minister. "We do not have any closed doors on this matter," Lee said. "We will directly engage the US so it will be confident in working with us on resolving our cross-border issues." Trinidad and Tobago's gas-short economy was set back earlier this month by the Trump government's revocation of licenses granted by the administration of former US president Joe Biden to Trinidad. The waivers exempted certain work to develop two gas fields that straddle the maritime border with Venezuela from US sanctions. Access to the Dragon and Manakin-Cocuina gas fields is "vital" to reversing Trinidad's fall in gas production, Young said. Trinidad has been struggling to recover natural gas flow since November 2017, following a long slide from a peak of 4.3 Bcf/d in 2010. Gas output in 2024 was 2.53 Bcf/d, and the fall in output suppressed LNG, petrochemical and fertilizer production. Trinidad's 2024 LNG production of 16.7mn m³ was down by 4.6pc on 2023, according to the latest energy ministry data. The 11.8mn t/yr Atlantic liquefaction plant in southwestern Trinidad, which is majority owned by Shell and BP, is Trinidad's sole LNG producer. Crude production has also declined, moving from a peak of 144,400 b/d in 2005 to 50,854 b/d in 2024, according to the energy ministry. The decline in crude feedstock contributed to the 2018 shutdown of the state-owned 160,000 b/d Guaracara refinery. Young's administration failed at several attempts to engage foreign investors to reopen the plant. The government last month selected Nigerian privately owned oil and gas company Oando to lease and operate the refinery. But the incoming UNC administration will terminate negotiations with Oando to reopen the refinery and will seek new investors for the plant, the party said. By Canute James Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Canada’s Liberals win minority government


29/04/25
News
29/04/25

Canada’s Liberals win minority government

Calgary, 29 April (Argus) — Canadian prime minister Mark Carney and his Liberal party rode a wave of anti-US sentiment to victory in Monday's election, but fell just short of an elusive majority. The Liberals are on track to take 168 of the 343 seats in Parliament, according to Elections Canada, which said counting has carried over to today on account of a large voter turnout. If current levels hold, this will mark a six seat improvement for the Liberals over the 2021 election, but they will still require the support of other parties to pass legislation, as they did prior to the election. The Conservatives will form the official opposition with an estimated 144 seats. Despite the loss, the Conservatives made the largest gain of any party compared to the 2021 election, when they won 119 seats. Who will lead the Conservatives in Parliament is unclear, however, with current leader Pierre Poilievre losing his Ottawa seat to a Liberal candidate and being on the outside looking in for the first time in 20 years. Carney won his neighbouring seat handily, with the results indicative of which leader Canadians preferred to take on US president Donald Trump. The election was largely centered around trade and the economy which was brought to the forefront by Trump's tariffs and "51st state" rhetoric, turning the election into a two-horse race between the parties with the most realistic chances of forming a government. "President Trump is trying to break us so that America can own us. That will never, ever happen," said Carney in his victory speech. "We are over the shock of the American betrayal, but we should never forget the lessons." Carney plans to sit with Trump to discuss the trade relationship between the two countries, but says Canada has "many, many other options" than the US to build prosperity. The Liberals garnered about 43.5pc of the popular vote while the Conservatives hit 41.4pc, according to preliminary results, each representing the highest for their respective parties since the 1980s. Liberal and Conservative gains came at the expense of the smaller New Democratic Party (NDP) and Bloq Quebecois who may still hold influence in government despite suffering steep losses. The NDP are likely to end with seven seats, down from 25 in the 2021 election and below the 12 required for official party status in Parliament. The Bloq Quebecois, a regional party standing for sovereignty in Quebec, fell to 23 seats from 32 across the same time frame. The Liberals were propped up by the NDP since 2022 and may turn to the left-leaning party yet again to push legislation through. The NDP, nearly being wiped out, could hold the balance of power yet again but they will need to regroup after its leader also lost his seat. Carney admits Canada must build more infrastructure to both kickstart a lagging economy but also diversify its trade partners further beyond the US. The Conservatives agree more must be done and it is likely common ground could be found between the two parties to progress the export of energy, critical minerals and more. "We are going to build," said Carney. "Build, baby, build." By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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N Sea benchmark crude loadings at 20-year low in June


29/04/25
News
29/04/25

N Sea benchmark crude loadings at 20-year low in June

London, 29 April (Argus) — Combined loadings of the five local North Sea benchmark grades Brent, Forties, Oseberg, Ekofisk and Troll will drop to 350,000 b/d in June, the lowest in at least 20 years. Only one cargo of Ekofisk is planned for June, to load in the last days of the month. This is the lowest on Argus ' records going back more than 15 years. The number of the only June cargo suggests that one shipment was added to the May programme, but this was not confirmed. The drop in Ekofisk exports is a result of maintenance. ConocoPhillips will shut down the fields it operates in the Ekofisk area and the Nordpipe system for maintenance in June, the company previously told Argus . The planned shutdown will last around four weeks. The company did not specify by how much exports would be reduced. ConocoPhillips operates the Ekofisk and the Eldfisk fields in the Ekofisk area, which produced around 100,000 b/d of crude last year. Loadings of Brent will be largely steady at 23,000 b/d, or one cargo. Both Norwegian-produced Oseberg and Troll will have one fewer cargo in June, with two and three, respectively. Forties is the only grade of which exports will increase in June to 187,000 b/d across eight cargoes, up by 18pc, or one shipment, from May. Forties production will drop to a four-year low during maintenance in August . Such low availability of just one cargo of benchmark crude loading every other day can support the price of North Sea Dated in May. The sixth benchmark grade US WTI, added to the basket in mid-2023, offers much higher liquidity, with around 1.4mn b/d delivered to Europe so far this year — or roughly two cargoes a day. But local grades have been setting Dated as the cheapest option 84pc of the time this year so far, and tighter supply in June could support the benchmark's price. By Lina Bulyk Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Spanish refineries, petchems restart after power outage


