OPEC looking closely at Venezuelan oil output drop: sources
OPEC is looking closely at a drop in oil output from Venezuela to see if the loss of supply from the member state warrants action by the group, sources familiar Continue Reading
Re-elected, Venezuela’s Maduro faces wide criticism, U.S. sanctions
Critics at home and abroad on Monday denounced the vote that re-elected Venezuela’s socialist President Nicolas Maduro as a farce cementing autocracy and the U.S. government imposed new sanctions on Continue Reading
Venezuela’s re-elected Maduro faces overseas censure
Venezuela’s socialist leader Nicolas Maduro faced fresh international censure on Monday after re-election in a vote foes denounced as a farce cementing autocracy in the crisis-stricken OPEC nation. The 55-year-old Continue Reading
Courts in Curacao, Bonaire partially lift seizures against PDVSA
Courts in Curacao and Bonaire have partially lifted attachments introduced by ConocoPhillips aiming to seize Venezuelan PDVSA’s [PDVSA.UL] assets to satisfy a $2 billion arbitration ruling, according to a copy Continue Reading
‘Pressure Cooker’: Discontent Rises in Venezuela Military as Economy Dives
The coup plot by disgruntled Venezuelan military officers in March was audacious: Seize control of the capital’s military bases, arrest President Nicolás Maduro and install a provisional government to replace Continue Reading
U.S. targets four individuals, three companies in Venezuela sanctions move
WASHINGTON (Reuters) – The U.S. Treasury imposed sanctions on four Venezuelans and three Florida-based companies under a program meant to pressure Caracas over what the United States sees as its Continue Reading
Venezuela, a top oil exporter, in deep economic & political crisis
Maduro’s popularity dealt a severe blow when a fall in oil prices in 2014 lead to an economic crisis. Caracas: Latin America’s top oil exporter, Venezuela , is deep in Continue Reading
Isolated Maduro revels in Erdogan’s backing ahead of Venezuela vote
Venezuela’s diplomatically-isolated president received a show of support from Turkish counterpart Tayyip Erdogan on Thursday ahead of a weekend election boycotted by the opposition coalition and decried by Washington. Venezuela’s Continue Reading
Trump Could Target Venezuela’s Oil Industry After Sunday Vote
For months, the U.S. has signaled that it isn’t ruling out additional sanctions on Venezuela’s oil industry alongside the strict financial sanctions already in place, and oil analysts say that Continue Reading
Conoco Proceeds With More PDVSA Asset Seizures
ConocoPhillips has embargoed two cargoes of crude oil and fuel at a storage terminal in Aruba operated by Venezuelan PDVSA’s U.S. subsidiary Citgo, Reuters reports citing the Aruba government. The Continue Reading
US: Enough Global Oil To Avoid Caribbean Fuel Disruptions
There is enough oil supply in the global market to make up for potential fuel disruptions due to U.S. oil producer ConocoPhillips’ legal actions against Venezuelan state oil company PDVSA, Continue Reading
Collapsing Venezuela oil exports seen to be pushing prices higher
With Venezuela’s exports of crude on the brink of collapsing below 1m barrels a day to historic lows, the bull case for energy has additional support as creditors of the Continue Reading
Maduro Buys Oil To Help Cuba While Venezuelans Starve
Amid a desperate economic and humanitarian crisis in Venezuela, its socialist leader Nicolas Maduro is trying to shore up support from the few allies it has left, and has had Continue Reading
ConocoPhillips ‘not close’ to recouping $2 billion of Venezuelan assets: CEO
ConocoPhillips has begun the process of recovering over $2 billion in Venezuelan global assets that was awarded last month by an international trade court, but is “not close” to locating Continue Reading
Exclusive: As Venezuelans suffer, Maduro buys foreign oil to subsidize Cuba
Venezuela’s state-run oil firm PDVSA has bought nearly $440 million worth of foreign crude and shipped it directly to Cuba on friendly credit terms – and often at a loss, Continue Reading
Exclusive: China’s Tianqi nears $4.3 billion deal to buy stake in Chile’s SQM – sources
China’s Tianqi Lithium ( 002466.SZ ) is nearing a deal to buy a 24 percent stake in Chile’s Sociedad Quimica Y Minera (SQM) SQMa.SN, one of the world’s biggest lithium Continue Reading
Maduro’s biggest test comes after election day in Venezuela
