The International Energy Agency (IEA) has yet to assess the impact of the latest U.S. sanctions on Venezuelan oil supplies, its executive director said on Jan. 30.
Venezuela’s oil exports to the United States remain the primary cash resource for its state-owned oil company, and efforts by the U.S.to cut off that revenue would likely force it to send crude to China, India or other Asian countries.
Turkey has resumed imports of Iranian crude oil after a one-month hiatus in November when U.S. sanctions on Iran were reimposed, trading and shipping sources said.
All countries that were granted waivers from the U.S. to continue buying a certain amount of Iranian oil imports are complying with U.S. sanctions, a senior Iranian energy official said, noting that Tehran was hopeful to find new buyers.
Polish gas company PGNiG is set to receive a spot cargo of U.S. LNG on Dec. 13 as part of plans to reduce its reliance on Russian imports and to become a bigger player in the LNG market.
The deal could be as long as 10 years and include buying a stake in a U.S. project.
Analysts warn that the combination of high oil costs and weakening currencies could cause a global economic slowdown.