Oil

T&T sees highest monthly oil export to US in 7 years

Trinidad and Tobago's oil exports to the United States, reached a notable but not-overly-significant seven-year high in December last year.

This is according to figures released by the US Energy Information Administration.

The data shows that in December 2018, this country's export of crude oil to the US was 1.127 million barrels, the most ever exported in one month, since November 2011.

It was also the highest December delivery to the US, since 2007.

The data does not explain the reason why that month, in particular, accounted for such a high volume.

Oil prices rise after US sanctions on Venezuela

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.

T&T can lose Caricom market for fuel

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.

Blown well continues to spew oil into Gulf of Paria

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.

Oil & gas well ruptures in Gulf of Paria

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.

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