29/04/25
News
29/04/25

Spanish refineries, petchems restart after power outage

Madrid, 29 April (Argus) — Spanish oil companies Repsol and Moeve are restarting refineries and petrochemical plants after they were halted by a massive power cut across Spain and Portugal yesterday, 28 April. Power has returned to Repsol's five Spanish refineries, which have a combined 890,000 b/d of capacity, and its two petrochemicals plants in Tarragona and Puertollano, as well as Moeve's 464,000 b/d of refining capacity and two petrochemicals plants in southern Spain. Facilities are "restarting progressively" after power was restored from late on 28 April, according to the companies. They declined to say when they expect production to return to levels prior to the outages. A momentary and as-yet-unexplained drop in power supply on the Spanish electricity grid of over 10GW at around 12.30 CET (10:30 GMT) caused power cuts across most of Spain and Portugal yesterday, shutting down industrial complexes . The outage followed a localised and unexplained loss of power in Cartagena southern Spain on 22 April which shut down Repsol's 220,000 refinery for several days, the company confirmed. Portugal's Galp has not yet responded to requests for confirmation that its 226,000 b/d Sines refinery in southern Portugal halted yesterday, although one worker at the facility confirmed to Argus that the refinery is restarting now after a "total shutdown" following the power cut. BP said operations at its 108,000 b/d Castellon refinery in eastern Spain "have not been affected by the power outage" but the facility did "activate an emergency response plan" and is working "closely with local authorities to manage the situation." Spain's dominant oil product pipeline and storage operator Exolum, whose facilities connect refineries and ports, and deliver to service stations, said its infrastructure is working "normally" today after yesterday's disruption, adding that it managed to supply essential services and airports with fuel throughout the blackout. Repsol's 220,000 b/d Bilbao refinery, which has limited hydrocracking capacity and no major petrochemicals units, took just two days to return to prior production levels after a power outage caused a total shutdown in 2016. Any recovery to normal functioning of a plant could take longer depending on the configuration of a particular refinery, whether any damage to units occurred and whether any petrochemical units were affected. Airport operations Aena — the firm that operates 48 Spanish airports — said that all airports in its network had fully resumed operations as of Tuesday morning. Airlines including Iberia, AirEuropa and Easyjet expect all flights to operate as scheduled today. The power outage halted operations at airports in Spain, Portugal, Morocco and southern France. Morocco's National Airports Office (Onda) announced that check-in and boarding procedures have been fully restored at all airports in the country. Around 500 flights were cancelled in Spain and Portugal, according to data from aviation analytics firm Cirium, after deducting double-counted flights between the two countries. Lisbon airport was the worst hit, with 45pc of departures cancelled, as well as about 30pc of departures at Seville airport. Around 50 flights each were grounded at Madrid and Barcelona airports — Spain's busiest. By Jonathan Gleave and Amaar Khan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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UK's Grangemouth refinery stops processing crude


29/04/25
News
29/04/25

UK's Grangemouth refinery stops processing crude

London, 29 April (Argus) — The Petroineos joint venture's 150,000 b/d Grangemouth refinery in Scotland has stopped processing crude and the company will now import transport fuels to meet demand, it said today. The move ends more than 70 years of refining at Grangemouth, and around 400 workers will lose their jobs. The closure removes 13pc of the UK's refining capacity, which will probably increase the country's reliance on imported refined products. Petroineos — a joint venture between PetroChina and UK-based Ineos — said in November 2023 it would close the refinery in spring this year, later deciding to repurpose the site to an import and distribution terminal. It said today it has invested £50mn ($67mn) in this. Petroineos rejected a call from UK labour union Unite for the refinery to be converted into a a sustainable aviation fuel (SAF) plant. London has said it would provide £200mn for investment in clean energy at the Grangemouth site, which it hoped would unlock private sector funds. Unite today said "for all the talk, nothing has been done", and said the closure was because the UK and Scottish governments "have effectively allowed China to shutdown Scotland's capacity to refine fuel". Slow death UK refinery output dropped to a 17-month low in March, reflecting Grangemouth's gradual drop in run rates ahead of processing its final barrel. The effect on national fuel balances has already been felt, with UK gasoil imports at an almost six-year high of 1.484mn t in April, and net gasoline exports the lowest on record at 65,000t, according to the country's latest submission to the Joint Organisations Data Initiative (Jodi). The Grangemouth closure is one of three major refinery shutdowns planned this year in Europe. In Germany, Shell began to close its 147,000 b/d Wesseling refinery in March , and BP plans to remove a third of the crude distillation capacity at its 257,000 b/d Gelsenkirchen site this year . This removal of 400,000 b/d of capacity represents around 3pc of Europe's total. This year's plant closures are widely expected to exacerbate a supply squeeze of middle distillates on the continent, while failing to address a growing gasoline supply overhang exacerbated by the ramp-up of production from Nigeria's 650,000 b/d Dangote refinery. Further unplanned European refinery closures are anticipated by market participants as product margins slide from post-pandemic highs and elevated overheads squeeze operating profits. By George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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