General Motors Co. became the latest multinational company to exit what used to be South America’s most lucrative consumer market, following the seizure of its plant linked to a court Continue Reading
Venezuela has donated $500,000 to US President Donald Trump’s inauguration, newly released records show. Citgo Petroleum, a US-based subsidiary of the Venezuelan state-owned oil company, is named in papers filed Continue Reading
President Nicolás Maduro has lost support among the legions of poor Venezuelans that once backed the late Hugo Chávez, but they have largely shown little interest in joining the opposition-led Continue Reading
ExxonMobil is betting on shale development not only on its home turf. The supermajor is also planning to speed up investment plans for shale gas drilling in Argentina’s prized Vaca Continue Reading
Protesters demanding elections and a return to democratic rule jammed the streets of Caracas and other Venezuelan cities on Wednesday. National Guard troops and government-aligned militias beat crowds back with Continue Reading
In the scorching heat of the Caribbean Sea, workers in scuba suits scrub crude oil by hand from the hull of the Caspian Galaxy, a tanker so filthy it can’t Continue Reading
Venezuela’s opposition was rallying across the nation on Thursday as part of a bid to strain security forces by staging anti-government protests in each of the volatile country’s 335 municipalities. Continue Reading
If Venezuela defaults on its debt obligations, it could result in Russia taking control over U.S. refining assets, leading to more Russian “control over oil and gas prices worldwide,” which Continue Reading
Oil company honors debt obligations amid political unrest Government says it will continue paying debt due this year Bonds issued by Venezuela’s state oil company rallied after the country made Continue Reading
Venezuela has put off a reckoning on its tens of billions of dollars in debt, but its ability to avoid a disastrous default will probably require much higher oil prices Continue Reading
Widespread and intense protests continued across Venezuela on April 11, El Nacional reported. The day before, protesters alleged that authorities fired tear gas onto the grounds of the Policlinica Las Continue Reading
Venezuela’s state-owned oil company should be stopped from plundering its U.S. subsidiary Citgo Holding Inc., according to court papers filed Monday evening by a creditor seeking $1.4 billion from the Continue Reading
News coming out of Venezuela over the past two years has reeked of corruption and failed political leadership: a long list of shortages , rampant poverty , incrimination of the Continue Reading
A police water cannon disperses demonstrators during an opposition rally in Caracas, Venezuela. Venezuelan authorities confirmed that a young man was killed on Thursday during anti-government protests and vowed to Continue Reading
A deal to give Russia’s Rosneft 49.9% ownership of US refiner Citgo if Venezuela’s cash-strapped national oil company PDVSA defaults on its loans threatens US national security and should be Continue Reading
A few gasoline cargoes around the Caribbean Isles are looking for homes. Three tankers holding about 1.35 million barrels of gasoline and alkylate, an octane-boosting component blended with motor fuels, Continue Reading
Venezuela’s state oil producer PDVSA said it will pay $2.1 billion in bonds after a plunge in crude production and dwindling cash flow spurred bets on a default. Caracas-based Petroleos Continue Reading
The Wall Street Journal reported that Exxon is looking to jump into Brazil’s offshore sector, one of a few areas of exploration where there are still enormous volumes of known Continue Reading
Exxon Mobil Corp., the only big oil company without a major foothold in Brazil, is in talks to gain access to the country’s prized deep-water resources, according to people familiar Continue Reading
Brazil’s state-run oil company Petroleo Brasileiro SA Chief Executive Officer Pedro Parente talks during a news conference in Rio de Janeiro, Brazil, January 11, 2017. REUTERS/Nacho Doce U.S. oil company Continue Reading
For nearly two decades, Venezuela’s socialist government has maintained a façade. It proclaimed democracy and concern for social rights. In reality, it eroded civil, political and economic freedom. For a Continue Reading
Crisis-stricken Venezuela’s money supply has surged over 200 percent in a year, its fastest rise since records began in 1940, putting it on track for what is likely the world’s Continue Reading
Opposition supporters shout slogans as they block a highway during a protest against Venezuelan President Nicolas Maduro’s government in Caracas. REUTERS/Carlos Garcia Rawlins Venezuela’s opposition sought to keep pressure on Continue Reading
Venezuela’s opposition lawmakers said on Sunday they will push for the removal of Supreme Court judges whom they accuse of acting on behalf of the ruling Socialists after the top Continue Reading
The Venezuelan Supreme Court may have amended part of its explosive decision to take over the opposition-led congress, but it still gives embattled leftist President Nicolas Maduro broad new powers Continue Reading
