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Venezuela's PDVSA claims cyber attacks have not affected its operations and blames the U.S.
The attack comes amid high tensions between the U.S. government and Venezuelan government, including a large-scale U.S. military buildup in the'southern Caribbean,' U.S. strikes on alleged drug trafficking boats that have killed?80 people, and comments from U.S. President Donald Trump that land operations may begin soon?in Venezuela. The attack occurs amid high tensions in relations between the U.S. government and Venezuelan government. This includes a massive U.S. build-up of military forces in the southern Caribbean, U.S. attacks on suspected drug trafficking vessels that have killed '80 people, and comments by U.S. president Donald Trump that he may soon begin land operations?in Venezuela. The U.S. has captured Venezuelan oil cargo for the first time since sanctions were implemented in 2019. This has led to a dramatic drop in Venezuelan exports. It also hit crisis-hit Cuba which faces daily power outages. PDVSA employees fought back against the "foreign interest in complicity" with domestic entities that were "seeking to destroy Venezuela's sovereign energy development," according to the statement. The statement also said the attack was part U.S. efforts aimed at controlling Venezuela's oil through "force and piratery." The statement did not provide any further details about the attack. Venezuela's government blames "problems" like blackouts on the opposition and foreign entities such as the U.S. Central Intelligence Agency without providing evidence. But sources said effects ?were ongoing. One company source stated that "there's no cargo delivery, all systems are down." Sources said that PDVSA had ordered administrative and operations workers to disconnect themselves from the company systems, and limited access to PDVSA facilities for indirect workers. Reporting by
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Data shows that Azerbaijani oil exports through the BTC pipeline fell 7.1% year-on-year between January and November.
Azerbaijani figures show that Azerbaijani oil exports through the Baku, Tbilisi, and Ceyhan pipelines fell by 7.1% between January and November, as a result of contaminated oil. Azerbaijani crude oil cargoes were found to contain organic chloride in July. This caused several days of delays in loadings at the?BTC Ceyhan Terminal in Turkey. The BTC pipeline that runs through Georgia - to Turkey - is used for?exporting oil from BP's Azeri, Chirag, and Guneshli fields. According to Azerbaijan’s statistics committee, the total amount of oil shipped through the BTC in the first 11 months of this year was 33.4 million tonnes, with 74.6% of that being transported via the BTC. Data showed that the volume of transit oil imported from other countries (such as Kazakhstan, Turkmenistan and others) via the BTC dropped to 3.707 millions tons between January-November, from 4.890 in 2024. (Reporting and editing by Kirovan Donovan. Nailia Bagirova)
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Russia considers extending gasoline, diesel exports ban until February, state media reports
State news agencies reported on Monday that Russia was considering extending the diesel and gasoline export restrictions until February. Anonymous sources were cited. On Monday, Russian Deputy Prime Minister Alexander Novak presided over a meeting about the fuel market. The participants included officials from the Energy Ministry, the Federal Anti-Monopoly Service (FAMS) and representatives of oil companies. After the meeting, the government stated that the fuel producers kept the supply balanced. There is a downward trend in the fuel price for small wholesalers. The government has confirmed that the required fuel volumes are being provided to agricultural producers. The Russian government has extended the gasoline export ban to the end of this year and imposed a partial export ban on diesel at the end of September. The ban on diesel exports included marine fuel and other gas oils. The ban only applied to distributors and not direct producers. At that time, there were gasoline shortages in several Russian regions including Nizhny Novgorod (east of Moscow) and the far east. Since then, no major disruptions have been reported. Reporting by Vladimir Soldatkin, Olesya Astakhova and Andrew Osborn.
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The Louvre Museum in France has closed due to a rolling strike by workers
The Louvre museum in Paris closed Monday due to a staff strike demanding better working conditions. This also meant that the museum was not open during one of its busiest seasons. The museum has been dealing with recent infrastructure issues, including a leaky water pipe that damaged ancient books. The Louvre welcomes around 30,000 visitors per day. The museum will not reopen until Wednesday because it is normally closed on Tuesdays. Workers will then decide if the strike will continue. The museum was closed at its usual 9 am opening time on Monday after unions announced a walkout last week. This happened shortly before the vote that confirmed the walkout. Around?400 of the 2,200 museum employees supported the strike. The Louvre announced on X that the museum was closed due to a strike. COMPLAINTS? OVER WORKING CONDITIONS The CFDT union, CGT union and Sud unions called the strike in response to what they described as "increasingly deteriorated working conditions" The unions claimed that employees suffered from "an increasing workload" and from "contradictory orders" which prevented them from performing their duties correctly. The unions have asked for more permanent staff in the security and visitor service sectors, as well as improved working conditions. Unions are also against a 45% increase in ticket prices for non-EU visitors starting mid-January. The increase is intended to finance renovations. "We are well aware that visiting the Louvre can be a trip of a lifetime. We don't wish to penalize visitors," Elise Muller said, national secretary for Sud Culture Union. "We feel that we are the last to try to insist on a safe Louvre, one that has been neglected for years by its'management. TOURISTS DISAPPOINTED Despite the strike threat, some tourists found the Louvre closed when they arrived early Monday morning. Gretchen Johnson from Texas, an American, said: "We arrive and see them taking placards which say the time, and turning them back, and one of them said that the Louvre was closed." "And then we went and asked: "When will it open?" He said, "Probably not this morning. Certainly not this morning." Melissa Frisvold also from Texas said: "As visitors, we don't want to interfere with your politics. We want to be courteous. We understand that people may need to strike.
