In May, the State Department allowed Italy’s Eni and Spain’s Repsol to resume Venezuelan oil operations.
European companies began buying oil in Venezuela against the backdrop of falling supply in the world market, Reuters wrote.
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Thus, the Italian company Eni chartered a tanker with Venezuelan oil in the amount of 650,000 barrels.
In May, the U.S. State Department allowed Eni, as well as Spain’s Repsol, to resume Venezuelan oil operations as a way to pay off outstanding debt and billions of dollars in dividends.
The second tanker, Eni’s charter, will also soon head to Venezuela and is expected to load 2 million barrels of diluted crude oil and deliver it to Europe. This shipment will be split between Eni and Repsol of Spain.
OPEC predicts a slowdown in global oil demand growth next year to 2 million barrels per day from 3.36 million this year.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.