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On December 21, the United States intercepted another oil tanker off the coast of Venezuela, which the Venezuelan government called an act of piracy. Jeremy Paner, a partner at the Washington-based law firm Hughes Hubbard and a former investigator with the Office of Foreign Assets Control (OFAC), said the ship was not subject to U.S. sanctions. “The seizure of a vessel not sanctioned by the United States marks a further increase in pressure on Venezuela by Trump,” Paner said. “This also contradicts Trump’s statements that the U.S. will blockade all sanctioned oil tankers.”On December 21, Venezuelan Vice President and Oil Minister Rodríguez condemned the United States for "theft and hijacking" of private vessels carrying Venezuelan oil in international waters on December 20. In a government statement released via social media, Rodríguez stated that this serious act of "piracy" violated international law. He asserted that the colonial model the US government attempted to impose on Venezuela would ultimately fail, and that the Venezuelan government would appeal to the UN Security Council and other multilateral organizations for appropriate action.On December 21, the World Trade Organization (WTO) released its "World Trade Report 2025" on December 20, local time. The report indicates that, with supporting policies in place, artificial intelligence (AI) is expected to increase cross-border trade in goods and services by 34% to 37% and global GDP growth by 12% to 13% by 2040 by improving productivity and reducing trade costs. The report emphasizes the need to bridge the digital infrastructure gap, strengthen skills training, and maintain an open and predictable trading environment to ensure more inclusive growth.According to Business Insider, Apple has advised some employees with visas not to travel outside the United States due to embassy delays.Russian Presidential Special Representative Dmitriev: Russia and the United States are having "constructive" discussions, which will continue in Miami on Sunday.

China Eases COVID Limitations, U.S. Storm Fuels Supply Fears

Skylar Williams

Dec 27, 2022 17:21

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China's latest loosening of COVID-19 limits boosted fuel demand expectations on Tuesday, but fears that winter storms throughout the United States are impacting energy supply continued to support prices.


At 07:12 GMT, Brent oil was up 52 cents, or 0.6%, to $84.44 a barrel, while U.S. West Texas Intermediate crude was up 48 cents, or 0.6%, to $80.04 per barrel. They reached their best level since December 5 early in the session.


Brent surged 3.6% on Friday, while WTI gained 2.7%, marking their largest weekly increases since October.


On Monday, British and American markets were closed for the Christmas holiday.


China will no longer need arriving travelers to undergo quarantine beginning on January 8, the National Health Commission announced on Monday, removing a regulation in place since the beginning of the epidemic three years ago. This increased expectations for a rise in crude oil demand from the largest importer.


China's oil demand is on the mend, which is wonderful news for the refining industry, according to Serena Huang, head of APAC analysis at Vortexa.


The U.S. dollar weakened when China said it will end its quarantine policy. A weakening dollar makes gasoline cheaper for foreign currency holders.


According to Kazuto Saito, chief analyst at Fujitomi Securities Co Ltd, fears of supply interruption due to winter storms in the United States are also supporting oil prices. The worries "prompted purchasing, despite the fact that many market players were on vacation," Saito noted.


The weather in the United States is expected to improve this week, so the rise may not continue long.


More than two dozen people were killed by a snowstorm that immobilized western New York over the Christmas weekend, according to local officials, as teams worked to dig out the region around Buffalo from its strongest winter storm in decades.


Passengers were stranded around the country during the holiday weekend as thousands of flights were canceled due to the bigger storm system.


On Friday, frigid temperatures and strong winds knocked out power and reduced energy output across the United States, forcing up rates for heating and electricity.


Concerns of a potential production decrease by Russia also contributed to the increase in oil prices.


In response to price ceilings, Russia may reduce oil production by 5 to 7 percent at the start of 2023, according to Deputy Prime Minister Alexander Novak, as reported by the RIA news agency on Friday.

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