Trading Houses Supplying Venezuela’s PDVSA with Motor Fuels and Diluents\n\nTrading houses that were early buyers of Venezuelan crude following the U.S. Easing of oil sanctions in October are now supplying state company PDVSA with motor fuels and diluents for its heavy oil production. This comes as Venezuela prioritizes fuel imports to avoid shortages and replenish low inventories. The country has also begun preparing for a presidential election in late 2024.\n\nThe U.S. Issued a six-month license in October that lifted most sanctions on Venezuela’s oil industry, allowing for exports of crude and gas to chosen markets, and imports of fuel from almost any source. This authorization is contingent on the fulfillment of a pact to hold a free presidential election. As a result, PDVSA has been able to negotiate deals with joint venture partners and arrange for imports from countries like Iran.\n\nIn November, PDVSA imported an average of 54,000 barrels per day of heavy naphtha and gasoline blend stock, the highest monthly figure since January. This volume excludes imports from Iran, which have decreased in the second half of the year. This month, a similar volume of heavy naphtha is scheduled to be received from Swiss-based trader Vitol, with some negotiations involving cargo swaps. Vitol has also chartered a tanker to pick up a 1 million-barrel cargo of Venezuelan heavy crude in the second half of December.\n\nExxon Mobil and Chevron have outlined cautious spending plans for 2024, with Exxon relying on acquired output to maintain growth. In the stock market, there are thousands of companies, and investors make trades based on information or other signals. With the volume of data available and complex financial terms, investing can seem daunting. This is especially true in today’s market environment, which is markedly different from before the 2019 coronavirus pandemic.\n\n Trading houses are now supplying Venezuela’s PDVSA with motor fuels and diluents as the country prioritizes fuel imports and prepares for a presidential election in 2024. The U.S. Easing of oil sanctions has allowed for these imports, and companies like Vitol have been able to negotiate deals with PDVSA.

Southwest Airlines Flight Attendants Reject Contract, Tensions Rise in U.S. Airline Industry\n\nFlight attendants at Southwest Airlines have overwhelmingly rejected a new contract, raising tensions between cabin crew and U.S. Airline management. This could potentially lead to the industry's first labor action in over a decade.\n\nThe rejected agreement included a 36% pay increase over five years and other quality of life improvements for Southwest's nearly 19,000 flight attendants. 64% of those who voted rejected the offer, with union president Lyn Montgomery stating that it was not enough to heal the hurt.\n\nOne of the main points of disagreement is boarding pay, as almost all U.S. Flight attendants are only paid when the aircraft door is closed, rather than during the boarding and deplaning process. This is in contrast to Delta Air Lines, the only U.S. Carrier that pays cabin crew for boarding.\n\nCabin crew unions at Alaska Airlines, American Airlines, Spirit Airlines, and United Airlines are also in active contract negotiations, with American flight attendants even authorizing a potential strike. Sara Nelson, president of the Association of Flight Attendants, stated that flight attendants are furious and their demands are high.\n\nThe pandemic has put flight attendants on the frontlines, dealing with a surge in unruly fliers and enforcing controversial rules like the mask mandate. In addition to boarding pay, another issue for Southwest crews is the work rules that govern flight delays and cancellations, which was highlighted during the airline's meltdown last December.\n\nMeanwhile, some airline executives have received significant pay increases as their carriers have returned to profitability post-Covid. Pilots across the industry have also ratified contracts with historic pay levels, while flight attendants at American Airlines have not received a pay raise since January 2019.\n\nStrikes at airlines are governed by the U.S. Railway Labor Act, which has strict rules and a lengthy process before a strike can occur. With tensions rising in the U.S. Airline industry, it remains to be seen how negotiations will progress and if any further labor actions will take place.\n\n