Venezuela crude oil output careens toward 1 million b/d
Venezuelan crude oil production is on the verge of sinking to 1 million b/d, and factors playing out this month will determine whether that level is reached early next year Continue Reading
Venezuela oil exports to China slump, may hit lowest in nearly 8 years
China’s imports of Venezuelan crude oil could sink to their lowest in nearly eight years in July as the OPEC producer struggles with shrinking output and mounting logistics issues, according Continue Reading
Venezuela Oil Production May Sink To 1 Million Bpd As Early As This Year
Venezuela’s production plummeted again in May, by 42,500 bpd from April to below 1.4 million bpd—1.392 million bpd, according to OPEC’s secondary sources in its latest Monthly Oil Market Report Continue Reading
Venezuela’s Oil Sales To China Set To Plunge To 8-Year-Low
Venezuela’s economic and oil industry demise is likely to result in its crude oil exports to China plummeting to their lowest level in almost eight years in July, Reuters reported Continue Reading
Workers Flee and Thieves Loot Venezuela’s Reeling Oil Giant
Thousands of workers are fleeing Venezuela’s state-owned oil company, abandoning once-coveted jobs made worthless by the worst inflation in the world. And now the hemorrhaging is threatening the nation’s chances Continue Reading
Pipelay vessel arrives for oil basins offshore Brazil
A marine vessel designed to lay pipelines in the submarine environment arrived in the oil-rich waters off the coast of Brazil, joint venture partners said. Oilfield services company TechnipFMC announced Continue Reading
PDVSA may run foreign oil at largest refinery to meet export contracts: documents
Venezuela is considering refining foreign crude for the first time to produce fuels like gasoline or diesel, according to internal planning documents seen by Reuters on Wednesday, in the latest Continue Reading
Data confirms Cuban oil prospects
New data taken from an oil reservoir on the northern coast of Cuba confirm the assessment of a highly prospective site, Australia’s Melbana Energy announced. Melbana, which changed its name Continue Reading
Venezuela Won’t Have Enough Oil To Export By 2019
On May 21st President Donald Trump signed a new executive order prohibiting certain oil-related transactions with Venezuela. GlobalData, a leading data and analytics company, argues that the new sanctions are Continue Reading
Canada heavy crude at US Gulf record on Venezuela, Iran outlook, Brent/WTI spread
Heavy Canadian crude continued to trade at record levels in the US Gulf Coast Tuesday, buoyed by what market sources said was the combination of collapsing Venezuelan exports, the prospect Continue Reading
Citgo seeks crude as supplies from Venezuela dry up: trade, data
Venezuelan PDVSA’s U.S. refining unit Citgo Petroleum is increasing its efforts to buy crude oil on the open market to compensate for declining supplies from its parent, which is dealing Continue Reading
Oil Majors Undeterred By Brazilian Turmoil
Brazil held an auction last week that attracted some of the largest oil companies in the world, including Chevron, ExxonMobil and Equinor (formerly Statoil). The auction comes on the heels Continue Reading
Brazilian oil good for deep-pocketed companies
An auction for rights to tap into the oil basins off the coast of Brazil highlights the country’s prospects for those with deep enough pockets, analysis found. Brazil on Thursday Continue Reading
Venezuela struggles with huge oil export backlog
Venezuela is nearly a month behind delivering crude to customers from its main oil export terminals, according to shipping data, as chronic delays and production declines could breach state-run PDVSA’s Continue Reading
Venezuela Seeks OPEC Support Against U.S. Sanctions
“I kindly request solidarity and support from our fellow members,” Venezuela’s Oil Minister Manuel Quevedo wrote in a letter to OPEC seen by Bloomberg News . In the letter, Quevedo Continue Reading
Venezuela Releases Chevron Execs In Effort To Smooth Relationships With US
Venezuela has released two local Chevron executives that were arrested back in April on corruption allegations, Reuters reports , citing sources from Caracas and Chevron. A source close to Chevron Continue Reading
Venezuela’s PDVSA transfers oil at sea despite customer qualms
