Most of these pipelines focus on crude oil not products which will shift where refined products are produced. Good for Asian refineries, less good for those who were buying or selling products from Gulf. Gas too not addressed.
Rachel Ziemba
And they’re off… a week after GL allowing Venezuela to hire advisers, they set out principles for debt restructuring, and plans to release their macro assumptions and DSA in June. Battle for DSA assumptions begins.
Notice who isnt mentioned (IMF)
www.businesswire.com/news/home/20...
I also learned a new word - celerity. Swiftness of movement. Jokes aside. I will be watching for macro assumptions and what kind of extensive debt writedown and swap is proposed, and what sort of upside kickers. Still expect that Venezuela and creditors are aways apart
Good to see @NYFedResearch looking into something that has been worrying me since Feb 28- the downstream effects of Hormuz related disruptions including on AI supply chains (which are the biggest imports and investment drivers US right now.
libertystreeteconomics.newyorkfed.org/2026/05/will...
Good news UAE (Abu Dhabi) investing in additional egress capacity for oil to bypass Strait of Hormuz to come into effect sometime in 2027. Part of theme of more investing in new infra and logistics. Pathway optionality for crude (less so products), security still a factor given proximity to Iran
Rachel Ziemba
As expected new exemption on Russian crude, but its much narrower. It allows more time to buy fuel loaded as of April 17. At least for now does not allow trade of fuel loaded in last month. More an argument of draining existing supplies, but given volumes, this means diminishing marginal returns
Part of AD trying to show pathway for its surplus capacity to market, and alternate egress. They are also (via L’mad) investing in other port capacity that could include pipelines in Jordan to expand Aqaba,
Guidance sets frame around outstanding Eurobonds not other arrears. Includes sovereign and PDVSA liabilities (bonds) to private lenders. Would seem to exclude Chinese loans tho its not explicit. Issues also around how some of the later bonds treated.
