Companies That Buy Crude Oil
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DOE plans to deliver SPR sweet crude oil from June 21 until June 30 and SPR sour crude oil from July 1 until August 15. DOE must receive bids for this notice of sale no later than 10:00 a.m. Central Time on June 1, 2022, and will award contracts to successful offerors no later than June 10, 2022.
The SPR is the world's largest supply of emergency crude oil, and the federally owned oil stocks are stored in underground salt caverns at four storage sites in Texas and Louisiana. The SPR has a long history of protecting the economy and American livelihoods in times of emergency oil shortages.
Iranian national Rouzbeh Zahedi (Zahedi) also worked with the network to help transport the Iranian oil abroad and procure funds on behalf of Hizballah and the IRGC-QF. Zahedi used his companies to transfer funds to IRGC-QF and Hizballah members and coordinated activities closely with Mohamed El Zein (El Zein), a Hizballah member who was also part of the oil smuggling network and the son of a high-ranking Hizballah communications director. El Zein used forged invoices for consulting and shipping services from shell companies to hide the origin of financial transactions.
Viktor Artemov (Artemov) oversees much of this vast network of cover companies and shipping services to receive, conceal, and sell oil. Artemov and his associates used their network to illegally transport Iranian oil abroad and procure funds on behalf of Hizballah and the IRGC-QF. Artemov used his companies to buy and sell oil tankers that were then used to transport blended Iranian oil on behalf of the oil smuggling network. Artemov also planned oil sales to Asia-based buyers as of late 2021 with Muhammad Ibrahim Bazzi, a key Hizballah financier who was designated by OFAC in May 2018 for providing material support to Hizballah.
Artemov leverages all of these companies to transfer and obfuscate ownership of vessels involved in the illicit oil smuggling network. In May 2022, Artemov conferred with an associate about possibly changing the ownership of the Zephyr I to another shell company. At that time, both Artemov and his company, Petro Naviero, owned significant shares of the Zephyr I. In March 2022, Artemov authorized his company, Centrum Maritime, to purchase the Zephyr I for over $11 million. In April 2022, Artemov authorized the sale of the Zephyr I to another shell company partially owned by Centrum Maritime.
Tatiana Ryabikova (Ryabikova) is being designated pursuant to E.O. 13224, as amended, for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of, Artemov. As of 2022, Ryabikova was an employee of Artemov, and was involved in coordinating financial activities for Artemov and his companies and managing the incorporation of his companies. She also helped facilitate the purchase of vessels and the charter of other vessels for Artemov.
Furthermore, engaging in certain transactions with the individuals and entities designated today entails risk of secondary sanctions pursuant to E.O. 13224, as amended. Pursuant to this authority, OFAC can prohibit or impose strict conditions on the opening or maintaining in the United States of a correspondent account or a payable-through account of a foreign financial institution that knowingly conducted or facilitated any significant transaction on behalf of a Specially Designated Global Terrorist.
A: The oil is sold to eligible companies that make the highest offers. Some of the companies are U.S. subsidiaries of foreign companies, and some that purchased oil have then exported a portion to buyers overseas. Exports increase the global supply and still help with U.S. gas prices, experts told us.
However, because the price of gasoline depends largely on the cost of crude oil, which is mostly based on global supply and demand, experts told us that oil sold from the reserve does not need to stay in the U.S. to bring down gasoline prices.
And since Congress lifted a nearly 40-year ban on most U.S. crude oil exports in 2015, the Department of Energy, which maintains the stockpile, cannot dictate whether companies can export oil purchased from the petroleum reserve, the department said in an email.
In late March, to counteract a decline in the global supply of oil that has contributed to price increases, the White House announced that Biden had authorized the release of about 1 million barrels of crude per day from the reserve for six months. (That came after previous, smaller authorized releases in the fall of 2021 and earlier in 2022.)
For example, U.S. oil refiner Phillips 66 is one of the American companies that has purchased SPR oil made available this year. Reuters reported that, in June, the company shipped about 470,000 barrels of the crude oil it bought to Italy, according to government data. The news agency found that other companies that bought reserve oil also made shipments to the Netherlands, India and China.
