AP Photo/Ricardo Mazalan CARACAS, Venezuela (AP) — The Trump administration slapped sweeping financial sanctions on Venezuela on Friday, dramatically ratcheting up tensions between the two countries and making it harder Continue Reading
The U.S. on Friday restricted the ability of Venezuela to tap American debt markets for funding, marking a significant escalation in Washington’s economic crackdown against Venezuelan President Nicolás Maduro’s cash-strapped Continue Reading
The economy of Brazil has been struggling lately. Weighed down by the collapse in oil prices, and a massive corruption scandal — which this week saw the former CEO of Continue Reading
U.S. President Donald Trump signed an executive order prohibiting dealings in certain Venezuelan public sector debt on to pressure the government of President Nicolas Maduro to halt its “tyranny,” the Continue Reading
The focus is the company’s ability to pay bond interest due in two months. Doing so is crucial. But as of this morning, that prospect is dwindling. Along with it Continue Reading
Clashes between opposition protesters and the Bolivarian National Guard in Barquisimeto, Venezuela last month. Venezuelan bond prices tumbled Wednesday as traders grappled with the prospect that U.S. sanctions could restrict Continue Reading
In the future, we may be hearing about the Caribbean a whole lot more when talking about oil and gas. Previously, the area was virtually off the map for the Continue Reading
Melbana Energy, one of the few companies working in Cuba, said it started the preliminary work necessary to clear a site for eventual production. Melbana, which has headquarters in Australia, Continue Reading
Last year, Brazilian construction firm Odebrecht and affiliated petrochemical company Braskem pleaded guilty to bribing officials in 12 countries to secure high-paying contracts. The firm agreed to a payment of Continue Reading
Colombia’s oil production has been falling for the last four years. It’s not just the 2014 price crash that pressured output: The country’s fields are depleting and new discoveries are Continue Reading
The pro-government constitutional assembly loyal to Venezuelan President Nicolas Maduro seized the powers of the opposition-led congress today, in a move that necessarily has Big Oil nervous that Trump will Continue Reading
Venezuela’s new legislative superbody on Friday gave itself the power to pass laws, superseding the opposition-led congress and fueling criticism by government adversaries that socialist President Nicolas Maduro is consolidating Continue Reading
Venezuela ’s new Constituent Assembly granted itself wide powers to write and pass legislation on Friday, a move that essentially nullifies the opposition-led legislature and puts President Nicolás Maduro’s party Continue Reading
Venezuela’s alliance with Russia is “perfect,” the president of state oil company PDVSA said on Friday, blasting what he said was a U.S.-led attempt to sully the growing ties between Continue Reading
A tanker carrying a cargo of about 1 million barrels of Venezuelan heavy crude has been stranded for more than a month off the coast of Louisiana for lack of Continue Reading
Argentina’s abundant shale resources have attracted a growing number of major international companies since the beginning of this year—all of them interested in developing the prized Vaca Muerta shale formation; Continue Reading
Venezuelans who express “hate or intolerance” will be jailed for up to 25 years under a bill pending in the country’s newly-formed constituent assembly, a measure the opposition fears will Continue Reading
Cuban trade with socialist ally Venezuela has fallen 70 percent since 2014 due to the South American oil producer’s inability to meet delivery contracts and purchase goods as it struggles Continue Reading
Asia would be the biggest beneficiary of any potential sanctions by the United States on Venezuela’s oil sector, said traders and analysts, as exports from the South American OPEC member Continue Reading
The U.S. has stepped up sanctions against Venezuelan individuals in the wake of the July vote in Venezuela aimed at rewriting the constitution, which is further eroding democracy in the Continue Reading
The Organization of Petroleum Exporting Countries (OPEC) released its monthly oil market report on Thursday, and the news was enough to send WTI below $50 after a brief week-long rally. Continue Reading
Venezuelan state oil company PDVSA’s revenue from oil and fuel sales in 2016 dropped 34 percent from the previous year to $48.0 billion, the company said in its annual financial Continue Reading
Not too long ago Brazilian state oil company Petrobras was the most indebted oil & gas company in the world. The long-suffering company has faced dire mismanagement while being weighed Continue Reading
Two weeks before he held a vote to set up an assembly to re-write the constitution—further undermining democracy—Venezuelan President Nicolas Maduro hosted the signing of a contract with a small Continue Reading
Venezuela’s unraveling socialist government is increasingly turning to ally Russia for the cash and credit it needs to survive – and offering prized state-owned oil assets in return, sources familiar Continue Reading
