US sanctions six tankers for Venezuela trade

Spanish Market: Crude oil, Freight
19/01/21

The US Treasury Department has designated six tankers for violating US sanctions on Venezuela's oil sector.

The tankers include Cameroon-flagged Panamax crude oil tanker Balita, Suezmax tankers Freedomand shuttle tanker Domani. The Balita is currently in transit, scheduled to arrive in Malaysia on Jan 24, according to Vortexa.

The Liberian-flagged Aframax Baliar was also among the targeted tankers. All of the vessels are managed and operated by Fides Ship Management, located in Odessa, Ukraine, according to the US Treasury.

The US also designated Russian-flagged tankers, the very large crude carrier Maksim Gorky and AframaxSierra. Maksim Gorkyis owned by Instituto Nacional de los Espacios Acuaticos e Insulares (INEA), located in Venezuela and Sierra is owned by Rustanker, located in Krasnodarskiy Kray, Russia, according to the US.

The ships were designated and "blocked" for operating in the oil sector of the Venezuelan economy, according to the US Treasury.

"The United States remains committed to targeting those enabling the Maduro regime's abuse of Venezuela's natural resources," said Treasury secretary Steven Mnuchin said.

The outgoing US administration has been targeting the shipping sector to enact its "maximum pressure" policy to oust Venezuelan president Nicolas Maduro from power.

Along with the vessels the Department of the Treasury's Office of Foreign Assets Control (OFAC) designated three individuals and fourteen companies as part of the Venezuelan sanction evasion network.

By Liz Ramanand

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

16/04/25

Japan’s Honda to produce more cars in US, less locally

Tokyo, 16 April (Argus) — Japanese car producer Honda will produce a car model at its US facility instead of its domestic facility from as early as June, the company told Argus today, possibly to avoid the US' tariffs on foreign car deliveries. Honda will stop manufacturing the Civic Hybrid 5-door model at the country's eastern Yorii plant during June-July and switch the production to its US plant in the state of Indianna, the representative of the firm told Argus . Honda produced 3,000 units of the model during February and March, he added. This comes as part of the company's mid-to long term "optimisation strategy", according to the firm, reiterating that theproduction switch is not a countermeasure against the US' across-the-board 25pc tariff on automobile imports that took effect on 3 April. But this may not be entirely convincing since Honda just started producing the model in February, leaving room for speculation that the transfer is part of a wider strategy to reduce delivery costs to the US market. Honda did not disclose whether the Indiana plant will procure auto parts from its suppliers in Canada or Mexico . Japanese auto industry is still bracing for further developments in the US tariff policy on automobile and auto parts, although US president Donald Trump on 14 April suggested possibly pausing the tariff. Tokyo and Washington will hold a ministerial talk this week to negotiate trade issues, including the levy on auto delivery, along with the 24pc "reciprocal" tariffs the Trump administration separately imposed on Japanese imports. Japanese government is hoping to negotiate for a better tariff deal during the 90-day pause on the reciprocal tariff imposition by the US government, and the automobile industry is seen as a key sector to settle the deal. The US president has long expressed his dissatisfaction against the auto trade imbalance between two countries. Japan exported around 1.3mn units of passenger vehicles to the US in 2024, while Japan purchased around 23,000 units of US passenger vehicles in 2023. By Yusuke Maekawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Opec+ overproducers issue new compensation plans

