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OPEC+ Update

Dec. 9, 2022

The Organization for Petroleum Exporting Countries (OPEC) and its allies including Russia, collectively known as OPEC+, agreed to stick to their October plan to cut output by 2 million b/d from November through 2023.  This decision came one day before the EU ban and a G7 price cap on Russian crude.  The G7 and Australia last week agreed on a US $60/barrel price cap on seaborne Russian oil.  Meanwhile Russia has stated they “will not accept” a price cap on its oil and will not supply oil to countries that implement the cap.  The G7 price cap will ...

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Chevron Granted License in Venezuela

Dec. 2, 2022

The US Treasury Department has taken the first step towards easing some of the sanctions imposed on Venezuela, enabling supermajor Chevron to resume limited natural resource extraction operations and crude oil exports to the US.  The Biden Administration’s decision to ease some of the sanctions, implemented by the US in 2019, came after the resumption of talks last weekend between the Maduro government and political opposition groups in hopes this would resolve political turmoil seen in the country. 

Chevron is preparing to ship the first crude oil cargo from Venezuela to the US by late December.  However, we note ...

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