China’s National Development and Reform Commission announced a reduction in retail prices of gasoline and diesel starting this Wednesday. This measure is taken in response to recent changes in oil prices on the international market.

According to the country’s top economic regulator, gasoline prices will experience a decrease of 340 yuan ($47.62) per ton, while diesel will be adjusted by 330 yuan ($46.36) per ton.

In line with the current pricing mechanism, which responds to significant variations in crude oil prices in the global market, this reduction comes after previous announcements by the commission.

On November 7, the price of gasoline had already experienced a decrease of 140 yuan ($19.51) per ton, adding to two additional cuts in October, one of 70 yuan ($9.75) and another of 80 yuan ($11.84).

Additionally, the Chinese government has instructed the country’s major oil companies, including China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation, to maintain production and facilitate transportation to ensure the stability of fuel supply.

K. Tovar

Source: UniónRadio

(Reference image source: Dawn McDonald)

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Oil and gas multinationals experience a significant decline in their profits during the first half of the year, as a result of the fall in fuel prices, after an exceptional 2022. However, these companies continue to be profitable.

On Tuesday, the British company BP confirmed this scenario by announcing that its net profit for the second quarter reached 1.8 billion dollars, which represents only a fifth of the results obtained during the same period last year.

For its part, the American ExxonMobil had already revealed that its net profits in the same period fell by 56 %, remaining at 7.9 billion dollars. In addition, its compatriot Chevron also experienced a fall, with profits of 6,000 million dollars, about half of what was obtained in the second quarter of 2022.

British giant Shell was not far behind, as its net profit fell 64 % year-on-year to $3.1bn.

However, the French company TotalEnergies managed to buck this trend a little better, posting profits of $4.1bn, albeit down 28 % compared to the previous year.

K. Tovar

Source: Bancaynegocios

(Reference image source: Zbynek Burival, Unsplash)

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Joe Biden, president of the United States, is evaluating the possibility of temporarily freezing the federal tax on gasoline, a measure that could place the price of a gallon at 18.4 cents for drivers.

Biden affirmed that he was analyzing the measure and estimates to make a decision based “on the data.” According to the American Automobile Association, gasoline prices are close to $5 a gallon, after experiencing their first decline since last week of April.

Likewise, Biden indicated that members of his government team will meet with representatives of the oil companies in order to discuss the increase in fuel prices. “I want an explanation as to why they are not refining more oil.”

The US president criticized the behavior of the oil companies for “obtaining high profits while people are feeling the pressure of the high cost at the pumps and of inflation.”

As will be recalled, within the actions that the US Government has taken to try to avoid the increase in gasoline is the release of oil from the country’s strategic reserve; “the increase in the allowed mixture of ethanol to lower prices for the summer” and the sending of a communication to the refineries urging them to expand their capacity.

However, these measures have not achieved the intended objective and have not yet managed to control the existing pressure on prices significantly. Which is why the Biden administration is analyzing the suspension of the tax on gasoline, which allows canceling the road construction.

Some states such as Connecticut, Georgia and Maryland have already made the decision in their tax bracket and an investigation by the Penn Wharton business school showed that the measure favored consumers “over gas stations and other energy companies.”

M. Rodríguez

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Source: primicia.com

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The US government will allow Italian oil companies Eni SpA and Spanish Repsol SA to start shipping Venezuelan oil to Europe as a way to offset Russian crude starting next month.

The US State Department authorized the two companies to resume shipments through a letter issued last month. However, the details or restrictions are unknown.

Joe Biden hopes that with the restoration of Venezuelan oil flows “it can help Europe reduce dependence on Russia and redirect some of Venezuela’s shipments from China.”

Some sources consider that this new decision by Washington could “provide a symbolic boost” to the Venezuelan government, although they admit that the “volume of crude that Eni and Repsol are expected to receive is not a large amount.”

On the other hand, the sources highlight that the United States considers that “PDVSA will not benefit financially from these cashless transactions, unlike the current sales of oil from Venezuela to China.”

M. Rodríguez

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Source: bancaynegocios.com

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The Treasury Department issued a license on Tuesday to Chevron, the only major US oil company that continues to operate in the South American country, to carry out a possible restart of production, which had ceased under US sanctions, according to The Washington Post newspaper.

This license could mark the beginning of a series of measures aimed at easing oil sanctions, depending on the cooperation of the Venezuelan government, according to senior US officials.

If the government of President Nicolás Maduro returns to negotiations with the opposition aimed at guaranteeing free and fair elections in 2024, the United States could allow Chevron to start sending equipment to Venezuela.

“The world knows that Venezuela has taken its first steps on the road to economic recovery with its own effort, denouncing and overcoming the illegitimate sanctions and the inhumane blockade. Our people are proud of the work and achievements of recent times,” he said. The Vice President of Venezuela, Delcy Rodríguez, reacted on her official Twitter profile.

Given the possible decision by Washington, she has indicated that the Government of Venezuela has already “verified and confirmed” this step, so now Caracas hopes that the path “for the absolute lifting” of the sanctions will begin, which it has described of “illegal”.

“The Bolivarian Government of Venezuela, attached to its deep democratic values, will continue to tirelessly promote fruitful dialogue in a national and international format,” Rodríguez added on his social networks.

The president of Colombia, Iván Duque, has also celebrated this possible step, assuring that it is a “triumph of diplomatic pressure.” “It is up to him to recognize the outrages that were committed in the past against oil companies in that country,” he stressed, according to Caracol Radio.

These movements take place after the lifting of the sanctions on Cuba, imposed at the time of former US President Donald Trump, and in the framework of the Russian invasion of Ukraine, which has caused an unprecedented rapprochement in the last three years between the Biden Administration and the Venezuelan Government.

Oil industry in the spotlight

Washington imposed sanctions on Venezuelan oil in 2019, in retaliation for the 2018 presidential elections. Venezuela currently produces some 800,000 barrels of crude oil a day, far from the three million it maintained for years.

The blockade of the energy industry of the South American country has led to a greater dependence on Moscow, which is why Washington is now considering formulas to reverse some of the sanctions imposed against Venezuela.

The United States has been considering this option for several months. Last March, the US National Security Adviser, Jake Sullivan, stressed in statements to the NBC network that “any relief” from the sanctions will go hand in hand with the “concrete steps” taken by both Maduro and “the people who surround him “.

Source: dpa

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Joe Biden, President of the United States, ordered the release of one million barrels of oil per day for the next six months, in order to replicate the increase in energy prices as a result of the war between Russia and Ukraine.

This is the largest release of oil in US history. Biden said the plan to release up to 180 million barrels of oil is part of a “strategy to lessen the impact of the Russian invasion of Ukraine on domestic energy and gas prices.”

The price of gasoline is currently registering a record increase of almost 5 dollars a gallon compared to 3 dollars at the beginning of the year.

Record profits

On the other hand, the president of the United States referred to the oil companies and sent them a definitive message. In Biden’s opinion, in 2021 the oil companies made record profits equivalent to “80 billion dollars in profits last year and they are driving high prices right now. This is not the time to be stuck with record profits, this is the time to step up for the good of your country,” Biden said.

US consumption is currently around 20 million barrels of oil per day, while global consumption reaches 100 million barrels. With President Biden’s releases, more oil will be placed on the world market, impacting prices and costs.

According to the Department of Energy, US reserves have a “storage capacity of 714 million barrels in underground salt caverns at four sites along the coast of the Gulf of Mexico.”

M. Rodríguez

Source: El Carabobeño

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