Dutch Caribbean Caught Up in ConocoPhillips-Venezuela Oil Dispute
The Dutch Caribbean have been caught up in a legal dispute between the American oil company ConocoPhillips and the government of Venezuela.
A judge has allowed Conoco to seize Venezuelan-owned and -operated refineries on the islands in order to collect $2 billion in compensation awarded by the International Chamber of Commerce for the 2007 nationalization of Conoco assets in the socialist-run country.
The seizure poses a “potential crisis” to the economy of Curaçao, Prime Minister Eugene Rhuggenaath has told Reuters. The Isla refinery, which processes 335,000 barrels of oil per day, accounts for a tenth of the island’s economy. Read more
Leonid Bershidsky is optimistic the EU can stand up to American threats and continue doing business with Iran. He writes for Bloomberg that the stakes are higher than President Donald Trump seems to realize:
With its influence on SWIFT, the Brussels-based payment-facilitation system, and its trade power, the EU is capable of blunting US sanctions. If they prove ineffective, and Iranians merely rally around their government as Russians have done in the face of American restrictions, the US may be exposed as less of a fearsome global policeman than Trump would like it to be.
We’re now six states in and if there’s any sign that Democrats are either plagued by a dysfunctional overreaction to Trump or are having real difficulties handling the surge in new candidates, I’m not really seeing it.
Trump Further Isolates America by Withdrawing from Iran Deal
President Donald Trump has withdrawn the United States from the nuclear agreement his predecessor, Barack Obama, negotiated with Iran in 2015.
All the other parties — Britain, China, France, Germany, Russia — want to keep the deal in place. Trump’s only allies on the issue are the Arab Gulf states and Israel, which consider Iran a regional threat. Read more