Oil rose above $52 a barrel as the White House announced new sanctions against Venezuela’s state oil company Monday, bringing another supply risk to the market.
Futures rose as much as 1.2 percent in New York, following a 3.2 percent drop Monday.
The Trump administration issued fresh sanctions on PDVSA which effectively block President Nicolas Maduro’s regime from exporting Venezuela’s crude to the U.S.
That came hours after Saudi Arabia pledged deeper cuts in February as part of a deal with its allies to cut oil production.to the market.
Trinidad and Tobago faces the possibility of losing Caricom markets for the export of fuel as the price of fuel coming out of T&T is likely to increase.
Minister of Energy and Energy Industries, Franklin Khan told the Senate today that Caricom countries now have the option of sourcing their products on the open market.
He said that Petrotrin still has the ability to supply small cargoes, including aviation fuel, to small Caricom countries, which gives it a strategic advantage.
Indiscriminate dumping of waste motor oil in a tributary to the Caparo river over the last two months is not only threatening the ecosystem but is also affecting a Tilapia farmer's livelihood.
Senior well-control engineers from the United States and the Energy Ministry experts will make a decision by the end of the week, on how to safely stop high pressures of oil and gas from spewing out of a ruptured oil well in the Gulf of Paria.
The emissions have continued to spout over the past 13 days, causing harm to the environment.
In an interview yesterday, managing director of the Environmental Management Authority Hayden Romano said it was still uncertain how much gas and oil had spilled since the sea-bed well ruptured on July 4.
Fishermen are bracing for losses after an abandoned oil well ruptured in the Gulf of Paria, shooting emissions of oil and gas 40 feet up from the seabed.
Up to late Friday, a high-level team was desperately trying to stop the high pressures of oil and gas from shooting up about 4.5 miles off Orange Valley, Carapichaima.
The oil spill posed a hazard to marine operators and by late evening, fishermen were unable to fish in that vicinity.
The oil spill was reported late Thursday and is believed to have been triggered by recent seismic activity.
An international report is claiming that Trinidad and Tobago loses an estimated $200 million dollars a year in tax revenues from international oil companies.
The report which was conducted by the anti-corruption agency 'Publish What You Pay', claims that giants like Exxon Mobil, Chevron and Tullow Oil establish subsidiaries in Caribbean territories to exploit loopholes in the tax systems.
The agency claims the main purpose of these subsidiaries being planted in Caribbean countries is to secure “treaty benefits” that would otherwise be unavailable to them.
The Ministry of Energy and Energy Industries says it has received a report of a possible leak on a 6-inch diameter pipeline from Platform 9 to Riser Platform 2, Main Soldado Field, Petrotrin Trinmar Operations.
The ministry says the leak was immediately isolated.
In a statement issued Friday afternoon, the ministry noted that early this morning, an assessment was undertaken by Petrotrin Trinmar Operations HSE personnel aboard the vessel, the Gulf Command, and the spill was estimated to be 95% sheen and 5% brown patches.