Oil Updates — Crude up; Venezuela president accepts resignation of oil minister  

Oil Updates — Crude up; Venezuela president accepts resignation of oil minister  
Oil Updates — Crude up; Venezuela president accepts resignation of oil minister  

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Jeddah - Yasmine El Tohamy - RIYADH: Oil rose on Tuesday, extending a recovery from a 15-month low hit the previous day, as the rescue of Credit Suisse eased worries about global banking sector risks that could hit economic growth and fuel demand.

After jitters initially on Monday the mood across financial markets has lifted in the wake of UBS’ takeover of Credit Suisse and after major central banks said they would enhance market liquidity and support the banking system.

Brent crude was up 63 cents, or 0.85 percent, at $74.42 per barrel at 02.15 p.m. Saudi time. 

US West Texas Intermediate also gained 66 cents, or 0.98 percent, trading at $68.30. 

OPEC deal contributed to addressing oil market challenges, says secretary general

Haitham Al-Ghais, secretary general of the Organization of Petroleum Exporting Countries, said the group’s agreement to reduce production has helped address challenges facing global oil markets, Iraq’s oil ministry quoted him as saying on Tuesday.

Al-Ghais, who is on a visit to Baghdad, added that OPEC’s most important target is to achieve stability and balance between supply and demand.

Last November, with oil prices weakening, members of OPEC, together with Russia and other allies — a group known as OPEC+ — reduced its output target by 2 million bpd. That was the largest cut since the early days of the COVID-19 pandemic in 2020, and the same reduction applies for the whole of 2023.

“The OPEC agreement is one of the most important historical decisions taken by the members of the organization to face the various challenges faced by the global oil markets,” Al-Ghais said according to the ministry.

Venezuela’s Maduro accepts resignation of oil minister El Aissami 

Venezuela’s President Nicolas Maduro on Monday accepted the resignation of the country’s oil minister Tareck El Aissami, following the detention of at least six high-level officials amid a corruption probe focused on state-run company PDVSA and the judiciary. 

El Aissami had said earlier on Monday on Twitter he would resign to fully support the investigations. The probe especially touches PDVSA, which is supervised by the oil ministry. 

Maduro did not immediately name a replacement for El Aissami, who has served as vice president, and as a minister and mayor over the past two decades. 

Brazil environment agency asks for more info from Petrobras  

Brazil’s environmental regulator Ibama has asked Petrobras for additional information on its plan to drill at the mouth of the Amazon river before authorizing the company to test its emergency oil spill response, the agency’s president told Reuters. 

Ibama has not defined a test date because Petrobras did not deliver all of the documents required, but it will be scheduled as soon as the company provides the information, the agency’s president Rodrigo Agostinho said. 

Petrobas views the mouth of the Amazon as the newest and most important frontier for oil exploration in Brazil and the company planned the test to assess its response in the event of a major spill. 

The company has been working for years to open up a new exploration frontier in a region close to Guyana, where Exxon Mobil has made important discoveries and many wells were drilled. 

Later on Monday, Petrobras said it had just filed details and responses to Ibama’s demands. 

“After analysis and agreement by the environmental agency, the date for carrying out the pre-operational assessment may be defined together with Ibama,” the company said in a statement. 

The area was auctioned in 2013 and Petrobras has planned to explore there for years after BP and TotalEnergies gave up on their assets, even after investing in studies, because of difficulties in obtaining drilling licenses. 

Iran counts on ‘huge volumes’ of oil and gas swaps from Russia 

Iran counts on “huge volumes” of oil and gas swaps from Russia this year, Iranian Economy Minister Ehsan Khandouzi said in an interview with Russia’s RIA state news agency.  

“This year will witness huge volumes of swap supplies. We are very pleased that Tehran and Moscow have started cooperation on the issue of swap supplies of oil and gas,” Khandouzi was cited as saying. 

There were no details on what volumes of oil and gas Iran is expecting. 

(With input from Reuters)  



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