The Treasury Department made it easier Friday for US businesses and farmers to buy Venezuelan fertilizer and oil as their prices rise because of the Iran war, Axios reports
Newsquawk Staff ·
The Treasury Department made it easier Friday for US businesses and farmers to buy Venezuelan fertilizer and oil as their prices rise because of the Iran war, Axios reports.
What it means
The U.S. Treasury's easing of restrictions allows for greater access to Venezuelan fertilizer and oil at a time when prices are rising, likely due to supply disruptions stemming from the Iran war. This could lead to short-term relief for U.S. agricultural and energy sectors, but it might also spark concerns about geopolitical implications and long-term dependency on Venezuelan resources.
Sources
- US Weekly Private Energy Inventory Data (bbls): Crude -2.0mln (exp. +0.5mln), Gasoline +2.4mln (exp. -1.3mln), Distillate +0.4mln (exp. -0.9mln), Cushing -0.5mln
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL
- Russian refineries’ crude processing up 25% since drone attacks stopped in mid-October, according to reports, citing sources
- US President Trump says believes I will visit tanker in Texas with Venezuela oil; thinks Secretary of State Rubio will be with him; we are going to accept 1mln bbls of Venezuelan oil
- Russian Deputy PM Novak says domestic refineries are bringing units back online very quickly following maintenance. Russia and the US could begin cooperating on Arctic LNG projects
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