Russia reiterates support for Maduro, decries sanctions

Spanish Market: Crude oil
07/02/20

Russia's veteran foreign minister Sergei Lavrov reiterated the Kremlin's support for Venezuelan president Nicolas Maduro during a visit to Caracas today.

Lavrov met with senior Venezuelan government officials and members of fringe opposition parties that advocate dialogue, in contrast to the US-backed mainstream opposition that is seeking Maduro's overthrow.

"We condemn the absolutely illegitimate levers of financial and economic pressure on Venezuela," Lavrov said, referring to US oil and financial sanctions. "The goal is obvious - to foment discontent, provoke a social explosion by blocking the financial, oil, gold mining sectors of the Venezuelan economy."

Russia's state-controlled Rosneft has emerged as the top lifter of Venezuelan crude since the US imposed oil sanctions on the Opec country in January 2019, with shipments booked as payment on loans that Venezuelan officials have said they hope to fully repay as early as March. Among Russian assets in Venezuela is Rosneft's PetroMonagas heavy crude joint venture with Venezuelan national oil company PdV, and preliminary rights to offshore natural gas deposits.

Lavrov's visit is the last leg of a tour that included Cuba and Mexico. The Mexican government has advocated non-interference in Venezuelan affairs. Cuba, the Maduro government's closest ally, is a steady recipient of free Venezuelan oil.

Russian president Vladimir Putin last met with Maduro in October 2019 to strengthen bilateral relations and "agreed upon new approaches and mechanisms for cooperation that were designed to protect economic relations between Russia and Venezuela from the illegal interference of the United States," Lavrov told his Venezuelan hosts today.

The Russian visit follows a high-profile tour by Venezuelan opposition leader Juan Guaido to the EU, Canada and the US, where he met with US president Donald Trump this week. Guaido is recognized by the US and dozens of western countries as Venezuela's interim president in place of Maduro, but his campaign to establish a transition government has faltered.

Behind the scenes

The optics in Washington and Caracas this week belie behind-the-scenes US efforts to unite Venezuela's opposition and potentially engage Moscow in a solution to the protracted conflict ahead of Venezuelan parliamentary elections that are supposed to take place at an unspecified date this year. Trump says he is considering a visit to Moscow in May.

Former US secretary of state Rex Tillerson, fired by Trump in March 2018, said this week he advised his successor to pursue an understanding with Russia as a way to advance a change of government in Venezuela. "It is not going to happen if you do not have Russia coordinating with you and sorting out what Russia gets out of this in order to change the government of Venezuela," Tillerson told the Argus Americas Crude Conference in Houston.

According to former White House National Security Council Russia and Europe director, Fiona Hill, Moscow in early 2019 offered to downgrade its relations with the Maduro government in exchange for the US dialing back involvement in resolving the conflict in eastern Ukraine, but the proposal never got off the ground. "I was asked to go out to Russia in (May 2019) to basically tell the Russians to knock this off," Hill told US lawmakers during Trump's recent impeachment hearings.

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13/05/25

US to lift sanctions on Syria: Update

Adds that US, Syrian presidents will meet on Wednesday Washington, 13 May (Argus) — US president Donald Trump said today he will lift all US sanctions on Syria, a move that will allow the new government in Damascus to access global oil markets and banking systems and to advance energy projects. "I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness," Trump said in Riyadh, while addressing a US-Saudi business forum. Trump said he was ordering the sanctions relief at the urging of Saudi Crown Prince Mohammad bin Salman and Turkish president Recep Tayyip Erdogan. US secretary of state Marco Rubio will meet his Syrian counterpart in Turkey later this week, Trump said. Trump will have a brief meeting with Syria's new leader, Ahmed al-Sharaa, in Riyadh on Wednesday, the White House said. Former president Joe Biden's administration in January issued a sanctions waiver through 7 July to enable previously prohibited energy trade with Syria. The EU in February suspended a range of sanctions against Syria, including restrictions related to the energy, banking, transport and reconstruction sectors. A permanent relief of US sanctions would require Trump to remove Syria's previous designation as a "state sponsor of terrorism". Al-Sharaa's group, Hayat Tahrir al-Sham, is separately classified by the US as a "foreign terrorist organization". The US also has imposed a series of sanctions against Syria by statute, rather than executive action, which Trump would have to waive. Before Syrian president Bashar al-Assad's fall from power in December, the country relied heavily on Iran for crude and product supplies. Syria issued its first tenders to buy crude and refined products in January, but it attracted limited interest. The country then received cargoes of Russian crude and diesel in March-April, including some cargoes delivered aboard tankers that are under US sanctions. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Nigeria loads first cargo of new Obodo crude

13/05/25

Nigeria loads first cargo of new Obodo crude

London, 13 May (Argus) — The first cargo of Nigeria's new medium sweet crude, Obodo, has loaded and could be headed for Germany, according to sources. The Suezmax Atlanta Spirit loaded on 25 April from the floating production, storage and offloading vessel Tamara Tokoni , according to tracking data from Kpler. Nigerian energy firm Oando, which marketed the shipment, has sold it to an undisclosed buyer, according to traders. A source at Nigeria's state-owned NNPC said the cargo could be headed for the North Sea port of Wilhelmshaven, but this was unconfirmed. Obodo has a gravity of 27.65°API and a very low sulphur content of 0.05pc, according to an assay seen by Argus . Details on Obodo's production levels are not immediately available. Nigerian independent Continental Oil and Gas is producing Obodo at onshore oil block OML 150 in the Niger delta. NNPC restarted production of similar-quality Utapate in 2024 and launched Nembe a year earlier. Obodo could find favour with European refineries, as Nigerian medium sweet grades — including Forcados, Escravos and Bonga — have gone predominantly to Europe, the largest market for the country's crude. By Sanjana Shivdas and George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US to lift sanctions on Syria

13/05/25

US to lift sanctions on Syria

Washington, 13 May (Argus) — US president Donald Trump said today he will lift all US sanctions on Syria, a move that will allow the new government in Damascus to access global oil markets and banking systems and to advance energy projects. "I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness," Trump said in Riyadh, while addressing a US-Saudi business forum. Trump said he was ordering the sanctions relief at the urging of Saudi Crown Prince Mohammad bin Salman and Turkish president Recep Tayyip Erdogan. US secretary of state Marco Rubio will meet his Syrian counterpart in Turkey later this week, Trump said. The White House did not confirm whether Trump plans to meet with Syria's new leader, Ahmed al-Sharaa, during his visit to the Mideast Gulf this week. Former president Joe Biden's administration in January issued a sanctions waiver through 7 July to enable previously prohibited energy trade with Syria. The EU in February suspended a range of sanctions against Syria, including restrictions related to the energy, banking, transport and reconstruction sectors. A permanent relief of US sanctions would require Trump to remove Syria's previous designation as a "state sponsor of terrorism". Al-Sharaa's group, Hayat Tahrir al-Sham, is separately classified by the US as a "foreign terrorist organization". The US also has imposed a series of sanctions against Syria by statute, rather than executive action, which Trump would have to waive. Before Syrian president Bashar al-Assad's fall from power in December, the country relied heavily on Iran for crude and product supplies. Syria issued its first tenders to buy crude and refined products in January, but it attracted limited interest. The country then received cargoes of Russian crude and diesel in March-April, including some cargoes delivered aboard tankers that are under US sanctions. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Mexico industrial production contracts in March

13/05/25

Mexico industrial production contracts in March

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Namibia expects first oil in 2029-30: Official

13/05/25

Namibia expects first oil in 2029-30: Official

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