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Venezuela, Guyana leaders to meet on land dispute

  • Spanish 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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30/04/25

Repsol sees Spanish refineries back to normal in a week

Repsol sees Spanish refineries back to normal in a week

Adds chief executive's comments and further detail on refineries Madrid, 30 April (Argus) — Repsol said it expects its five Spanish refineries to return to normal operations within a week following the nationwide power outage on Monday, 28 April. The company confirmed that power was restored to all its refineries on Monday evening, allowing the restart process to begin. It will take three days to restart the crude distillation units and 5-7 days to restart secondary conversion units, with hydrocrackers taking the longest, according to chief executive Josu Jon Imaz. A momentary and unexplained drop in power supply on the Spanish electricity grid caused power cuts across most of Spain and Portugal, disrupting petrochemical plants and airports, as well as refineries. Imaz noted that Repsol was fortunate that its refineries avoided damage from petroleum coke formation and other solidification processes during the shutdown. Repsol's 220,000 b/d Petronor refinery in Bilbao was the first to restart, thanks to electricity imports from France, he said. Petroleum reserves corporation Cores has temporarily reduced Spain's obligation to hold 92 days of oil product consumption as strategic reserves by four days, mitigating potential supply issues from the outage. Repsol's refining margin indicator, a benchmark based on European crack spreads weighted to the firm's product basket, has been recovering this week and stood at $7.5/bl this morning, compared with an average of $4.2/bl in April and $5.3/bl in the first quarter, according to Imaz. The company posted a 70¢/bl premium to the indicator in January-March on refinery optimisation and use of heavier and cheaper crudes. This was lower than the $1.20/bl premium it reported in 2024 and negatively affected by the high water content in first-quarter deliveries of heavy Mexican Maya, a staple for Repsol's more complex refineries. The high water cut in the Maya receipts shaved a potential 50¢/bl from Repsol's refining margin premium in the first quarter, and operational issues at the company's Tarragona refinery a further 20¢/bl, according to Imaz. Repsol has already completed the three major refinery maintenance projects for 2025 it flagged at its Bilbao, Tarragona and Puertollano refineries . Work on the three refineries in the first quarter cut about 40¢/bl from the firm's refining margin. The three factors point to a combined $1.10/bl shortfall in the firm's refining margin in the first quarter and were one of the reasons for the 80pc fall in adjusted profit at Repsol's refining-focused industrial division to €131mn ($149mn) in January-March from a year earlier and the 62pc fall in group profit to €366mn. By Jonathan Gleave Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US sanctions weigh on Serbian refiner's sales


30/04/25
30/04/25

US sanctions weigh on Serbian refiner's sales

Budapest, 30 April (Argus) — Serbia's Russian-controlled refiner NIS faced challenges selling oil products to some of its customers in the first quarter due to US sanctions, the company said today. Runs at its 96,000 b/d Pancevo refinery rose despite these difficulties, albeit from a relatively low level a year earlier. The US announced sanctions against NIS in January because of its Russian ownership, but implementation has been postponed several times, most recently until 27 June . Even so, the threat of sanctions led NIS to reduce output at Pancevo as many customers suspended purchases, a source told Argus last month. NIS reported a 4pc year-on-year decline in oil product sales to 719,000t in January-March. Domestic wholesale and retail sales volumes fell by 16pc and 7pc to 246,000t and 203,000t, respectively. Foreign retail market sales decreased by 9pc to 34,000t, and overall motor fuel sales dropped by 8pc to 544,000t. Sales volumes fell partly because some customers terminated their contracts with NIS due to the US sanctions, the company said. Bunkering sales dropped by 25pc on the year because of difficulties in doing business with foreign clients as a result of the US restrictions, it added, without giving details. The negative effects were partially offset by a 75pc year-on-year increase in bitumen and coke turnover and a 3pc rise in jet fuel sales, NIS said, without giving volumes. Sales "through the export channel" were up by 73pc from a year earlier. NIS said it was operating in an "unstable" environment in January-March because of its "exposure to the US sanctions regime". Despite this, Pancevo increased runs of crude and semi-finished products by a third to 853,000t combined in the first quarter, although throughput was relatively low a year earlier due to a scheduled turnaround. The company said it is continuously adjusting Pancevo's slate of imported crude, based on spot market movements and procurement opportunities. NIS announced a tender to supply 2.15mn t of crude for Pancevo in April-December 2025 but cancelled the call earlier this year. By Bela Fincziczki Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Libya hikes official crude formula prices for May


