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Thread: Russia hands Venezuela a $6 billion lifeline

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  1. #11
    Senior Member Judy's Avatar
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    Yes it is true. We don't care who owns the parent government-owned company of Venezuela that owns CITGO. If the Venezuelans shut it down, for their own reasons, or because Russia wants them to, that's their business. We don't care. The less Venezuelan oil sold in the US, the more US oil sold in the US that benefits our own oil companies. Who else is Russia going to sell it to? El Salvador? Columbia? Guatemala? LOL!! Good luck with that.
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    Venezuelan oil must not fall under Russia's tutelage

    BY PETER HUESSY, OPINION CONTRIBUTOR — 05/27/18 03:00 PM EDT 134


    © Getty Images

    Larry Kudlow, the president’s chief economic adviser, wrote years ago that upward oil-price spikes lead to recessions. He is right. According to Robert Zubrin, oil-price hikes over the past four decades were followed shortly afterward by a sharp rise in American unemployment.

    But there is something else. The world’s oil economy, unfortunately, provides billions to official state sponsors of terrorism, like Iran, and other countries that arguably should be on the list, like Russia and Venezuela.


    Now, all of this is connected. Venezuela’s economy is near collapse, and its oil meltdown is getting worse.

    The end of the nuclear deal with Iran could take upwards of another 1 million barrels of oil off the market each day. Add to that the ongoing recurring turmoil in the Nigerian delta and the civil war in Yemen, sitting astride two key oil trade routes on the Red Sea and Persian Gulf, and a future dramatic spike in oil prices is a high probability.
    Working to produce more energy independence in America, the administration has strongly supported fracking, secured approval of both the Keystone pipeline and opening up the ANWR oil reserves, as well as ending the EPA’s war on coal. All told administration policy has helped boost American oil and natural gas production in 2014 to the highest level of any country in the world to more than 11 million barrels a day from a low of under 4 million barrels a day in 2008.

    Unfortunately, there are additional monkey wrenches that could affect oil production and gasoline availability in the United States. A great fear arises from Venezuela borrowing billions from Russia and China and giving these two U.S. adversaries the leverage to possibly cause economic trouble in the U.S. economy.


    Venezuela's state-run oil company, Petroleos de Venezuela (PDVSA), owns the U.S. company and Houston-based Citgo. In December 2016, Venezuela's oil company put up a large stake (49.9 percent) in Citgo as collateral in exchange for a loan from Rosneft.


    Why is that? Because Russia, in this case Rosneft, Russia’s largest petroleum company, could theoretically seize Citgo refineries and gas stations in the United States that it holds as collateral in case Citgo defaults on its loans.


    In 2016, China extended a grace period to Venezuela for its own loans to the country but can demand, under the terms of the deal, that nearly a quarter of all Venezuelan oil exports go to China, further shaking Venezuela’s economy. Such an action may also cut oil available to the U.S. economy at a time when economic recovery here and around the world is pushing economic growth upward and with it the consumption of oil.


    There is, however, a possible solution to at least this part of this oil equation. A group of investors have asked the Treasury Department to approve their purchase of the Russian-held debt from Citgo and PDVSA.

    If Treasury Secretary Mnuchin approves the transaction, the U.S. would deny Russia any leverage they might have.


    In April 2017,
    six senators, warned Treasury of the national security implications of Russia acquiring a large ownership share of a U.S. energy supplier. In June 2017, another group of six Senators again urged the Treasury Secretary to take swift action to protect America’s energy infrastructure from a possible Russian seizure.


    In September last year, Sens. Bob Menendez (D-N.J.) and Marco Rubio (R-Fla.) sent a letter to the Treasury that highlights the threat to national security should Rosneft foreclose on Venezuela’s oil properties located in the United States. According to a joint press release the next day, Menendez and Rubio, members of the Senate Foreign Relations Committee, complained that sufficient action had not been taken by the administration even though the administration had previously told the senators they would intervene in a default situation. The letter was deeply concerned that the further deterioration of economic conditions in Venezuela might trigger actions by Russia and others that could seriously affect the security of America’s energy supply, and that the issue was urgent.


    There is a possible solution to the problem which The Committee on Foreign Investment in the United States (CFIUS) can quickly approve. In February, Reuters reported:

    “Energy and commodities trading firm Mercuria is leading a group of investors seeking U.S. government approval to buy the nearly 50 percent of collateral in refiner Citgo held by Russia’s Rosneft.”

    If their license for the sale is approved, and even if Citgo goes into bankruptcy, the new investors would sustain operations, avoid fuel interruptions and continue to employ Americans working for Citgo in the United States. Approval by CFIUS gives everyone a win-win result.


    Since Rosneft is now under U.S. sanctions, CFIUS should act expeditiouslyto approve the new financing being proposed by this deal.


    The United States must ultimately deny Russia potential energy economic and political leverage against the United States and lessen chances that an interruption in supply will spike oil prices and throw the U.S. economy into a recession.


    Right now, action by the U.S. Treasury cannot happen too quickly.


    Peter Huessy is the director of Strategic Deterrent Studies at the Mitchell Institute for Aerospace Studies of the Air Force Association. He has been a guest professor on Nuclear Policy and Congressional Relations at the U.S. Naval Academy since 2011.

