Maduro says cryptocurrency to be known as the ‘petrocurrency’ To be backed by reserves in oil, natural gas, gold, diamonds Venezuela’s currency is in free fall. Cryptocurrencies such as bitcoin Continue Reading
Venezuelan president Nicolas Maduro said this week that PdVSA is willing to retaliate against financial sanctions from the U.S. by suspending oil exports to the country, sending crude to Asia Continue Reading
Statoil owned Fagervika oil reservoirs in Trondheim, Norway in 2009. Photo by Sveter/Wikimedia Commons Nov. 30 (UPI) — Norwegian energy company Statoil said it expanded its footprint in Argentina by Continue Reading
Venezuelan authorities on Thursday arrested two once-powerful officials who had run the oil ministry and state energy company PDVSA as part of a deepening industry purge also seen as a Continue Reading
True to his ‘anti-imperialistic’ rhetoric, Venezuela’s embattled President Nicolas Maduro now says that his country could stop selling its crude oil to the United States. “The day that they don’t Continue Reading
French supermajor Total said production started at a field off the coast of Brazil using infrastructure that could produce 150,000 barrels of oil per day. From the pre-salt Santos basin Continue Reading
Imports of Venezuelan crude into the Louisiana Offshore Oil Port have totaled over 7 million barrels from January to November this year, almost three times the 2.5 million barrels in Continue Reading
Venezuelan President Nicolas Maduro on Sunday tapped a FILE PHOTO: The corporate logo of the state oil company National Guard major general to lead state oil company PDVSA [PDVSA.UL] and Continue Reading
President Nicolás Maduro named an active general to lead the state oil industry, the nation’s last major economic sector that had been outside the military’s control. National Guard Maj. Gen. Continue Reading
PDVSA reportedly told employees that they needed to carry out an austerity campaign, looking for ways to cut costs by 50 percent. The internal memo said that savings needed to Continue Reading
Venezuelan state oil company PDVSA said on Friday it was making last-minute payments on two bonds close to default, including one backed by shares in U.S.-based refiner Citgo, and called Continue Reading
Venezuela’s state oil company PDVSA has launched a cost-cutting drive aimed at slashing expenses by half as the company continues to struggle with declining oil production and unpaid debts. The Continue Reading
Venezuelan state-run oil company PDVSA is in contract talks to export natural gas to neighbors Colombia, Trinidad and Tobago, and Aruba, a company official said on Wednesday. Gas sales could Continue Reading
Venezuelan Attorney General Tarek Saab said Tuesday the acting president and five directors of Citgo Petroleum Corp. tried to defraud the nation. American citizens were among the executives at Citgo Continue Reading
Ecopetrol will invest between $3.5 billion and $4 billion during 2018, the majority in production and exploration projects. BOGOTA, Nov 22 (Reuters) – Colombia’s state-run oil company Ecopetrol said on Continue Reading
Venezuela’s PDVSA is in talks with Russia’s Rosneft, Italy’s Eni, Spain’s Repsol, and Norway’s Statoil to get credit for oil and gas projects, a company executive said on Wednesday, in Continue Reading
The U.S. subsidiary of PDVSA had suffered from unfavorable loans granted by the company’s detained senior officials, chief prosecutor Tarek William Saab said on Tuesday. The accusations are linked to Continue Reading
Now that Venezuela, and its state-owned petroleum company PDVSA, were both officially declared in default on their debt by ISDA last Friday, analysts were closely watching what the insolvent Maduro Continue Reading
Venezuelan authorities on Tuesday arrested the acting president of its U.S.-based refiner Citgo and five of the subsidiary’s top executives as part of a spiraling corruption purge in the OPEC Continue Reading
Venezuela’s state-run PDVSA is siphoning oil from its cash-paying joint ventures with foreign firms to feed its domestic refineries, two sources close to the matter told Reuters, at a time Continue Reading
Billionaire distressed debt investor David Martínez urged Venezuela’s struggling government to default on its bonds days before the country’s surprise announcement to restructure its obligations. Mr. Martínez, who made his Continue Reading
Last week, at the invitation of President Nicolás Maduro, a group of international financiers flew to Caracas to begin what has been called the world’s most complicated debt restructuring, also one of Continue Reading
Argentina has consistently been hyped as the location where the next shale revolution will unfold. The unfolding has taken some time, but progress in shale production is starting to take Continue Reading
As Venezuela’s dilapidated energy sector struggles to pump enough crude oil to meet the country’s OPEC output target, rival producers within the exporters group have started to plug the gap, Continue Reading
Veteran Venezuelan opposition leader Antonio Ledezma, under house arrest since 2015 for alleged coup plotting, escaped across the border to Colombia on Friday and later flew to Spain. With a Continue Reading
