Energy Report: Skirting Sanction

Iran is defying U.S. sanctions and is daring anyone to do something about it. The apparent election of Joe Biden seems to be emboldening the Iranian regime into thinking that under Joe Biden, it will be back to business as usual. Why have regard for the law when you know that your bad behavior will not be punished?  Iran is sending its biggest fleet yet of tankers to Venezuela in defiance of U.S. sanctions to help the isolated nation weather a crippling fuel shortage, according to people with knowledge of the matter according to Bloomberg.

Bloomberg says that a flotilla of about 10 Iranian vessels will also help export Venezuelan crude after discharging fuel, the people said, asking not to be named because the transaction is not public. Bloomberg says that the “Nicolas Maduro regime is widening its reliance on Iran as an ally of last resort after even Russia and China have avoided challenging the U.S. ban on trade with Venezuela. The country’s fuel crunch follows decades of mismanagement, corruption, and under-investment at state-owned Petroleos de Venezuela since the time of Maduro’s late mentor and predecessor, Hugo Chavez.

The losers of course are the Venezuelan people. Allowing Iran to continue to enable this corrupt regime is a real shame. This government has stolen their dignity and their future. Iran is already getting geared up to its days before the Trump crackdown that will allow them to go back to spreading havoc in the region.  

S&P Global Platts reports that OPEC oil output hit 24.54 million barrels a day, six month high. The increase was not a big surprise to market watchers, and as expected, the return of Libyan oil led to the rise. Yet also a marked increase by the UAE raised some eyebrows. S&P Global Platts said that while the UAE continued to observe strong compliance, their production in November saw a significant 90,000 barrel per day increase as it closed the books on the additional so-called "compensation cuts" that it owed for violating its quota earlier this summer.

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