Connect with us

World

U.S. Buying More Oil from Russia amid Venezuela Crisis: Report

Published

on

Russia is taking advantage of lost deliveries from sanctions-hit Venezuela and supply cuts by OPEC members to sell more oil to the United States, Bloomberg reports.

According to a report by Caracas Capital Markets managing partner Russ Dallen, 13 ships from Russia delivered almost 5 million barrels of crude and oil products to the U.S. in the first half of May. More supplies are on their way, with American refiners set to triple their monthly intake of Russian crude, the largest foreign producer outside of OPEC.

“Lately, Russian shipments coming to the U.S. seem to be on steroids,” Dallen said.

Through February, U.S. buyers received over 16 million barrels of crude and products, compared about 20 million for the same period last year. For all of 2018, shipments were about 137 million, according to data from the U.S. Energy Information Administration (EIA).

On Monday it was reported that tough U.S. sanctions on Venezuelan oil exports are forcing the country to negotiate with Russia over abandoning the dollar in their bilateral trade settlements. The two countries are in talks over the use of the Russian ruble, according to Jorge Valero, Venezuela’s representative in UN’s Geneva offices. The two parties are also discussing the possible use of Venezuela’s state-backed cryptocurrency known as the Petro.

The state-backed cryptocurrency was intended to serve as a substitute for the failing bolivar currency which has been eroded by hyperinflation, help to dodge U.S. sanctions and give the South American country access to international finance.

“In 2019, we have a schedule for [oil] to be sold in Petros and in this way continue to free us from a currency that the elite of Washington uses,” Maduro said in December 2018.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

World

Moscow Shrugs Off Calls of US Nominee for UN Ambassador to up Pressure on Russia

Published

on

Moscow is not paying attention to statements made by Kelly Craft, a candidate for the post of the US ambassador to the United Nations, that the pressure on Russia must be increased, Russian Deputy Foreign Minister Sergey Ryabkov said on Thursday.

“This is not surprising,” Ryabkov said. “Perhaps present-day Washington is not picking up other candidates for this post. But we are used to such signals and are not paying any attention to them.”

Speaking earlier in the week at the Senate Foreign Relations Committee’s session, Craft announced that Russia was not a friend for the United States and Washington would continue building up its pressure on Moscow.

Continue Reading

World

Kyrgyz Parliament Votes to Strip Former President of Immunity

Published

on

Kyrgyzstan’s parliament has upheld a parliamentary commission’s regulation stripping the country’s former President Almazbek Atambayev of immunity, a parliamentary source told TASS.

“The lawmakers have supported the special commission’s decision that ex-President Atambayev be stripped of immunity,” the source said, adding that 95 out of the 100 legislators present at the parliament meeting had voted in favor of the move, while five had voted against it.

However, according to the source, the president won’t be immediately stripped of immunity. “Under the law, the process will be completed only after the Prosecutor General’s Office issues a positive assessment on the matter and the lawmakers approve it, so there will be another vote,” the source pointed out.

The commission on stripping the former president of immunity, established on June 13, includes members of all six parliamentary factions. Parliament members are supposed to complete the process within three months, otherwise the accusations will be considered abandoned.

The former president is particularly suspected of being involved in corruption schemes related to the reconstruction of Bishkek’s thermal power plant and Historical Museum, the unlawful release of crime boss Aziz Batukayev and illegal deliveries of coal to Bishkek’s thermal power plants, as well as in reassigning plots of land in the country’s Issyk-Kul Region and illegally obtaining a plot of land to build a residential house in the Koi-Tash settlement, Chuy Region.

Atambayev served as Kyrgyz president in 2011-2017.

Continue Reading

World

Russia Welcomes Idea for Persian Gulf Countries to Sign Non-Aggression Pact

Published

on

Russia considers as interesting and productive Iran’s proposal for Persian Gulf countries to sign a non-aggression pact, Russian Deputy Foreign Minister Sergey Ryabkov said on Thursday.

“We have perceived with interest the recent proposal by Iranian Foreign Minister Mr. [Javad] Zarif that Persian Gulf countries should sign a non-aggression pact. This is also a productive idea,” the senior Russian diplomat said.

Zarif earlier stated that Tehran was seeking to establish balanced relations with Persian Gulf countries and was ready to sign a non-aggression pact with them.

Continue Reading

Files