Free-spending Venezuelans once crammed store aisles in foreign countries famously uttering “dame dos” — “I’ll take two.” But the citizens of what was once South America’s richest nation per capita Continue Reading
Racing to keep up with hyper-inflation which the International Monetary Fund (IMF) forecasts will hit 1,000,000 percent this year, the Venezuelan government said it will knock five zeros off its Continue Reading
Colombia is preparing changes to its bidding process for oil areas in an effort to increase investment and find new reserves, the head of the oil regulator said, after repeated Continue Reading
The IMF said the economic crisis in Venezuela, one of the founding members of OPEC, is “profound” as a substantial drop in oil production takes its toll. In an outlook Continue Reading
. Gross discovered recoverable resources for Hess’s Stabroek Block has been revised upward to 4 million barrels of oil equivalent—up from the previous estimate of 3.2 billion barrels. “The Stabroek Continue Reading
Citgo Petroleum, the U.S. refining unit of troubled Venezuelan state oil firm PDVSA, said that the United States had revoked the U.S. visa of Citgo’s chief executive Asdrubal Chavez, in Continue Reading
Venezuela’s Oil Minister Manuel Quevedo has discussed plans with state-held oil company PDVSA to raise the country’s crude oil production in the second half of the year. While Venezuela and Continue Reading
In the past, oil has accounted for 96 percent of Venezuela’s exports and over 40 percent of government revenues. Now, as the nation’s economy continues to crumble amid sanctions, political Continue Reading
Venezuela oil production has plummeted. Where would oil prices be without Venezuela’s collapse? Where are oil prices headed next? This idea was discussed in more depth with members of my Continue Reading
Feature The tragic — and totally avoidable — self-destruction of one of the world’s richest oil economies. In the spring of 1959, at a secretive meeting at a yacht club Continue Reading