30/04/25
30/04/25

Libya hikes official crude formula prices for May

London, 30 April (Argus) — Libya's state-owned NOC has raised the official May formula prices for seven of its 12 crude grades, increasing them by 15-25¢/bl, while leaving prices for the other five unchanged. The price for Es Sider, Libya's largest export stream, has been raised by 20¢/bl to a 55¢/bl discount to the North Sea Dated benchmark. Argus spot assessments for medium sweet Es Sider have averaged a 69¢/bl premium to Dated this month, when most May-loading cargoes were trading, compared with a 10¢/bl discount in March. Es Sider peaked at an eight-month high premium of 85¢/bl to Dated during the May-loading cycle, driven by strong demand in Europe following the end of the refinery maintenance season. But even though most May supplies of Es Sider have now been placed, the grade's price differentials have since weakened on the back of rising freight costs. Formula prices for the Sarir and Mesla grades have risen the most, both up by 25¢/bl compared with April. NOC has kept the May price for light sweet Esharara unchanged at a 70¢/bl discount against Dated. Algeria's state-owned Sonatrach raised the May formula price for Saharan Blend — Esharara's closest regional competitor — by 20¢/bl on the month to a 40¢/bl premium to Dated. The May price for Libya's Bouri sour grade has risen by 20¢/bl to a $1.35/bl discount to Dated, while NOC has left the price of its other sour grade, Al-Jurf, unchanged. By Ellanee Kruck Libyan offical formula prices $/bl Grade Basis May April m-o-m change Es Sider Dated -0.55 -0.75 0.20 Es Sharara Dated -0.70 -0.70 0.00 Mellitah Dated -1.25 -1.25 0.00 Brega Dated -1.25 -1.40 0.15 Zueitina Dated -0.40 -0.40 0.00 Sirtica Dated -0.60 -0.75 0.15 Bu attifel Dated -0.55 -0.55 0.00 Amna Dated -0.30 -0.40 0.10 Sarir Dated -2.95 -3.20 0.25 Mesla Dated -0.70 -0.95 0.25 Bouri Dated -1.35 -1.55 0.20 Al-Jurf Dated -0.45 -0.45 0.00 Source: NOC Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US economy contracts in 1Q on pre-tariff stocking


30/04/25
30/04/25

US economy contracts in 1Q on pre-tariff stocking

Houston, 30 April (Argus) — The US economy contracted in the first quarter for the first time in three years, on less government spending and a surge in imports as companies stocked up on inventories before tariffs take effect. Gross domestic product (GDP) contracted at an annual 0.3pc pace following growth of 2.4pc in the fourth quarter, the Bureau of Economic Analysis said today. GDP last fell by 1pc in the first quarter of 2022. Economists surveyed by Trading Economics had forecast 0.3pc GDP growth for the first quarter. Businesses stocked up on imports to get ahead of tariffs that President Donald Trump has wielded to restructure the global trading system. A monthly employment report in two days may show the impacts of Trump's mass federal firings, while Federal Reserve policymakers will meet next week to consider the effects of Trump's policies on prices. Imports, which detract from GDP growth, expanded by 41.3pc after falling by 1.9pc in the fourth quarter. Exports grew by 1.8pc after declining by 0.2pc. Consumer spending rose by an annual 1.8pc in the first quarter following 4pc growth in the fourth quarter. Domestic investment, which includes inventory builds, rose by an annual 21.9pc following a decline of 5.6pc in the prior quarter. Spending on equipment rose by 22.5pc following an 8.7pc decline in the fourth quarter. Government spending fell by 1.4pc after growth of 3.1pc. Federal spending fell by 5.1pc after growth of 4pc. Defense spending was down by an annual 8pc. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Repsol sees Spanish refineries back to normal in a week


30/04/25
30/04/25

Repsol sees Spanish refineries back to normal in a week

Madrid, 30 April (Argus) — Repsol said it expects its five Spanish refineries to return to normal operations within a week following Monday's nationwide power outage. The company confirmed that power was restored to all its refineries on Monday evening, allowing the restart process to begin. It will take three days to restart the crude distillation units and 5-7 days to restart the secondary conversion units, with hydrocrackers taking the longest, according to chief executive Josu Jon Imaz. A momentary and as-yet unexplained drop in power supply on the Spanish electricity grid caused power cuts across most of Spain and Portugal, disrupting petrochemical plants and airports, as well as refineries. Imaz noted that Repsol was fortunate that its refineries avoided damage from petroleum coke formation and other solidification processes during the shutdown. Repsol's 220,000 b/d Petronor refinery in Bilbao was the first to restart, thanks to electricity imports from France, he said. State-controlled petroleum reserves corporation Cores has temporarily reduced Spain's obligation to hold 92 days of oil product consumption as strategic reserves by four days, mitigating potential supply issues from the outage. Imaz declined to speculate on the cause of the power outage. By Jonathan Gleave Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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