At what point does a country’s political situation become intolerable for bond investors? That is the question facing holders of Venezuela’s debt as the nation’s descent into strife raises questions Continue Reading
Venezuelan state oil company PDVSA’s revenue from oil and fuel sales in 2016 dropped 34 percent from the previous year to $48.0 billion, the company said in its annual financial Continue Reading
In a move that may have significant economic repercussions, a group of 12 countries from across the Americas refused on Tuesday to recognise Venezuela’s new constituent assembly or any laws Continue Reading
Governments from across Latin America on Tuesday agreed not to recognize Venezuela’s powerful new constituent assembly, saying that it represented a breakdown in the country’s democratic order. “What we have Continue Reading
The latest on Venezuela’s political crisis (all times local): 5:10 p.m. Venezuela’s new constitutional assembly has passed a decree declaring itself superior to all other branches of government. The order Continue Reading
Repsol SA pulled all foreign workers from its oil fields in Venezuela amid a deepening political crisis, while Chevron Corp. and Total SA have removed a small number of employees, said people with Continue Reading
Six oil product tankers are docked at the Paraguana Refining Center (CRP) marine terminals in northwestern Venezuela awaiting payment from facility operator PDVSA before they discharge, according to a technical Continue Reading
The economic, political and security situation in Venezuela has been frightening for quite a while, but things continue to grow worse. The new “constituent assembly,” put together to rewrite the Continue Reading
The Trump administration is considering additional sanctions on Venezuelan individuals close to the Maduro government, but will first try to enlist support from other countries. This is what unnamed sources Continue Reading
Russia’s largest oil producer Rosneft said on Tuesday it had made around $6 billion in pre-payments to Venezuelan state oil company PDVSA and had no immediate plans to make any Continue Reading
To survive months of street protests and an economy in tailspin, Venezuelan President Nicolas Maduro is trying to turn state oil company PDVSA into a bastion of support, further degrading Continue Reading
President Donald Trump’s America First rhetoric is doing no favors for US ethanol producers, who are hoping to avoid a trade fight with fuel buyers in Brazil. (Bloomberg) — President Continue Reading
Is Venezuela’s 2017 transformation symptomatic of the growing global polarization? And does it show how the collapse of globalism is resulting in the re-emergence of a range of governmental forms Continue Reading
The Venezuelan state prosecutor’s office said late on Wednesday it has opened an investigation into accusations that the country’s elections council manipulated turnout figures in Sunday’s controversial election for a Continue Reading
Venezuela’s state-run PDVSA has reduced crude sales to its U.S. refining unit Citgo Petroleum while increasing supply to Russia’s Rosneft ( ROSN.MM ), following a plan signed in May to Continue Reading
The result of this election was hardly in doubt. Opposition political parties boycotted what can most generously be referred to as “massaged” voting results. But the main result may end Continue Reading
Venezuelan authorities tampered with votes during an election this week to elect a body to rewrite the country’s constitution, said the company that provides the government with the voting software. Continue Reading
With oil so far spared from the target of sanctions, the European Commission said Wednesday it was discussing a range of potential options for Venezuela. The U.S. Treasury Department hit Continue Reading
Venezuelan state energy giant PDVSA expects its refineries to run at 44 percent capacity in August due to crude supply issues, Reuters reported on Tuesday. At maximum output, the refinery Continue Reading
Venezuelan security officials seized opposition leaders Leopoldo Lopez and Antonio Ledezma from their homes during nighttime raids on Tuesday, in what critics of President Nicolas Maduro said was a growing Continue Reading
All options remain on the table for U.S. sanctions on Venezuela, including oil, though industry reports were mixed on the potential impact. Crude oil prices edged higher late last week Continue Reading
Venezuela’s oil sector is at risk of US sanctions following President Nicolás Maduro’s decision to push ahead with an election for an all-powerful political assembly, which critics fear will snub Continue Reading
Venezuela’s supply of heavy crude to U.S. independent refiner Phillips 66 has dropped by more than two-thirds this year in part due to quality problems, and the company has cancelled Continue Reading
Only a year ago, the Brazilian state company Petrobras seemed a complete basket case, an exemplary case of how not to lead a company that is rich in both resources Continue Reading
As the country’s economy continues to tank, Venezuela’s national oil company PDVSA is approaching the deadline for a $1.1bn note issue due in November, and there’s a pretty good chance Continue Reading
