Brent crude climbs above $73 amid renewed tensions over Venezuela oil

Oil prices have continued to rise on Tuesday after US President Donald Trump on Monday announced that America will impose 25% tariffs on countries buying oil and gas from Venezuela. 

L’annuncio di Trump di sanzioni secondarie contro i paesi che importano petrolio e gas dal Venezuela probabilmente rafforzerà i prezzi del greggio Brent.

These sanctions, scheduled to take effect in April, are designed to exert additional pressure on Venezuela’s already struggling energy sector and could potentially disrupt global oil supply chains. 

Sanzioni statunitensi e prezzi del petrolio

By restricting Venezuela’s ability to export oil and gas, the sanctions could lead to a decrease in global supply, thereby driving up prices. 

The secondary sanctions are also aimed at discouraging countries from doing business with Venezuela, further isolating the country economically and politically. 

This move by the Trump administration is part of a broader strategy to oust Venezuelan President Nicolas Maduro and support opposition leader Juan Guaido. 

Brent crude oil prices settled above $73 per barrel, the highest since late February, after the news broke on Monday.

ING Group’s analysts said in a note:

Il petrolio, insieme ad altre attività a rischio più ampie, ha beneficiato anche delle indicazioni secondo cui l’amministrazione Trump potrebbe adottare un approccio più mirato con tariffe reciproche.

At the time of writing, the price of West Texas Intermediate crude oil on the New York Mercantile Exchange was at $69.47 per barrel, up 0.5%, while Brent on the Intercontinental Exchange was up 0.4% at $72.69 a barrel. 

Venezuela raised production in recent years

Negli ultimi anni, il Venezuela ha registrato una ripresa della produzione e delle esportazioni di petrolio, principalmente attribuita alla decisione dell’amministrazione Biden di allentare le sanzioni che in precedenza avevano paralizzato l’industria petrolifera nazionale.

This easing of sanctions included a significant waiver granted to Chevron, allowing the American oil giant to resume operations within Venezuela. 

The resumption of Chevron’s activities, along with other policy adjustments, has facilitated a gradual increase in Venezuelan oil output, enabling the country to re-enter the global oil market and bolster its export capabilities. 

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Disruptions

China, the US, and India are the primary importers of Venezuelan crude oil.

Tuttavia, questa situazione potrebbe cambiare poiché la deroga alle sanzioni di Chevron, che le consente di operare in Venezuela, scadrà il 27 maggio.

The US Treasury Department gave Chevron 30 days to wind down operations in Venezuela on March 4.

Trump’s new policy relieves some pressure on Chevron to quickly exit Venezuela.

Trump initiated the original wind-down due to his accusations that Venezuelan President Nicolas Maduro was not advancing electoral reforms or facilitating migrant returns.

Questa scadenza potrebbe portare a una diminuzione delle esportazioni di petrolio venezuelano verso gli Stati Uniti.

Inoltre, i dazi precedentemente menzionati saranno applicati a partire dal 2 aprile.

This date also marks the potential introduction of broader reciprocal levies, which may be put into effect on the same day, further impacting trade and economic relations between the involved parties.

“This should be supportive for heavier crude oil grades, of which Venezuela is a key exporter,” ING further said.