HomePaís PetróleoThe US imports more oil from Venezuela than from Guyana

The US imports more oil from Venezuela than from Guyana

Even though financial greed has a relevant weight in US geopolitical decision-making, on some occasions tactical cunning tells the government of that country that it must moderate the voracious appetite of its oil companies, if they wish to make their profits and profits sustainable. taxes they pay to the Treasury of that nation.
At times like the current one, it is likely that such an idea is being applied by the US Government in its relationship with Venezuela, when the issue is the defense of ExxonMobil's interests in Guyana.

Let's look at it like this. It turns out that the latest report from the organization that groups and defends the interests of oil-consuming countries, the International Energy Agency, drew up accounts on how US crude oil imports are doing; and what at any other time would not have been news; Today, paradoxically, it is.

After the sanctions brought down Venezuela's production and exports to the United States, the organization reports that that nation is receiving more Venezuelan oil than from Guyana, in such a volume that Bolívar's Homeland is ranked sixth on the list of countries. crude oil exporters to the northern country.

According to data cited by the Bloomberg agency, Venezuelan crude oil exports to the US stood at 177.000 barrels per day (bpd) for the month of March 2024, which represents a year-on-year increase of 62%.

From the ranking point of view this is significant, since in February Venezuela had fallen to tenth place by exporting 142.000 barrels per day, bpd, and was overtaken by Guyana (227.000).

In quarterly terms, Venezuela's crude oil exports grew 56% compared to the average reached in the first quarter of 2023. From January to March 2024, the country averaged 157.000 bpd, while last year on the same dates it was 69.600 bpd .

Canada comfortably occupies first position with 3.852.000 bpd; Mexico, although its exports have fallen 43% year-on-year, continues to occupy second position by exporting about 409.000 bpd; Saudi Arabia also falls 22% compared to March 2023 by exporting 351.000 bpd; However, it still retains the number three spot on the list.
The rest of the classification is made up of: Brazil (209.000), Colombia (200.000), Venezuela (177.000), Iraq (164.000); Nigeria (138.000) and Guyana (129.000).

From here several geopolitical interpretations arise, one of which is that even though the Southern Command already has military bases in the neighboring country and its president, Irfaán Ali, is an obedient employee of ExxonMobil, the decision to further harass Venezuela must go through some filters, all woven with the economic (political) consequences that further intensifying aggressive actions against the country would have for the US.
One of them: inflation in the US. The rise in prices in the great northern nation has many faces that scare the pockets of consumers, who are “electorally” sensitive to any triggering increase in the price of gasoline, no matter how minimal it may be.
The Associated Press news agency reported that consumer sentiment in the United States fell sharply in May 2024 to its lowest level in six months, with Americans citing high inflation and high interest rates, as well as fear that the Unemployment could increase.
“The University of Michigan Consumer Sentiment Index fell to 67,4 this month from the final figure of 77,2 in April. The May figure is still about 14% higher than a year ago. Overall, consumer sentiment has been bleak since the pandemic, and particularly since the first inflationary spike in 2021.”
In the last 100 years, the dollar has lost more than 95% of its value, according to official United States statistics.
Thus, a recent precedent that gives indications that the US cannot, Beware! In the current context, stripping Venezuela's fangs so much is the high-sounding revocation of License 44, which allowed American people and companies, and any other company fearful of sanctions, to do oil business and financial operations with PDVSA and the BCV. .
High-sounding, because the inflated and vaunted decision did not completely revoke the previous “permission” for operations and transactions granted to Pdvsa and the BCV on October 17, 2023, called License 44, replaced by License 44A, which contains several ins and outs. that the same resolution is responsible for responding.
The new License 44A revoked the granting of open and general permission to companies that had been given in October 2023 to operate, although always subject to scrutiny and restrictions, in the oil sector. From now on, all applications to operate in Venezuela will be subject to review, case by case, by the Office of Foreign Assets Control.
The operations of Chevron, Shell, Repsol, and those of the rest of the oil services companies that already operate in Venezuela were not touched at all. The first will continue with its operational and investment plans through the four joint companies in which it is a minority partner with PDVSA; The second can continue with the agreement to produce gas for 30 years signed with Venezuela. None of those already in the country were asked to leave.
Seen from a distance, with market control criteria, taking into account the maxim that the US does not have friends but interests, the new 44th License allows, as it continues and has allowed, the entry into Venezuela of companies that the US is interested in, while It scares away and subjects new and potential investors eager to make agreements to invest and operate in the country to scrutiny and approval.
Therefore, new companies that fear being sanctioned will have to request and wait for permission from the US Office of Foreign Assets, which has the political counterweight that it will have to answer the basic question of why these companies do and we don't. .
These variables: inflation, need for Venezuelan oil and the consequent operating permit for oil companies that the US is interested in, reveal the importance of Venezuelan oil, which indicates that support for ExxonMobil and Guyana has its flaws, measured by the depends on how (oil) relations with Venezuela are going.

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