NEW YORK: Oil prices rose more than 2 percent on Tuesday after the United States imposed sanctions on state oil company PDVSA, a move likely to reduce OPEC oil exports and alleviate some global concerns of oversupply. International Brent crude futures rose $ 1.39 to settle at $ 61.32 a barrel, an increase of 2.32 percent, while US West Texas Intermediate (WTI) crude futures. UU They increased by 1.32 or 2.54 percent, to settle at 53.31 dollars per barrel. Venezuela is among the largest producers of heavy crude in the world, and the United States has been its largest customer, with almost half of the country’s export volumes. The restrictions of the Trump government on Venezuelan crude, aimed at expelling President Nicolás Maduro from power, do not allow US companies to buy oil from the Latin American country. However, revenues from these sales will be placed in a “blocked account” that should discourage PDVSA from shipping crude to the United States. “Today’s price advance seemed like a belated reaction to yesterday’s Venezuelan headlines, as traders may have had doubts about the impact on domestic oil supplies,” said Jim Ritterbusch, president of Ritterbusch and Associates, in a statement. note. In addition, “he wrote that the chances of some refiners from the Gulf Coast having to pay for alternative actions from places like Saudi Arabia, has already suggested that they will direct charges outside the United States.” Venezuela’s exports fell to just over 1 million barrels per day (bpd) in 2018 from 1.6 million bpd in 2017, according to Refinitiv vessel tracking data and commercial sources. Petromatrix estimated that Venezuelan exports will drop by 500,000 barrels per day under current conditions. Venezuela is a member of the Organization of Petroleum Exporting Countries, which is implementing a supply reduction agreement to support prices. Russia, the largest non-OPEC ally, and China have publicly denounced US sanctions. Meanwhile, Libya’s largest oil field, El Sharara, will remain closed until the departure of an armed group occupying the site, said the head of National Oil Corp. For the chart on Venezuela’s crude oil exports, despite some reductions, the world’s oil supply remains high, largely due to an increase of more than 2 million barrels per day in the production of crude oil. USA UU Last year to a record of 11.9 million barrels per day. Last week, US crude reserves rose by 1.1 million barrels compared to analysts’ expectations of a 3.2 million-barrel increase, the industry group, the American Petroleum Institute, said on Tuesday. after prices stabilized. Oil and gas inventory data from the US Energy Information Administration. UU They will be published on Wednesday. Some in the oil industry are also concerned that gross demand may stammer if the trade war between Washington and Beijing slows global economic growth. In China, a major importer of oil, signs of a slowdown have emerged. Activity in its vast manufacturing sector is expected to shrink for the second consecutive month in January, according to a Reuters poll.

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Amazon.com Inc. and Walmart Inc. suffered a blow in India, the next frontier of e-commerce, when the government rejected requests to defer a deadline that requires online retailers to comply with stricter new rules as of Friday.

That means that Flipkart, owned by Amazon and Walmart, the two largest online retailers in India that dominate the market, will not be able to sell the products of the companies in which they have commercial interests, which will drastically reduce the categories and products. offered to buyers.

The regulations disclosed at the end of December also prohibit online retailers from allowing companies to sell products exclusively on any of the platforms. This prevents them from making deals to promote items such as new smart phones or affordable televisions that could not be sold off-line or through competitors. The strict rules also prohibit online retailers from influencing prices, a step that could mean the end of the great discounts offered to attract new online shoppers.

Such strategies by global companies have been controversial in a country where organized retail sales represent only about 10 percent of a market dominated by small vendors and family stores. The government’s decision on e-commerce rules comes months before a crucial general election. Traditionally, small merchants have been part of a support base for the ruling Bharatiya Janata Party.

Amazon and Walmart have big bets in India. Amazon has already committed to invest more than $ 5.5 billion in the country, and Walmart spent $ 16 billion last year to acquire a start-up company, Flipkart Online Services Pvt.

The two online retailers have accumulated vast inventories in companies in which they have commercial interests and have sought an extension of four to six months to help unload those products. The decision to go ahead with the new rules scheduled was announced on Thursday night in a statement from the Department of Industrial Policy and Promotion of India.

Now, products must be removed from e-commerce platforms at night.

“While we remain committed to complying with all laws and regulations, we will continue to work with the government to seek clarifications that will help us decide on the future course of action, as well as minimize the impact on our customers and vendors,” he said. Amazon in a statement on Thursday night.

Analysts at Morgan Stanley estimate that Amazon will have $ 6.5 billion in sales in India in 2019, which represents 2.3 percent of the company’s total revenues. Even if Amazon’s business in India stopped growing in 2019, according to Morgan Stanley it would be an extreme result, it would only slow the growth of Amazon’s overall revenue by about half a percent for the year.

Flipkart did not respond to the calls for comments. He had previously warned in a letter of “significant customer disruption” and is also said to have told the government that such a measure would stop the growth of e-commerce in India.