Nobody in Venezuela seriously doubts who will win the presidential election the country holds next weekend; certainly not President Nicolás Maduro. “The revolution is going to record the biggest victory Continue Reading
ConocoPhillips Moves To Seize Venezuelan Oil Assets
ConocoPhillips has seized the oil product inventory of Venezuela’s state oil company PDVSA following the issuance of two court orders granting it this right as part of efforts to enforce Continue Reading
Ten tankers anchored, awaiting payment from PDVSA for refined products
Ten oil tankers remain anchored Monday at ports throughout the Caribbean, awaiting payment from Venezuelan state oil company PDVSA to discharge 3.124 million barrels of refined products, according to sources. Continue Reading
Venezuela’s Oil Meltdown Is Getting Worse
Death spiral is an overused term, but it is justified when describing Venezuela’s oil industry right now. Energy consumers and investors should pay attention. Though production at national oil company Continue Reading
Exclusive: PDVSA to shut Curacao refinery amid fight with Conoco
Venezuela’s state-run oil company PDVSA is preparing to shut a Caribbean refinery that is running out of crude amid threats by ConocoPhillips to seize cargoes sent to resupply the facility, Continue Reading
Venezuela suggests ready to pay after Conoco moves on its Caribbean assets
Venezuela on Thursday rejected ConocoPhillips’s moves to seize the country’s Caribbean assets to collect on a $2 billion arbitration award, but in a sign the U.S. oil company’s pressure might Continue Reading
The Demise Of Petrocaribe
Petrocaribe was a mechanism created in 2004 under the sponsorship of former Venezuelan President Hugo Chavez, allegedly to promote energy cooperation and integration between Venezuela and a number of states Continue Reading
The Oil Major Accelerating Venezuela’s Decline
While the oil market is understandably on edge about the potential supply outages in Iran, there are real outages going on in Venezuela, losses that could grow significantly worse in Continue Reading
Venezuela’s PDVSA sued for $25 million in U.S. over non-payment: complaint
Venezuela’s state-run oil firm PDVSA [PDVSA.UL] is being sued for more than $25 million in the U.S. over non-payment of notes issued for work performed by Canadian energy contractor SNC-Lavalin, Continue Reading
Venezuela’s PDVSA diverts crude tanker from Curacao – shipper, data
(Reuters) – State-run PDVSA ordered an oil tanker that was waiting to discharge in Curacao to divert to Venezuelan waters after ConocoPhillips introduced an order in a Caribbean court to Continue Reading
Venezuelan Soldiers Desert in Droves With Presidential Election Ahead
Military officers are joining the exodus of Venezuelans to Colombia and Brazil, fleeing barracks and forcing President Nicolas Maduro’s government to call upon retirees and militia to fill the void. Continue Reading
Conoco expected to soon temporarily seize PDVSA Curacao assets: sources
ConocoPhillips is expected to renew an effort to temporarily seize Venezuela’s PDVSA oil inventories at the 335,000-barrel-per-day Isla refinery in Curacao in the coming days, sources close to the state-run Continue Reading
Conoco Eyes PDVSA’s Caribbean Assets
ConocoPhillips has received court attachments for freezing the assets of Venezuelan PDVSA at two Caribbean facilities and might go on to sell them, Reuters reports , citing sources close to Continue Reading
Expert Analysis: Creditors Are Cracking Down On Venezuela
Nick Cunningham is a freelance writer on oil and gas, renewable energy, climate change, energy policy and geopolitics. He is based in Pittsburgh, PA. Venezuela skipped payments on around $50 Continue Reading
Conoco moves to take over Venezuelan PDVSA’s Caribbean assets
U.S. oil firm ConocoPhillips has moved to take Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalization of its projects in the Continue Reading
Ex-Venezuela Oil Boss: PDVSA Is Collapsing
The man who ran Venezuela’s state oil company PDVSA for a decade after 2004 says that the country’s oil firm is on the cusp of total collapse and expects oil Continue Reading
IMF Issues Censure Against Venezuela
The International Monetary Fund threatened to bar Venezuela from voting on IMF policies after the Latin American country failed to provide IMF with the economic data it has requested, the Continue Reading
Venezuela’s oil decline reaches new depths