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Spain fines Airbnb $75 Million for unlicensed listings
The Consumer Rights Ministry announced on Monday that Spain fined Airbnb 64 million Euros ($75 million) for advertising unlicensed rental homes. Spain's leftist Government, along with city councils and some regional authorities, have been crackingdown on tourism rentals using sites such as Airbnb.com and Booking.com. Many in?Spain accuse these sites of creating excessive tourism and driving housing costs up by limiting the supply. Airbnb did not respond immediately to a request for comment after it'removed 65,000 listings in July that were deemed by the Ministry as violating its rules. The fine is a judicial penalty that can be appealed. The ministry issued a statement saying that the fine is equivalent to six-times the profit Airbnb made from the illegal listings. It was also the second highest fine the ministry had imposed in violation of consumer rights. Consumer Rights Minister, Pablo Bustinduy, told reporters. Ryanair received a 108 million euro fine in 2024 for charging an extra fee on cabin baggage. The European Commission stated earlier this year the fines levied by Spain on Ryanair, and other budget airlines, were in violation of regulations. The ministry stated that the fine for Airbnb was aimed at helping to tackle Spain's housing crisis. Bustinduy stated in a statement that "there are thousands of families who live on the edge due to housing costs, while?a few people get rich off business models which drive people away from their homes."
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Wisconsin Judge faces trial for stopping courtroom detention of migrant during Trump crackdown
A Wisconsin judge is scheduled to go on trial Monday for allegedly helping a migrant in her courtroom avoid an immigration arrest. This case will test President Donald Trump's attempts to punish those who allegedly obstructed his mass deportation campaign. Hannah Dugan is scheduled to make her opening statements on Monday. She faces federal charges that she hid a person and obstructed federal proceedings. Dugan has pleaded guilty to the charges brought by Trump's?Justice Department. The unusual trial of a judge in office reflects tensions about the Trump administration's immigration enforcement tactic, which includes placing federal agents inside courthouses for arrests. The Justice Department has instructed prosecutors to conduct investigations into activists and officials that it believes are hindering immigration operations. The case against Dugan is based on an incident that occurred in Milwaukee, Wisconsin on April 18, when a group from Immigration and Customs Enforcement and several other agencies were planning to arrest a Mexican migrant who was scheduled to appear before Dugan in his Milwaukee courtroom for domestic violence charges. ALLEGED DIVERSION OF Federal Agents Indictment: Dugan diverted agents from hallway where law enforcement was planning to arrest Eduardo Flores Ruiz after hearing. The indictment also claims that Dugan escorted Flores Ruiz and his lawyer out of the courtroom after they had privately discussed his case. Flores Ruiz was arrested after a short pursuit outside the courthouse. Dugan has been suspended by Wisconsin's highest court from his judicial duties while the case is being resolved. The prosecution must prove that Dugan corruptly acted to prevent Flores Ruiz from being arrested. In court filings they cited 'witnesses' who described Dugan as "visibly angered" when she discovered ICE agents outside her courtroom, and falsely telling police they?needed a judicial order to make an arrest. JUDGE SAYS HER POLICY WAS FOLLOWED According to court documents, Dugan's lawyers plan to tell jurors that she complied with courthouse policies directing a supervisor to be alerted to the presence of ICE agents. She also acted in good faith following two previous immigration arrests at the courthouse which sparked controversy. The Trump administration has eased restrictions on immigration enforcement operations in local courthouses, as part of an effort to deport millions migrants living illegally within the U.S. Some judges and advocates have condemned this practice. They claim it discourages people from seeking justice and undermines public trust in the system. (Reporting and editing by Scott Malone, David Gregorio and Andrew Goudsward)
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EU expands Belarus sanctions to include hybrid activities
The European Union (EU)?on Monday widened its sanctions against?Belarus to include actions that are viewed as undermining democracy, rule of law and overall security within member states. The sanctions are in response to the repeated disruptions of air traffic by meteorological balloons that have been launching into Lithuanian airspace from Belarus. The EU Council stated that "the new 'criterion' will allow the EU impose restrictive actions against those who plan, direct or engage in foreign information manipulation, interference and support." The EU will be able also to target unauthorised entry on the territory of a member country," the report added. Last week, Lithuania declared a "state of emergency" and requested that parliament authorise military support for border guards and police after a wave of smugglers balloons from Belarus disrupted the air traffic. Belarus has denied responsibility for the balloons, and accused Lithuanian provocations. (Reporting and writing by Andrew Gray, Lili Bayer and Louise Breusch Rasmussen; editing by Bart Meijer).