A ruling this week by Venezuela’s Supreme Court stripping the nation’s legislative branch of all authority — and vesting that power in the court itself — moves a country already Continue Reading
The sight of Venezuela’s National Assembly president tearing up a Supreme Court ruling and warning foreign firms against making deals with the leftist government will no doubt resonate in international Continue Reading
Venezuela is negotiating financial help from Russian oil major Rosneft to complete nearly $3 billion in PDVSA debt payments coming due to bondholders next month, two market sources and a Continue Reading
Latin American dictators once sent in tanks and soldiers. This week, Venezuela’s socialist president Nicolás Maduro dispatched judges. The motivation, in part, is money. The result, however, is the same: Continue Reading
A discovery ff oil by Exxon Mobil off the coast of Guyana suggests the country is emerging as the sector’s next major hot spot, a regional player said. Exxon announced Continue Reading
Venezuela’s supreme court, which is controlled by President Nicolás Maduro’s socialist government, has ruled it is taking over the opposition-dominated National Assembly, sparking fears that the crisis-riven country has moved Continue Reading
Venezuela took its strongest step yet toward one-man rule under the leftist President Nicolás Maduro as his loyalists on the Supreme Court seized power from the National Assembly in a Continue Reading
Brazil is in the process of preparing two new floating production, storage and offloading vessels, or FPSOs, to start oil and natural gas production in the country’s record-setting subsalt frontier, Continue Reading
As Venezuela’s foreign currency reserves have shrunk to $10.4 billion USD , so have the country’s goods in stock, against the background of gas, energy and medicine shortages, crime rates Continue Reading
Petroleos de Venezuela SA is preparing for the departure of its president Eulogio Del Pino in what would be the biggest management shift in years for the state-owned oil producer, Continue Reading
OPEC production cuts and economic woes are complicating Schlumberger NV’s (SLB.N) efforts to collect $1.1 billion from Ecuador’s state-owned Petroamazonas, casting a cloud over the oil services company’s first-quarter results. Continue Reading
A gasoline shortage in OPEC member Venezuela was exacerbated by an increase in government-sanctioned fuel exports to foreign allies and an exodus of crucial personnel from state-run energy company PDVSA Continue Reading
Venezuela’s state oil company was rushing to replenish gasoline supplies in various neighborhoods of Caracas on Thursday morning as drivers lined up at filling stations amid a worsening shortage of Continue Reading
Venezuela’s economic crisis continues to deepen. The South American OPEC member is thought to be sitting on nearly 300 billion barrels of oil, far more than any other country in Continue Reading
Royal Dutch Shell agreed to lease capacity at a large oil terminal in Panama that has been used by U.S. refiner Tesoro Corp, sources involved in the deal told Reuters, Continue Reading
The U.S., Canada and Latin America’s leading nations have agreed to challenge Venezuela’s authoritarian regime, a joint effort that wouldn’t have been possible a decade ago. Fourteen nations plan to Continue Reading
There are plenty of reasons why BlueBay Asset Management LLP cut its holding in Venezuelan bonds, from the empty shelves in the supermarkets of Caracas to a nationwide dearth of Continue Reading
Venezuela’s state oil company is replacing high-level managers at refining complexes and other divisions as it deepens a shake-up that began in January, according to people with knowledge of the Continue Reading
Venezuelan state oil company PDVSA has offered Russian counterpart Rosneft a stake in a joint venture in the country’s Orinoco Belt extra-heavy crude area, five industry sources said, in a Continue Reading
The bitter political standoff between Venezuela’s government and opposition may have cost the crisis-torn country nearly half a billion dollars in loans from one of its last active multilateral lenders Continue Reading
Venezuela’s government has threatened to seize control of bakeries that fail to implement regulations to combat bread shortages. President Nicolas Maduro said the government will expropriate industrial bakeries , which Continue Reading
Brazil’s federal auditing court overturned a preliminary ruling Wednesday that had frozen asset sales by Petróleo Brasileiro SA since December, removing a major roadblock to the state-run oil company’s plan Continue Reading
Rosneft could take control of 49.9 percent of Citgo – the troubled U.S. business of Venezuela’s state-owned oil company, media are warning. PDVSA used the stake as collateral for a Continue Reading
The Venezuelan government is investigating alleged corruption in a $1.3 billion contract between the state oil company and a private contractor co-founded by a Saudi prince, according to law-enforcement officials Continue Reading
Industry heavy-hitters reveal their top assets outside of the prolific Permian Basin during a CERAWeek by IHS Markit discussion in Houston. Before “Permania” reignited the oil and gas industry’s lust Continue Reading