Venezuela has begun testing sea-borne oil transfers to ease a severe backlog of crude deliveries from its main terminals, according to sources and data, as chronic delays and production declines Continue Reading
Oil rises as reality dawns over Venezuela’s export crisis
Oil rose on Thursday on concerns about a plunge in exports from Venezuela, although surging U.S. production kept gains in check. Brent crude futures LCOc1 were up 23 cents at Continue Reading
Exxon, Equinor complete partnership offshore Brazil
Development of oil basins off the coast of Brazil remains a core focus, Norwegian energy company Equinor said after selling off interests to Exxon Mobil. Equinor, formerly known as Statoil, Continue Reading
Maduro Says U.S. Infiltrated Venezuela’s Oil Industry
Venezuela’s President Nicolas Maduro has accused the United States of infiltrating senior positions at the Venezuelan oil industry. “There was a process of penetration and infiltration in key positions of Continue Reading
Venezuela’s Oil Meltdown Defies Belief
Venezuela might have to declare force majeure on its oil exports as production plunges and its ports are unable to ship enough crude. The ongoing meltdown in Venezuela’s oil sector Continue Reading
Venezuela frees Chevron executives held since April: sources
Venezuela has released two local executives of Chevron Corp jailed two months ago during a corruption probe in the oil sector, a local consultancy and a source close to the Continue Reading
OPEC-member Venezuela facing more regional pressures
Venezuela may be facing further economic obstacles as the U.S. secretary of state calls for its suspension from the Organization of American States. Venezuelan President Nicolas Maduro faced widespread criticism Continue Reading
Venezuela’s PDVSA Fails To Meet Oil Supply Obligations
Venezuela’s state oil company PDVSA has told eight foreign clients it will be unable to supply the contracted volumes of crude oil, a company employee told S&P Platts. “Among the Continue Reading
Qatar taps into giant Argentinean shale reserve
Saad Sherida al-Kaabi (R), president & CEO of Qatar Petroleum, signs an agreement with Andrew Swiger, the principal financial officer of Exxon Mobil, for a stake in shale gas in Continue Reading
A historic exodus is leaving Venezuela without teachers, doctors and electricians
An unruly 9-year-old bolted from his classroom, prompting a volunteer teacher to chase him down the hall. He would normally be hauled straight to Romina Sciaca’s office. But the guidance Continue Reading
Brazil oil workers end strike early, output not affected: Petrobras
Oil workers ended a 72-hour warning strike at Brazilian state-led oil producer and refiner Petrobras a day early after a Labor Court judge increased fines for not adhering to an Continue Reading
Is socialism to blame for Venezuela’s never-ending crisis?
Is socialism to blame for Venezuela’s never-ending crisis? Venezuela’s recent presidential election has done nothing to end the country’s profound political, economic, and social crisis. Inflation is spiralling out of Continue Reading
Brazil returns to normal as oil strike, trucker protests wind down
Brazil showed signs of returning to normal on Thursday as an oil workers union ended a strike ahead of schedule and an 11-day trucker protest wound down, a welcome breather Continue Reading
Brazil’s Oil Cargo Tender Falls Through With No Bids
Brazil received no bids in the first tender for a total 1.63 million barrels of crude extracted from the prolific pre-salt zone, Reuters reports . The state received the oil Continue Reading
Brazil cuts fuel prices amid strikes
Brazil’s president cuts diesel prices in an effort to bring striking lorry drivers off the picket line. File Photo by Stephen Shaver/UPI May 29 (UPI) — The price of diesel Continue Reading
Brazil oil workers plan strike in new blow to government, economy
SAO PAULO (Reuters) – Brazilian oil workers planned a 72-hour strike starting on Wednesday, despite a court order, in a new blow to President Michel Temer and an economy reeling Continue Reading
Oil major Total says Foz do Amazonas project still alive despite Brazil rejection
French oil major Total said on Wednesday that its plans to drill in the ecologically sensitive Foz do Amazonas basin were still alive, despite Brazil’s decision to reject its drilling Continue Reading
Cuban Oil Refinery Flooded, Oil Spills Into Bay