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ROI-US squeeze on Venezuela oil won't create global crunch: Bousso
The United States tightening its grip on Venezuelan oil exports may strangle the country’s crude production and cut off President Nicolas Maduro’s main economic lifeline. However, it will only have a limited impact on global markets. Last week, the U.S. Coast Guard seized a supertanker in mid-ocean that was carrying Venezuelan crude to Cuba. This marked a significant step up in Washington's anti-Caracas campaign as the U.S. Military continues to expand its largest presence in the Caribbean region since the?Cuban missile crisis. Last Thursday, the U.S. reported that it was preparing to intercept additional ships carrying Venezuelan oil. Washington also imposed new sanctions against Maduro, his family, six crude tanks and shipping companies associated with them. The military chokehold in Venezuela aims to prevent the shipment of Venezuelan crude oil through an expanding "dark Fleet" - ships that are unregulated, uninsured and sanctioned. They are also heavily used by Russia and Iran. According to an analysis of LSEG's data, there are already at least a dozen crude oil tankers in Venezuela's exclusive maritime economic zone. Many of these are now at high risk of being seized. CRUDE REALITY Venezuela's oil sector is already feeling the pressure. It is likely that the state-run oil company PDVSA depleted its inventories to prepare for tighter restrictions. Kpler, an analytics firm, has calculated that Venezuelan crude exports will drop to 702,000 bpd in December, the lowest level since May. There are signs that Asian buyers want to get deeper discounts on Venezuelan crude in order to compensate for the increased trading risk. According to the International Energy Agency, tighter restrictions also resulted in a decline in Venezuelan crude oil production. It fell by approximately 150,000 bpd from a month ago to 860,000 bpd. This follows several months where production was hovering around 1 million bpd. The decline is partially due to declining exports. This means that output could further decrease if exports were restricted as Venezuela's stockpiles filled up. In addition, the production of Venezuelan oil could be drastically reduced if U.S. import restrictions prevent the import of naphtha or diluents which are essential for extraction and processing. More than two thirds of Venezuelan?oil is heavy grade, which is tar like when extracted. The oil is reduced in viscosity by using naphtha. This allows it to be transported through pipelines to terminals and tanks. Venezuela's six refining facilities can produce naphtha, but they have been in disrepair for years. This has led to the upstream oil sector becoming heavily dependent on imports. Kpler reports that the Venezuelan imports for naphtha, chemicals and other products will drop to 39,000 barrels per day in December. This compares to 54,000 barrels per day in November and to 89,000 in October. However, it is difficult to predict how production will be affected by the naphtha shortages. Venezuela has imported large quantities in recent years, which may have been partially stored. Venezuela's production is at risk if imports of naphtha drop. The U.S. has carved out a portion of Venezuela's heavy crude production. Despite the increasing tensions, this is unlikely to happen. President Donald Trump’s administration issued Chevron, the second largest U.S. producer, a special license to continue operating their joint ventures in Venezuela’s Orinoco Belt, which produces around 250,000 bpd. Chevron exports roughly 150,000 bpd crude oil from Venezuela to the U.S. Gulf Coast where refineries built decades ago were designed to process heavy grades of crude oil from Mexico, Canada, and Venezuela. Estimates suggest that Venezuela's oil output could fall by 300,000 - 500,000 barrels per day due to lower exports and production limitations. The figure is unlikely to make much difference on the current well-supplied oil market. It faces a glut of crude next year. The production of heavy crude in Canada and the Gulf of Mexico would more than make up for any shortfalls. Both countries produce this type of oil. Installing a U.S. friendly government, which will remove sanctions against Caracas, could result in a rapid increase of oil production. Venezuela has the largest oil reserves, with 303 billion barrels. The increasing tensions in Venezuela have already had a significant impact on its oil industry. However, these effects will not reverberate around the globe - unless the Maduro government falls, which would trigger a rush by western energy giants to return to the oil-rich country. Subscribe to my Power Up newsletter to receive my weekly column, plus additional energy insights and links trending stories in your mailbox every Monday and Thursday. Subscribe to my Power Up Newsletter here. You like this column? 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Greg Abel, Warren Buffett's successor, has steadily risen at Berkshire
Greg Abel's elevation to Berkshire Hathaway's CEO will mark the end of the career of a native Canadian who impressed the legendary investor with his commitment to the culture of the company, his long-term outlook, and ability to manage money. Buffett announced Abel's promotion as chief executive officer during Berkshire Hathaway's annual meeting in Omaha, Nebraska last May.
