Politics, Geopolitics & Conflict
While Israel’s Tamar gas field remains shut down due to the conflict with Hamas, Israeli gas flows to Egypt have now resumed (according to Bloomberg sources) from the country’s larger offshore field, Leviathan. Leviathan is used to meet domestic Israeli demand, which has now reportedly been met, freeing up supply for export to Egypt.
Washington has slapped partial sanctions on the state-owned Myanma Oil and Gas Enterprise for funneling oil revenues to the Myanmar military regime. Sanctions will come into effect on December 15 and will prohibit Americans from exporting or re-exporting the company’s oil and gas or from engaging in any financial services related to the company’s business.
Argentina will halt exports of oil and refined products unless domestic refiners manage to normalize diesel and gasoline supplies amid severe shortages at petrol stations this week.
Washington’s easing of sanctions for six months on Venezuelan oil may end up being even shorter-lived as the Venezuelan Supreme Court nullified voting in primary elections for an opposition presidential candidate, in a vote Maduro called a “fraud”. Washington had only temporarily lifted sanctions on the basis of a deal between the Maduro government and the opposition to hold internationally monitored elections in 2024. The White House has not yet made any concrete move as a result of the Supreme Court’s action.