US Daily Oil Summary: US Will Not Renew Venezuela Sanctions Waiver

The Biden administration said it will not renew the Venezuelan sanctions waiver that was due for expiry earlier today and had eased its ability to export oil to wider markets – namely the U.S.

• The US’ reimposition of oil and gas sanctions on Venezuela is to hamper production by 120k b/d by 2025, according to Rystad Energy’s Senior Vice President Jorge Leon.
• Venezuela is willing to continue to do business with foreign firms, even after the expiration of the broad U.S. license that allowed it to feely export its crude for the last six months, according to its oil minister Pedro Tellechea Wednesday.
• The Delek Big Spring refinery Texas reports reduced rates amid maintenance on a processing unit according to a Texas Commission on Environmental Quality filing.
• Bidders for Citgo's US refining assets have until 11 June to submit offers with a tentative sale hearing set for July 15. 805,000 bpd of refining capacity and associated assets are open for offer.
• The Greenback has ticked up during US hours, with the Bloomberg dollar spot index up around 0.18%, carried by the rise in US yields. Support follows comments from the NY Fed showing little urgency to cut rates.
• Initial jobless claims were a little lower than expected at a seasonally adjusted 212k (cons 215k) in the week to Apr 13.