After rating agencies declared Venezuela in selective default and after a meeting with creditors on debt restructuring failed earlier this week, the International Swaps and Derivatives Association (ISDA)—a finance industry Continue Reading
Diomira Becerra knew it was time to leave Venezuela when she took her four-year old daughter to the local park in Caracas and they saw a man shot dead in Continue Reading
Antonio Ledezma, a top opposition figure who led protests against President Nicolás Maduro’s government, fled house arrest in Caracas on Friday and crossed the border into neighboring Colombia, officials said. Continue Reading
Venezuela’s crude exports to the United States recovered in October from the previous month but were still the third lowest in 2017, according to Thomson Reuters trade flows data. The Continue Reading
Venezuela has selected a little-known, Dutch-registered company for a new joint venture at the Junin 10 oil block in its Orinoco Belt region, according to a decree published on Thursday. Continue Reading
Ecuador has temporarily shelved its idea to ask from OPEC later this month to be exempt from its share of the production cuts, because the cartel’s supply restrictions are successfully Continue Reading
If the global oil market suddenly loses Venezuela’s 2 million barrels of daily oil production, it would be “a big shock to the system,” according to Dan Yergin, vice chairman Continue Reading
Venezuela’s cash-strapped leftist government has defaulted on sovereign debt and bonds issued by state oil firm PDVSA after failing to make timely payments, a New York-based derivatives group ruled on Continue Reading
Wilmar Castro, Venezuela’s vice president for the economy, and Finance Minister Simon Zerpa, right, attend a briefing in Moscow at the signing of a deal between Russia and Venezuela on Continue Reading
Russia has come to the aid of Venezuela with a deal to restructure $3.15bn of sovereign debt, allowing Caracas to meet obligations to other creditors and underlining Moscow’s role as Continue Reading
Russia is throwing a life-line to defaulting Venezuela after the two countries signed on Wednesday a deal to restructure US$3.15 billion worth of Venezuelan debt owed to Moscow. Under the Continue Reading
Wilmar Castro, Venezuela’s vice president for the economy, and Finance Minister Simon Zerpa, right, attend a briefing in Moscow at the signing of a deal between Russia and Venezuela on Continue Reading
Venezuela won easier debt terms from Russia and got a vote of confidence from China on Wednesday, as the oil-rich country said it had starting making interest payments on bonds Continue Reading
Venezuela’s Vice President Tareck El Aissami, center, speaking on Monday in Caracas during a meeting with bondholders and their representatives. Venezuelan bonds, already trading at distressed levels, fell further on Continue Reading
Venezuela has suffered what is expected to be the first in a cascade of defaults on more than $60bn of international bonds after missing several interest payments. The country on Continue Reading
Venezuela—not the Middle East—is the wild card when it comes to the near future of the oil industry, BP’s chief executive Bob Dudley told CNBC on the sidelines of the Continue Reading
Grace period expired on $200 million of interest payments State oil company had already defaulted, Moody’s and Fitch say Venezuela, one of the world’s riskiest credits, was declared in default Continue Reading
Venezuela was ruled in default on a missed interest payment by S&P Global Ratings, pushing the cash-strapped South American country and its creditors one step closer to a reckoning of Continue Reading
Scores of international creditors flew into this crime-ridden capital for a meeting on Monday with Venezuela’s government to discuss how the country might avoid a messy default on more than Continue Reading
Venezuela’s oil output dropped to its lowest in 28 years last month, according to new data released by OPEC on Monday. The oil-dependent economy produced only 1.863 million barrels of Continue Reading
European Union foreign ministers approved economic sanctions including an arms embargo on Venezuela on Monday, but will decide who to target at a later stage, officials said. Venezuela’s President Nicolas Continue Reading
Argentina’s President, Mauricio Macri, has called on the United States to install a full embargo on Venezuelan oil shipments. In an interview for the Financial Times, Macri said that the Continue Reading
Venezuela is set to pump the least oil in almost three decades, just when it needs petrodollars the most. (Bloomberg) — Venezuela is set to pump the least oil in Continue Reading
Last Friday Venezuelan bondholders received a perfectly resistible invitation. They were asked to present themselves on November 13 2017 in Caracas to meet an individual identified by US authorities as Continue Reading
Venezuela is closer to a formal default on its debts, with a global derivatives body set to rule on whether credit insurance should be paid out after a crucial payment Continue Reading