    Previously, Huessy was a senior defense fellow at American Foreign Policy Council.

    https://thehill.com/opinion/national...ssias-tutelage

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  3. #13
    MW
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    Quote Originally Posted by Judy View Post
    Yes it is true. We don't care who owns the parent government-owned company of Venezuela that owns CITGO. If the Venezuelans shut it down, for their own reasons, or because Russia wants them to, that's their business. We don't care. The less Venezuelan oil sold in the US, the more US oil sold in the US that benefits our own oil companies. Who else is Russia going to sell it to? El Salvador? Columbia? Guatemala? LOL!! Good luck with that.
    You're speaking for yourself, not we! The United States government, which includes those folks we elected to represent us, do care. So I'm not exactly sure who this "we" you're speaking of is.
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    - Business - CNN.com
    https://money.cnn.com/2017/11/14/inv...01k/index.html
    Nov 14, 2017 - Dozens of U.S. mutual funds and big banks, which invest on behalf of millions of Americans, own portions of the debt.Venezuela was declared in defaultlate Monday by S&P Global Ratings after a 30-day grace period expired for a payment that was due in October. ... Venezuela owes over $60 billion to bondholders...
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  5. #15
    Senior Member Judy's Avatar
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    Quote Originally Posted by MW View Post
    You're speaking for yourself, not we! The United States government, which includes those folks we elected to represent us, do care. So I'm not exactly sure who this "we" you're speaking of is.
    Oh, sorry, I should have known you wouldn't know who "we" is and identified us differently. "We" are the US taxpayers who don't want to use our money, credit or debt to bail out Venezuela or take in their refugees.
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  6. #16
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    Putin says Trump should blame himself for high oil prices


    • Russian President Vladimir Putin has said President Donald Trump is "right" to complain that global oil prices are too high — but added that the U.S. administration is partly to blame for higher prices.
    • "President Trump has said he thinks the oil price is too high. Well, probably to some extend he's right ... But let's be frank, such oil prices are to some extent the result of the U.S. administration," Putin said.




    Holly Ellyatt | @HollyEllyatt
    Published 7:44 AM ET Wed, 3 Oct 2018 Updated 7:13 PM ET Wed, 3 Oct 2018 CNBC.com

    Alexei Druzhinin | Sputnik | Kremlin | Reuters
    Russian President Vladimir Putin addresses the nation on pension reforms in Moscow, Russia August 29, 2018.

    Russian President Vladimir Putin has said President Donald Trump is "right" to complain that global oil prices are too high — but added Trump is to blame for higher prices.

    "President Trump has said he thinks the oil price is too high. Well, probably to some extend he's right, but we are absolutely OK with it at $65 to $75 per barrel to ensure the efficient operation of oil companies and ensure investment,"

    Putin said Wednesday during an address to delegates at the Russia Energy Week forum in Moscow.


    "But let's be frank, such oil prices are to some extent the result of the U.S. administration. I'm talking about sanctions against Iran, about political problems in Venezuela and just looking at what's happening in Libya."


    Could be significant hole in market without Iranian oil, says RBC's Helima Croft 3:01 PM ET Tue, 25 Sept 2018 | 01:18


    Putin added: "If we touched upon the topic we are discussing now with him (Trump), I would say, if you want to find the culprit of who's guilty that prices are growing then you should just have a look in the mirror."

    Putin's comments come after Trump criticized Russia and OPEC for a 2016 deal in which they agreed to curb oil output in a bid to support prices that had slumped in mid-2014 due to a glut in global supply.


    The deal has worked and oil prices rose. The deal, and subsequent price rise, has drawn criticism from Trump, who said OPEC, Saudi Arabia and Russia are keeping prices high and called on them to increase production and thereby bring down oil prices.


    Trump's criticism of the major oil producers ignores the fact that his own decision to implement sanctions on OPEC members Iran and Venezuela has also put pressure on oil prices, with markets fearing a shortfall in global supply.

    Saudi Arabia and Russia have said they could fill any shortfall created by Iran when sanctions go into effect on November 4. The group of OPEC and non-OPEC producers already agreed back in June to ease production limits, in order to take some pressure off prices.


    Putin defended the deal with OPEC, saying the aim was to balance markets.


    "As for the reduction of production and keeping it quite low, this is just a tool, this is not our goal. Our goal is to balance the market, when we along with our colleagues from OPEC agreed to cut production this is what we talked about, cutting excessive stocks… This is not about the income of oil companies," he said.


    "If the market is not balanced, there is a situation which leads to reduced investment and finally this will create a deficit on the market and prices will leap."

    https://www.cnbc.com/2018/10/03/puti...-to-blame.html

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  7. #17
    Senior Member Judy's Avatar
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    Putin is partially right about that, but at the same time, sanctions on Iran are essential from a foreign policy standpoint to stop nuclear proliferation, a key goal of the United States and I thought the world at large.

    Comments like this are tit for tat in response to our bad treatment of Russia, thanks to the Mueller Russian Collusion Hoax. We need another Summit with Putin and need it right away. A lot is at stake and this divide between the two countries all this time when we had all the ingredients for a new improved relationship with Russia out the gate is just one of the great tragedies of the Mueller Witch Hunt.
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  9. #19
    Senior Member Judy's Avatar
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    Wow. Russia is sending a strong message. Such a shame. We were all set to be new friends, do business, do a trade deal, reset nuclear arms reduction, cooperate on so many things beneficial to our two countries. Such a waste of opportunity for real peace and new positive alliances. It's sad.
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  10. #20
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