Possible Oil for Cuba, APA Income Hit, Shell LNG Deal: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

CRUDE OIL
U.S. to Allow Resale of Venezuelan Oil in Cuba - The U.S. Treasury Department said on Wednesday it would authorize companies seeking licenses to resell Venezuelan oil to Cuba, according to guidance posted on the department's website, a move that could help ease the island's acute fuel scarcity. Venezuela had been for more than 25 years the main supplier of crude and fuel to its political ally Cuba through a bilateral pact mostly based on barter of products and services. Mexico, which had emerged as an alternate supplier, also has halted shipments to the Caribbean island since a fuel cargo arrived in Havana in January, according to shipping data. U.S. President Donald Trump signed an executive order last month threatening to impose tariffs on countries that provide oil to Cuba. That has succeeded at scaring other nations, like Mexico, into sitting on the sidelines.

Trump has said Venezuela's allies that were taking its oil as part of swaps, debt repayments and other agreements must now pay fair market prices for cargoes. These allies include China and Cuba. Even with the new policy, it is not clear whether Cuba can afford oil purchases without favorable terms.

No oil cargoes have departed from Venezuela since January without authorization from Washington, which now controls the country's exports and sale proceeds as part of an agreement with the government of interim President Delcy Rodriguez. (Reuters, NY Times)

PRODUCTION
APA's 4Q Income Falls on Lower Production, Prices - Oil and gas company APA reported a fall in fourth-quarter profit on Wednesday, hurt by lower oil prices and a fall in production. The company said the average price of oil was $61.03 per barrel during the fourth quarter of last year, compared with $72.42 per barrel a year earlier. APA said it produced 459,767 barrels of oil equivalent per day (boe/d), which fell from 488,308 boe/d a year earlier. The company reported net income of $279 million for the quarter ended December 31, compared with $354 million a year earlier. (Reuters)

LNG
Shell, MET Group Sign MoU for U.S. LNG Supply to Europe - Switzerland-based energy trader MET Group said on Wednesday it has signed a memorandum of understanding (MoU) with Shell for the potential purchase of around 0.5 million tonnes per annum of liquefied natural gas (LNG) between 2027 and 2033, sourced primarily from Shell's U.S. LNG portfolio. (Reuters)

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).