Furthermore, the U.S. already exports plenty of oil to other countries, including China, and has done so for years. Annual exports of crude oil have averaged around 3 million barrels per day since 2019.
A: There is currently no strong evidence that acetaminophen use during pregnancy causes autism or ADHD in children. Expert groups continue to recommend use of the drug during pregnancy when necessary and in consultation with a doctor.
No. The importation prohibition of E.O. 14066 applies to the import of certain products of Russian Federation origin to the United States and excludes imports that are not of Russian Federation origin, even if such items transit through or depart from the Russian Federation. The CPC transports crude oil through the CPC pipeline that is predominantly of Kazakh origin and that is marketed and loaded with a certificate of origin verifying that the crude is of Kazakh origin. Any crude oil that is primarily of Russian Federation origin is marketed and loaded separately and certified as Russian origin. For purposes of assessing whether crude oil marketed by the CPC is of Russian origin, U.S. persons may reasonably rely upon a certificate of origin, but should exercise caution if they have a reason to believe such certificate has been falsified.
E.O. of March 8, 2022 prohibits the importation into the United States of crude oil; petroleum; petroleum fuels, oils, and products of their distillation; liquefied natural gas; coal; and coal products of Russian Federation origin. To the extent the import of such products of Russian Federation origin outside of the United States does not involve a sanctioned person or an otherwise prohibited transaction, non-U.S. persons are not exposed to sanctions under E.O. of March 8, 2022. However, targeted prohibitions or restrictions may apply to certain energy-related dealings with specified Russian persons under other sanctions authorities, such as E.O. 13662 or E.O. 14024.
Yes. E.O. of March 8, 2022 prohibits the importation into the United States of crude oil; petroleum; petroleum fuels, oils, and products of their distillation; liquefied natural gas; coal; and coal products of Russian Federation origin. It does not prohibit U.S. persons from engaging in transactions to sell or re-direct shipments that were previously destined for the United States. In addition, the Office of Foreign of Assets Control (OFAC) has issued General License (GL) 16 to authorize the limited import of these items pursuant to pre-existing written contracts or written agreements through April 22, 2022 (see FAQ 1015). Such shipments into the United States can still be imported in compliance with E.O. of March 8, 2022. OFAC may issue specific licenses on a case-by-case basis to authorize shipments occurring after April 22, 2022 or other activity outside the scope of GL 16.
Through 12:01 eastern daylight time, April 22, 2022, Russia-related General License (GL) 16 authorizes all transactions prohibited by E.O. of March 8, 2022 that are ordinarily incident and necessary to the importation of crude oil; petroleum; petroleum fuels, oils, and products of their distillation; liquefied natural gas; coal; and coal products of Russian Federation origin pursuant to written contracts or written agreements entered prior to March 8, 2022. GL 16 does not authorize entry into new contracts.
Additionally, E.O. of March 8, 2022 does not prohibit transactions such as the unwinding of contracts or other business-related activities by U.S. persons to comply with the import ban imposed under E.O. of March 8, 2022. Likewise, E.O. of March 8, 2022 does not prohibit U.S. persons from engaging in transactions to sell or re-direct shipments that were laden on or after March 8, 2022 and previously destined for the United States.
Volatility describes how quickly and easily the oil evaporates into the air. Higher-volatility oils need additional processes to control their environments during extraction to ensure that as little oil as possible is lost.
High U.S. fuel prices in October 2021 prompted the Biden administration to consider a variety of policy measures to reduce the prices at the pump after OPEC+ (consisting of OPEC and its oil-producing allies such as Russia) declined to raise its oil production further. Most prominent among these measures have been calls for a release of oil from the U.S. Strategic Petroleum Reserve (SPR) and for a U.S. crude oil export ban.
In late November 2021, the administration announced that the Department of Energy would release 50 million barrels of medium-grade crude from the SPR in an effort to lower the price of gasoline, hoping that OPEC+ would not offset this release by cutting its production targets.
It is unclear what the demand for this oil will be, given that SPR exchanges are designed to deal with temporary supply shortfalls rather than persistent gasoline price increases driven by higher demand. Indeed, there are concerns that oil prices may surge, starting in 2023, when rising demand after the COVID-19 pandemic confronts inelastic supplies following years of underinvestment in oil production. 59ce067264