When Major General Manuel Quevedo became head of Venezuela’s oil industry last November, the former housing minister and national guard chief promised to boost oil output by a million barrels Continue Reading
Venezuela Offers India 30% Discount On Oil…If It Pays In Cryptocurrency
Venezuela has offered India a 30-percent discount on crude oil purchases, but only if India agrees to pay in El Petro, the cryptocurrency that Venezuela is touting as the first Continue Reading
Cuba gives one of the permits needed for oil drilling
The Cuban government has signed off on an environment license that could pave the way to drilling for oil onshore, an Australian energy company said. Melbana Energy Ltd., which changed Continue Reading
Uruguay’s First Oil Auction In 7 Years Fails To Attract Any Bids
Uruguay’s first oil auction in seven years that had offered 17 offshore blocks didn’t attract any bids by the April 26 deadline, Uruguay’s state-run oil company ANCAP said. Although two Continue Reading
Venezuela debt rally may falter despite oil price, election
Investors buying Venezuelan debt in recent weeks on hopes the May elections might bring a new government or that rising oil prices will bolster the OPEC member’s creditworthiness may be Continue Reading
Venezuela hails $2 billion award as ‘tough lesson’ for Conoco
Venezuela said on Thursday a $2.04 billion award to ConocoPhillips over a decade-old nationalization was a “tough lesson” for the U.S. oil multinational given it was less than 10 percent Continue Reading
Conoco sues to enforce $2 billion award that Venezuela scorns
Venezuela on Thursday scorned a $2.04 billion award to ConocoPhillips ( COP.N ) over a decade-old nationalization as the U.S. oil producer filed suit in a federal court to enforce Continue Reading
Oil Majors Are Abandoning Venezuela
Chevron said on Wednesday that it evacuated executives from Venezuela following the imprisonment of two of its workers last week. The assets of Chevron are increasingly in peril, and the Continue Reading
PDVSA Bond Holders Prepare For Interest Payment
A group of investors holding part of a secured US$2.5-billion bond issued by Venezuela’s PDVSA and maturing in 2020 are organizing ahead of an interest payment due to be made Continue Reading
Chevron evacuates Venezuela executives following staff arrests
(Reuters) – U.S. oil major Chevron Corp has evacuated executives from Venezuela after two of its workers were imprisoned over a contract dispute with state-owned oil company PDVSA, according to Continue Reading
PDVSA ordered to pay Conoco $2 billion for breaking Venezuela contracts: arbitration
An international arbitration court has ordered Venezuela’s state-run oil company PDVSA to pay ConocoPhillips $2.04 billion for early dissolution of two joint ventures for producing oil in the OPEC-member country, Continue Reading
Venezuelan schools emptying as Chavez legacy under threat
It is mid-morning on a weekday yet all that can be heard in the once-bustling corridors of the Orlando Garcia state primary school is the swish of palm trees outside Continue Reading
Colombia’s Migrant Crisis Worsens With Venezuela Nearing ‘Implosion’
The flow of migrants fleeing Venezuela’s collapsing economy is increasing every day, putting a strain on Colombia’s health and education systems and its jobs market, Colombian President Juan Manuel Santos Continue Reading
Shell holds tight to shale basin in Argentina
Royal Dutch Shell sheds assets in Argentina, including it’s retail operation, but will maintain it’s grip on one of the more promising shale basins in the world. Photo courtesy of Continue Reading
Exclusive: Arrested Chevron workers could face treason charge in Venezuela – sources
Two Chevron Corp. employees detained in Venezuela last week could be charged with treason for refusing to sign a parts contract for a joint venture with state-owned oil company PDVSA, Continue Reading
Halliburton remains committed to Venezuela
Oilfield services company Halliburton said it was still committed to the market in Venezuela, even as its Latin American segment saw quarterly revenue decline. Halliburton recorded revenue of $457 million Continue Reading
Brazil Poised For Historic Oil Boom
After being caught up in major corruption scandals and suffering from what some have claimed was its worst economic downturn in 100-years, Brazil has pulled itself back from the brink. Continue Reading