16/04/25

Opec+ overproducers issue new compensation plans

Dubai, 16 April (Argus) — Seven of the eight Opec+ members that began a gradual unwinding of a combined 2.2mn b/d output cut this month have submitted updated schedules for how they plan to compensate for producing above their respective quotas since the start of 2024. The schedules, released by the Opec secretariat today, show Iraq, Kazakhstan, Russia, the UAE, Kuwait, Oman and Saudi Arabia are planning to produce around 305,000 b/d below their combined production targets on average from April through June 2026 ( see table ). This is to compensate for exceeding their production targets by a cumulative 4.573mn b/d between January 2024 and March 2025, the secretariat said. This figure does not represent a monthly average, but rather the sum of the monthly amount by which the overproducers surpassed their respective output ceilings in this period. It works out to an average monthly overproduction of 305,000 b/d. Algeria is the only country in the group of eight that did not overproduce in that stretch, and therefore does not have to compensate. The previous schedule , which was published in the third week of March, envisaged the seven producing around 263,000 b/d below their combined targets on average from March through June 2026. That was to clear 4.203mn b/d of cumulative overproduction between January 2024 and February 2025, or 300,000 b/d on average per month over that period. This latest schedule factors in the decision by these seven countries, and Algeria, earlier this month to speed up the return of a 2.2mn b/d cut by lifting the group's overall production target in May by 411,000 b/d ꟷ three times more than it had originally planned. If implemented fully these compensation cuts should at least largely offset much of the production increases that would be allowed by the Opec+ group of eight's planned unwind through to the second half of 2026. At most, the compensation cuts would more than offset the planned increases for some months, including for this month. But with serial over-producers Iraq and Kazakhstan responsible for delivering the biggest chunk of these compensatory cuts through to the middle of next year, there is no guarantee of full implementation. By Nader Itayim Opec+ overproduction compensation plan* b/d Month Iraq Kuwait Saudi Arabia UAE Kazakhstan Oman Russia Total Apr-25 120 8 15 5 63 5 6 222 May-25 140 15 0 10 116 12 85 378 Jun-25 140 23 10 132 15 111 431 Jul-25 135 30 10 126 17 137 455 Aug-25 130 38 10 141 19 163 501 Sep-25 135 37 10 135 14 189 520 Oct-25 135 10 160 15 320 Nov-25 135 20 114 269 Dec-25 130 20 69 219 Jan-26 125 33 49 207 Feb-26 125 33 38 196 Mar-26 124 33 40 197 Apr-26 120 57 38 215 May-26 120 62 42 224 Jun-26 120 63 36 219 Average reduction 305 *monthly reduction pledge in addition to existing targets Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

IEA slashes 2025 global refinery runs growth forecast

15/04/25

IEA slashes 2025 global refinery runs growth forecast

London, 15 April (Argus) — The IEA has sharply lowered its forecast for refinery run growth this year, citing escalating tensions in global trade. In its latest Oil Market Report (OMR) published today, the energy watchdog said it expects growth in global crude runs of 340,000 b/d, down by 40pc from its previous forecast of 570,000 b/d. The IEA sees total global crude runs averaging 83.2mn b/d this year. Increased throughput from non-OECD countries still drives this year's growth, with the IEA expecting an increase of 830,000 b/d to 47.6mn b/d. The IEA has not adjusted this figure, as stronger runs in China through the first quarter of this year and higher Russian forecasts have offset downgrades in other non-OECD countries. Chinese crude runs in January and February averaged 15.2mn b/d, around 470,000 b/d higher than the IEA's forecast, it said. The body raised its Russian forecasts from the second quarter as Ukrainian attacks on Russian infrastructure have slowed. The IEA forecasts OECD refinery runs will fall by 490,000 b/d this year because of refinery closures, resulting in a cut from its previous forecast of 100,000 b/d, to 35.6mn b/d. OECD Europe runs are forecast to fall by 310,000 b/d on the year to 10.9mn b/d. OECD crude runs rose by 200,000 b/d on the year in February, 40,000 b/d higher than the IEA expected. Throughput was particularly weak in the first quarter of 2024, when extreme cold cut US run rates. In Mexico, state-owned Pemex's 340,000 b/d Olmeca refinery has still not reached stable operations having started up in mid-2024. The refinery ran no crude in January because of crude quality constraints, the IEA said, and February output there was 7,000 b/d. The IEA estimates the refinery's second crude unit will come online in the fourth quarter. The IEA said refiners will add more than 1mn b/d of global capacity in 2026, but it forecast growths in crude runs of only 300,000 b/d for that year. Assuming all new and expanded refineries come into operation by then, producers will have to cut runs at older refineries, it said. Capacity additions will be largest in Asia-Pacific. The IEA expects China's 320,000 b/d Panjin refinery to come online in the second half of 2026, and for producers to add capacity of 480,000 b/d in India. It sees growth in crude runs as focused on the Mideast Gulf, and runs across the OECD falling. By Josh Michalowski Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Keystone oil pipeline to restart today, pressure capped

