US Energy Secretary Wright says balance can be had with China in Venezuela, according to a Fox Business Interview; will not allow China to have huge control over Venezuela
Newsquawk Staff ·
- Trump wants peaceful relations with China going forward.
- There can be commerce with China.
- No plans to do anything in Iran.
- ConocoPhillips (COP), Exxon (XOM) and others look to have a constructive role in Venezuela.
What it means
The remarks from US Energy Secretary Wright suggest a nuanced approach to US-China relations regarding Venezuela, which may ease some tensions but also indicates vigilance to prevent excessive Chinese influence. This could impact energy markets, particularly for companies like ConocoPhillips and Exxon, as US firms may find pathways for engagement in Venezuela, potentially balancing the geopolitical landscape. Traders should monitor how these dynamics affect oil prices and broader energy sector sentiment.
- CRUDE WRAP: WTI (Z6) SETTLES USD 0.37 LOWER AT 96.09/BBL
- Eight tankers carrying 300,800 tonnes of Russian diesel are being monitored on potential voyages to the US, with seven declaring the US as their destination and arrivals expected from November 7th, according to Ukrainian sources cited by an RFE journalist
- US Energy Secretary Wright says that the best way to address high prices is high prices themselves, which spur supply growth; therefore, supply is increasing
- Venezuela's October oil exports 1.08mln bpd, almost unchanged, according to shipping data
- US CRUDE WRAP: WTI (Z6) SETTLES USD 2.88 HIGHER AT USD 102.78/BBL
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