Venezuela talks adjourn after ‘constructive’ weekend

Market: Crude oil, Natural gas, Oil products
16/08/21

Negotiations between the Venezuelan government and an opposition coalition will resume over 3-6 September following a "constructive" weekend, the parties to the talks said in a joint statement today.

Venezuela's Sebin intelligence agency freed prominent political prisoner Freddy Guevara who was detained on 12 July. Upon his departure from the Helicoide detention center in Caracas this evening, the opposition lawmaker said he was unaware of the conditions of or reasons for his release.

Venezuelan legal rights group Foro Penal says Venezuela has more than 260 political prisoners.

Brokered by Norway, representatives of the two sides signed an initial deal on 13 August in Mexico City, and continued talks through the weekend.

"Recognizing the importance of inclusion, we discussed establishing a mechanism to consult with political and social actors that would be as inclusive as possible," the statement said.

The initial deal signed last week laid out a broad seven-point agenda: universal political rights; universal electoral rights and a timetable for observable elections; lifting of sanctions and restoration of right to assets; respect for the constitutional rule of law; political and social coexistence, renunciation of violence and reparations for victims of violence; protection of the national economy and social protection; and guarantees to implement and verify what is agreed.

Modest aspirations

Venezuela has been subject to US financial sanctions since August 2017 and oil sanctions since January 2019 in a campaign originally designed to force President Nicolas Maduro to step aside in favor of a US-backed interim government headed by opposition leader Juan Guaido.

With Maduro only becoming more entrenched and regional resolve dissipating over the past two years, the Guaido-led opposition has scaled back its aspirations. Its short-term has focused on establishing credible conditions for state and local elections in November, freeing political prisoners and opening a channel for humanitarian aid, including Covid-19 vaccines.

The Maduro government's top priority is the lifting of sanctions, which it blames for undermining its national oil industry and creating economic hardship. Caracas also wants to regain control over international assets, including gold reserves held in the Bank of England that it wants to use to tackle the pandemic.

The US has signaled a willingness to gradually ease the sanctions on Venezuela together with steps toward restoring democracy.

Venezuela's various creditors, including bondholders and arbitration claimants, are hoping the talks open the way for a comprehensive debt restructuring. Oil companies such as Chevron, Repsol and Eni are hoping to monetize their Venezuelan assets.

Norway is facilitating the talks, accompanied by the Netherlands and Russia.

By Patricia Garip

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Flooding on US rivers mires barge transit

Houston, 7 April (Argus) — Barge transit slowed across the Arkansas, Ohio and lower Mississippi rivers over the weekend because of flooding, which prompted the US Army Corps of Engineers (Corps) to close locks and issue transit restrictions along the waterways. The Corps advised all small craft to limit or halt transit on the McClellan-Kerr Arkansas River Navigation System (MCKARNS) in Arkansas because flows reached above 200,000 cubic feet per second (cfs), nearly three times the high-water flow. The heavy flow is expected to persist throughout the week, posing risks to those transiting the river system, said the Corps. Some barges have halted movement on the river, temporarily miring fertilizer resupply efforts in Arkansas and Oklahoma in the middle of the urea application season. The Corps forecasts high flows to continue into Friday, and the National Weather Service predicts several locations along the MCKARNS will maintain a moderate to minor flood stage into Friday as well. Both the Arthur V Ormond Lock and the Toad Suck Ferry Lock, upriver from Little Rock, Arkansas, shut on 6 April because of the high flows. Flows along the Little Rock Corps district reached 271,600cfs on 7 April. The Corps forecasts high flows to continue into Friday. Ohio and lower Mississippi rivers The Corps restricted barge transit between Cincinnati, Ohio, and Cairo, Illinois, on the Ohio River to mitigate barge transportation risks, with the Corps closing two locks on the Ohio River on 6 April and potentially four more in the coming days. Major barge carrier American Commercial Barge Line (ACBL) anticipates dock and fleeting operations will be suspended at certain locations along the Mississippi and Ohio rivers as a result of the flooding. NWS forecasters anticipate major flooding levels to persist through the following week. Barge carriers also expect a backlog of up to two weeks in the region. To alleviate flooding at Cairo, Illinois, where the Ohio and Mississippi Rivers meet, the Corps increased water releases at the Barkley Dam on the Cumberland River and the Kentucky Dam on the Tennessee River. The Markland Lock, downriver from Cincinnati, Ohio, and the Newburgh lock near Owensboro, Kentucky, closed on 6 April. The Corps expects the full closure to remain until each location reaches its crest of nearly 57ft, which could occur on 8 or 9 April, according to the National Weather Service (NWS). Around 50 vessels or more are waiting to transit each lock, according to the Lock Status Report published by the Corps on 7 April. The Corps also shut a chamber at both Cannelton and McAlpine locks. The John T Myers and Smithland locks may close on 7 April as well, the Corps said. The Olmsted Lock, the final lock before the Ohio and Mississippi rivers, will require a 3mph limit for any traffic passing through. The NWS expects roughly 10-15 inches of precipitation fell along the Ohio and Mississippi River valleys earlier this month, inducing severe flooding across the Ohio and Mississippi River valleys. A preliminary estimate from AccuWeather stated an estimated loss of $80-90bn in damages from the extreme flooding. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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