14/04/25

Keystone oil pipeline to restart today, pressure capped

Calgary, 14 April (Argus) — The 622,000 b/d Keystone oil pipeline is repaired and has approval to restart at a reduced pressure less than a week after spilling crude in North Dakota. Pipeline operator South Bow is planning a "controlled restart" of the Keystone system today, provided weather cooperates, the company said. The repair and restart plans were approved by the Pipeline and Hazardous Materials Safety Administration (PHMSA), which issued a corrective action order (COA) to the Calgary-based midstream company on 11 April. The pipeline is a major carrier of Canadian heavy crude destined for both the US midcontinent and the Gulf coast but was shut down on 8 April after spilling 3,500 bl near Kathryn, North Dakota. About 2,845 bl had been recovered by 12 April, according to PHMSA. The COA indicates Keystone was operating at 1,251 pounds per square inch gauge (psig) at the time of failure, below the maximum allowed operating pressure of 1,440 psig for the pipeline. Flow rate at the time of failure was 17,844 bl per hour. Keystone will be capped at 80pc of the pressure at the time of the failure, or 1,000 psig. PHMSA noted five prior spills from Keystone occurring in 2016, 2017, 2019, 2020 and 2022 that saw releases of 400, 6,592, 4,515, 442 and 12,937 bl of crude, respectively, which "show a tendency or pattern in recent years of increasingly frequent incidents resulting in larger releases". Prices on either side of the pipeline break narrowed ahed of Keystone's imminent return-to-service. Heavy sour Western Canadian Select (WCS) in Hardisty, Alberta, has narrowed by about 75¢/bl to a $9.10/bl discount to the May Nymex WTI calendar month average, so far, while the same assessment in the Houston, Texas, area has widened by nearly 30¢/bl to about a $2.40/bl discount to the May basis. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Funding cuts could delay US river lock work: Correction

14/04/25

Funding cuts could delay US river lock work: Correction

Corrects lock locations in paragraph 5. Houston, 14 April (Argus) — The US Army Corps of Engineers (Corps) will have to choose between various lock reconstruction and waterway projects for its annual construction plan after its funding was cut earlier this year. Last year Congress allowed the Corps to use $800mn from unspent infrastructure funds for other waterways projects. But when Congress passed a continuing resolutions for this year's budget they effectively removed that $800mn from what was a $2.6bn annual budget for lock reconstruction and waterways projects. This means a construction plan that must be sent to Congress by 14 May can only include $1.8bn in spending. No specific projects were allocated funding by Congress, allowing the Corps the final say on what projects it pursues under the new budget. River industry trade group Waterways Council said its top priority is for the Corps to provide a combined $205mn for work at the Montgomery lock in Pennsylvania on the Ohio River and Chickamauga lock in Tennessee on the Tennessee River since they are the nearest to completion and could become more expensive if further delayed. There are seven active navigation construction projects expected to take precedent, including the following: the Chickamauga and Kentucky Locks on the Tennessee River; Locks 2-4 on the Monongahela River; the Three Rivers project on the Arkansas River; the LaGrange Lock on the Illinois River; Lock 25 on the Mississippi River; and the Montgomery Lock on the Ohio River. There are three other locks in Texas, Pennsylvania and Illinois that are in the active design phase (see map) . By Meghan Yoyotte Corps active construction projects 2025 Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more