Cuba’s Cienfuegos oil refinery has sustained damage due to flooding after heavy rainfalls from subtropical depression Alberto, sending an unspecified amount of crude oil into the Cienfuegos Bay. Barriers were Continue Reading
India Won’t Pay For Venezuelan Oil With ‘Petro’ Cryptocurrency
India doesn’t plan to use Venezuela’s ‘petro’ cryptocurrency to pay for crude oil imports from the Latin American nation of which it is a large regular customer, India’s Foreign Minister Continue Reading
Truckers’ Strike in Brazil About To End, Another Coming
Just as the Brazilian government made some progress towards settling matters with truckers that have paralyzed the country with protests against high fuel prices, another strike is looming on the Continue Reading
Petroperu suspends pumping on North Peruvian crude pipeline
State-owned Petroperu halted pumping on its 200,000 b/d North Peruvian Oil Pipeline as it sought to investigate an apparent leak. Operations were stopped after crude was detected in a jungle Continue Reading
Brazil Truckers Strike to Cost Government $2.6 Billion Through End of Year
Brazil’s government said Monday that concessions to end a crippling truckers strike will have a high cost for taxpayers even as the country’s businesses and consumers struggle with shortages of Continue Reading
Maduro Vows To Double Oil Production With Help From OPEC
AFP reports that during his inauguration speech, Maduro said he will seek the help of OPEC to double Venezuela’s oil production, which is currently at 70-year lows and much below Continue Reading
Are Venezuelan And Iranian Oil Exports About To Plunge?
The threat of falling oil supply from both Iran and Venezuela looms large amid geopolitical tension, economic fears and sanctions. All the while, both are scrambling to maintain flows to Continue Reading
How To Deal With Venezuela Without Shocking Oil Markets
The Trump administration has, for now, opted against hitting Venezuela’s oil sector with the harshest possible sanctions despite disavowing the re-election of President Nicolas Maduro as a “sham.” The White Continue Reading
Brazil trucker protest drags on as diesel tax cuts stall
A trucker protest paralyzing swathes of the Brazilian economy stretched into a fourth day on Thursday as legislative efforts to cut diesel taxes stalled, raising the prospect of highway and Continue Reading
G7 says OPEC-member Venezuela missed an opportunity
An OPEC member in part behind a spike in crude oil prices causing economic concern, Venezuela missed a chance by re-electing President Maduro, G7 leaders said. The leader of the Continue Reading
Why Venezuela Sanctions Are Even More Bullish for Oil Than Iran Sanctions
New U.S. sanctions on Venezuela’s oil production are expected to further crimp the country’s output and reduce global supply even more than sanctions on Iran—a development that could provide another Continue Reading
Will The U.S. Push Venezuela Into The Abyss?
Venezuela’s President Nicolas Maduro claimed victory in a low-turnout election that is widely viewed as rigged, raising the threat of more painful sanctions from the United States. But, in a Continue Reading
How the hike in oil prices affects Brazil BY The Brazilian Report
Oil prices have gone up 15 times in May alone. On Monday, truck drivers blocked dozens of roads across 19 Brazilian states. They were protesting the latest rise in diesel Continue Reading
Venezuela expels U.S. envoy in response to sanctions
President Nicolas Maduro on Tuesday ordered the expulsion of the top U.S. diplomat in Venezuela in retaliation for a new round of sanctions over Venezuela’s widely-condemned election. The United States Continue Reading
Valero boosts imports of Venezuelan oil as sanctions loom: data
U.S. refiner Valero Energy Corp this year boosted its imports of Venezuelan crude ahead of U.S. sanctions over the country’s disputed presidential election and as other customers received less of Continue Reading
Venezuela election: Fourteen ambassadors recalled after Maduro win
Nicolás Maduro celebrates his victory Venezuela’s President Nicolás Maduro is facing an international backlash after winning his second six-year term, in a landslide vote marred by an opposition boycott and Continue Reading
US condemns Venezuela election, readies sanctions
The US on Monday formally condemned Venezuelan President Nicolas Maduro’s electoral victory as an exercise in fraud and said new sanctions were forthcoming. “The United States stands with democratic nations Continue Reading