Many people were surprised by the announcement. They thought that the 95-year old billionaire would never leave the conglomerate which he has been running since 1965. Abel was unaware of the announcement. Abel's promotion was expected in May 2021 when Charlie Munger, the late Berkshire vice chairman, revealed that Abel would be the board's pick to become CEO. Buffett will continue to be chairman.
Abel, who is 63 years old, joined Berkshire when it purchased MidAmerican Energy in 2000. Later, the unit, now named Berkshire Hathaway Energy, became one of the biggest power providers in central and western United States.
Abel is a vice-chairman of Berkshire since 2018. He oversees the non-insurance business of the company, including BNSF Railroad, chemical, energy, and industrial companies, and retailers like Fruit of the Loom, and See's Candies.
Ajit Jain is still a vice-chairman at Berkshire and oversees the insurance business. Investors have long considered Jain as a potential CEO candidate. Buffett, however, has stated that Jain does not want the position. Berkshire declined to comment through Buffett’s assistant. They noted that Buffett had discussed Abel's character, abilities and dedication to Berkshire in a letter he sent to shareholders on Nov. 10. Buffett and Abel declined to be interviewed.
However, the company is still a small one.
A management shake-up has been announced
Abel will take over a few weeks after that. Abel will hand over direct control of Berkshire’s 32 consumer products, services and retailing companies to
Adam Johnson will continue to run the NetJets Luxury Plane Unit. Nancy Pierce, who had previously been the chief operating officer at GEICO was also promoted by Berkshire to become CEO of GEICO.
Todd Combs is replaced
He was also one of Buffett's Portfolio Managers and now he is a Director at JPMorgan Chase. Berkshire has also appointed a new Chief Financial Officer and its first in-house General Counsel.
Michael Ashley Schulman of Running Point Capital, El Segundo in California, said that Abel will be bringing "trusted lieutenants" and "fresh talent" to Berkshire, to balance continuity and modernization.
BUFFETT CALLS ABEL A "GREAT MANAGER"
Abel worked in Des Moines, Iowa. This is about 135 miles east of Omaha where Berkshire will remain.
He is also more hands-on than Buffett but has stated that he will honor Berkshire’s culture, which allows operating businesses to run autonomously.
Abel has been described by many Berkshire managers as "knowledgeable, compassionate and with an excellent capacity to listen."
His public image is more like a blank canvas.
Abel is lacking in his boss's ability to entertain and give advice with a silver tongue. Buffett appeared in TV shows "All My Children," "The Office," and Heinz Ketchup Bottles. He also lent his face to Coca-Cola bottles, Heinz Ketchup bottles, and rubber duckies.
In a letter he wrote in November, Buffett described Abel as "a great leader, a tireless employee, and an honest communicator." Wish him a long tenure."
FOR HOCKEY FANS, AN ICES BUCKET
Abel grew up in Edmonton, Alberta. He is a hockey enthusiast and graduated from the University of Alberta in 1984.
Trained in accounting, he joined PricewaterhouseCoopers and later moved to geothermal energy firm CalEnergy.
He joined MidAmerican Energy as a manager in 1992, and was promoted to chief executive in 2008. He was able to benefit from the ability of MidAmerican Energy, which is unusual among utilities, for it to retain earnings and reinvest them in its business to boost growth instead of paying shareholder dividends.
Buffett prefers that his companies invest in new businesses or themselves.
This freedom allowed Abel to buy the Nevada utility NV Energy, and Alberta electric transmission company AltaLink. It also helped Abel expand aggressively in renewable energy. Berkshire Hathaway Energy?controls also a large U.S. residential brokerage.
Abel has nearly $170 million in Berkshire stock. This is a lot for a CEO, but some investors think he should have more. Abel could become a billionaire in 2022 after Berkshire purchased his 1% share in Berkshire Hathaway Energy.
He also showed a willingness to have fun.
In 2014, Abel accepted the Ice Bucket Challenge in order to raise awareness about Lou Gehrig's Disease, also known as amyotrophic-lateral sclerosis. Abel gave a thumbs-up to the camera after a Berkshire Hathaway Energy worker soaked him in water. (Reporting and editing by Nick Zieminski in New York. Reporting by Jonathan Stempel)
(source: Reuters)