27 February 2025: 16:30 GMT
Markets were falling with the mood all sappy during IE week but then Mr. T decided to spice it up but issuing another sanction, this time to Venezuela. If I’m you think there is a free market, think again. Between Mr. T threatening or missing sanctions or tariffs and OPEC desperately selling a story of demand growth and tight production trading has been reduced to guessing what the next blabber will be. We noticed this morning that Chevron disappeared from the Dubai window and soon it will have to disappear from Venezuela too as the orange storm comes to Venezuela. About a quarter of exports currently end up in the US. After weeks under review, Trump announced yesterday he will revoke the permit Biden awarded to Chevron to operate in the country in November 2022. From bringing in upwards of 600 kb/d in 2018 and January 2019, US imports of Venezuelan crude collapsed to 0 between July 2019 and January 2023. Trump argued on social media that Venezuela failed to take back migrants from the US – ask Colombia how that went for them…
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