Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Iranian Foreign Ministry spokesperson: No new date or venue has been set for the meeting between Araghchi and Witkoff, and no negotiations will take place until the outcome is guaranteed
Palestinian platforms: Settlers storm Al-Aqsa Mosque complex under the protection of the occupation police
Palestinian platforms: The IOF detonated a booby-trapped robot east of the al-Zaytoun neighborhood, south of Gaza City
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted

Venezuela stops oil shipments to Europe

  • By Al Mayadeen English
  • Source: Agencies
  • 20 Aug 2022 17:31
  • 6 Shares
3 Min Read

Venezuela has just stopped oil shipments to Europe, saying it is done with oil-for-debt agreements and looking for Italian and Spanish refined fuels in exchange for crude.

  • x
  • View of the Jose Antonio Anzoategui oil complex in Barcelona, Anzoategui State, Venezuela, Sunday, July 3, 2022 (AP Photo/Matias Delacroix)
    View of the Jose Antonio Anzoategui oil complex in Barcelona, Anzoategui State, Venezuela, Sunday, July 3, 2022 (AP Photo/Matias Delacroix)

The European Union is going to be struggling to find any fuel sources it can find to supply electricity and heating through the coming winter, according to OilPrice, amid natural gas imports from Russia being cut by 80 percent through Nord Stream 1 along with the majority of oil shipments. Iran and Venezuela were two sources that were originally suggested as alternatives.

Increased Iranian oil and gas exports to the West highly depend on the undecided nuclear deal, but such a deal is unlikely anytime soon as deadlines on proposals have not been met, according to Goldman Sachs.

Read: EU and UK sanctions to exacerbate energy crisis

Related News

Trump approves Patriot missiles to Ukraine, bills EU for costs

Russia slams US-Denmark military pact as threat to its security

After two years of US sanctions, Venezuela restarted shipments to Europe under a deal that allows them to trade oil for debt relief. Nonetheless, the country's government has suspended those shipments now, saying it has no interest anymore in oil-for-debt agreements and wants instead refined fuels from Italy and Spain in exchange for crude.

This might appear like a backward exchange, but Venezuela's own refineries are grappling with the ability to remain in operation due to a lack of investment and repairs. Refined fuels would help Venezuela get back on its feet in terms of industry and energy. Some of the country's own heavy oil operations need imported diluents to continue. The EU says it presently has no plans to lift restrictions on the oil-for-debt deal, which means Europe has lost yet another energy source now.

Venezuela's oil industry has been strangled by the sanctions on the country and the declining investments. Consequently, the overall production dropped by 38 percent this July in comparison with last year. Joe Biden's initial moves to restart talks with President Nicolas Maduro triggered hopes that Venezuelan oil would flow once again and relieve tight global markets and rising prices. Europe, in particular, will be desperate soon for energy alternatives, which will probably lead this autumn to the scouring of markets to meet the bare minimum requirements for heating.

If this happens and they did not find regular sources of energy to fill the void left by sanctions against Russia, prices will rise very steeply in the EU, not to mention that available sources of energy supplies will also shrink for every other nation including the US.  

  • Energy crisis
  • President Nicolas Maduro
  • Venezuela
  • oil supplies
  • Oil prices
  • European Union
  • Europe
  • Oil and gas
  • Russia
  • Nord Stream 1
  • Iran
  • United States
  • us sanctions

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS