The supervisory boards of Venezuela-owned Citgo Petroleum, racing to stave off a breakup of the eighth-largest U.S. oil refiner, have held talks with U.S. officials in Bogota, Colombia, seeking to Continue Reading
The collapse of Venezuela’s oil industry could lead to significant environmental consequences. Oil spills are likely to increase due to a lack of infrastructure investment and maintenance. A key part Continue Reading
Saab was charged with money laundering in the US One of President Nicolás Maduro’s closest aides has been extradited from Cape Verde to the United States, where he’s been charged Continue Reading
Venezuela’s government has suspended internationally sponsored negotiations with the opposition and revoked the house arrest of six American prisoners after the US extradited a close ally of president Nicolås Maduro Continue Reading
An Iran-flagged supertanker on Saturday was about to set sail from Venezuelan waters carrying 2 million barrels of heavy crude provided by state-run oil firm PDVSA (PDVSA.UL), according to documents Continue Reading
The stench of gasoline burned through Verónica Barboza’s nose as she stood by the edge of Lake Maracaibo, one of the largest lakes in South America, on a recent afternoon. Continue Reading
Despite huge oil reserves waiting to be tapped, the ongoing sanctions on Venezuelan oil and the current state of politics and the economy are driving international oil majors away from Continue Reading
The United States is giving $247 million in humanitarian aid and $89 million in economic and development aid to Venezuelans, State Department spokesman Ned Price said in a statement on Continue Reading
Since the controversial 1899 decision which set the border between Venezuela and Guyana, Caracas has repeatedly contested the ruling, claiming the 61,000 square miles west of the Essequibo river belongs Continue Reading
OPEC’s secretary general, Mohammad Sanusi Barkindo, visited the Bolivarian Republic of Venezuela at the invitation of its government to celebrate OPEC’s 61st anniversary. OPEC has announced that its secretary general, Continue Reading
Venezuela’s heavy oil project reserves will be left stranded as international players divest their interest, according to GlobalData. Venezuela’s heavy oil project reserves will be left stranded as international players Continue Reading
The United States on Friday extended its protection of Venezuelan-owned U.S. refiner Citgo Petroleum Corp (PDVSAC.UL) from possible seizure by creditors through Jan. 21, 2022, according to a notice on Continue Reading
Venezuela’s near-collapse and strict U.S. sanctions are creating an opportunity for Russia, Iran and China to strengthen their presence in Latin America, a region that for decades has been under Continue Reading
The China National Petroleum Corporation is preparing to return to Venezuela after the Maduro government finalizes legislation seeking to attract more foreign capital to the industry. According to a Bloomberg Continue Reading
Crude output in Venezuela’s key Orinoco oil belt plunged by a quarter to less than 300,000 barrels per day (bpd) in August due to a shortage of diluents needed to Continue Reading
Japanese oil company Inpex Corp sold two Venezuelan oil and gas assets to Caracas-based Sucre Energy Group, three people familiar with the transaction said, as multinational firms retreat from the Continue Reading
Venezuela’s socialist government sees the swap it made last week of shares in a Dominican oil refinery for defaulted bonds as a possible model for future deals, as it seeks Continue Reading
Refiner Citgo Petroleum, the U.S. subsidiary of Venezuela’s state-held oil firm PDVSA, expects to play a “bridge” role in a Venezuelan transition once U.S. sanctions are lifted, and could help Continue Reading
Refiner Citgo Petroleum, the U.S. subsidiary of Venezuela’s state-held oil firm PDVSA, reported this week a net income for the second quarter, its first quarterly profit since the third quarter Continue Reading
Negotiations for Venezuela’s November 2021 regional elections, which are being brokered by Norway, kicked off this week in Mexico. The talks between the authoritarian regime of Nicolas Maduro and opposition Continue Reading
The aggressive push to decarbonize the world economy is forcing big oil to examine how the carbon emissions of its operations can be reduced with a goal of becoming carbon Continue Reading
Venezuela will remove six zeros from the bolivar in another attempt to save a currency that has been wracked by years of hyperinflation. The central bank said it plans to Continue Reading
Despite a near economic collapse, shattered petroleum industry infrastructure and empty government coffers, Venezuela’s oil minister Tareck El Aissami continues to talk-up the prospects of the OPEC members crude oil Continue Reading
French TotalEnergies and Norwegian Equinor will exit their oil joint venture with PDVSA, Bloomberg has reported , citing unnamed sources familiar with the matter. TotalEnergies held a 30-percent stake in Continue Reading
Venezuela is ignoring U.S. sanctions with its plan to boost production to 1.5 million bpd by the end of the year, around three times the current output. A document has Continue Reading
Venezuela’s capital city is once again rationing gasoline after output at state-owned refineries slumped, forcing motorists to endure day-long queues to top off tanks. Shortages have returned to Caracas, prompting Continue Reading
PDVSA is offloading more than a half a million barrels per day of condensate that it has imported in order to blend with its extra heavy crude oil, according to Continue Reading
Venezuela’s state-owned oil company imported a key component needed to achieve its goal of almost tripling crude production, defying U.S. efforts to isolate the Maduro regime’s grip on power. The Continue Reading
Highlights Prevents bond holders from seizing US refining assets Platts Analytics sees new risks to Venezuelan oil output The US Treasury Department has extended for three months an order blocking Continue Reading
Cuba has seen in recent days the biggest protests in decades as thousands of people took to the streets in the Communist-run country to demand freedom. But they also protest Continue Reading
Highlights Waiver allows US suppliers to meet propane shortage Move seen as symbolic of easing of sanctions pressure The US Department of Treasury granted a sanctions waiver July 12 allowing Continue Reading
WASHINGTON, July 12 (Reuters) – The U.S. government on Monday authorized shipments to Venezuela of liquefied petroleum gas, mainly used in the OPEC nation as cooking fuel and currently in Continue Reading
Venezuela’s state-run oil company PDVSA has started producing two upgraded crude grades for domestic refining, aiming at reanimating the country’s much-needed output of motor fuels, according to a company document Continue Reading
Crude oil exports from Venezuela inched up last month as traders rushed to sell Venezuelan crude to Chinese buyers ahead of the entry into effect of a new tax. Reuters Continue Reading
Venezuela is preparing to once again lop off zeroes from the national currency in an attempt to simplify daily transactions which sometimes barely fit on a calculator or require swiping Continue Reading
Venezuela’s oil exports inched higher in June, boosted by cargoes to Asia and expanded sales of upgraded crude, data from state-run oil firm PDVSA and tanker monitoring showed, as the Continue Reading
PDVSA will incorporate 17 drill rigs, 14 contracted at $1.5 million each Plan’s goal is to raise production to an average of 1 million b/d in 2021 Orinoco Belt production Continue Reading
Venezuela’s Descent Into Anarchy Is Fueling Maduro’s Desperation Description: Tags: After more than 15 years of U.S. sanctions which caused Venezuela’s one mighty petroleum industry to collapse, the crisis-driven Latin Continue Reading
Venezuela is investing in crude oil production recovery and aims to boost its output four times by the end of the year, to 1.5 million barrels per day (bpd), Oil Continue Reading
Venezuela Vice President Delcy Rodriguez, says that the economic reforms recently implemented by President Nicolás Maduro are consistent with the administration’s guiding principles of Bolivarian socialism. She spoke exclusively in Continue Reading
Venezuela’s Nicolas Maduro has been waiting for the Biden Administration to negotiate a deal that would bring relief to the U.S. sanctions on the country holding the world’s largest oil Continue Reading
Diesel shortage could force White House to ease sanctions Growing calls by US Democrats for humanitarian relief Production outlook hinges on US sanctions, China tax After Venezuelan President Nicolas Maduro Continue Reading
Traders are racing to deliver record volumes of Venezuelan crude oil masked as Malaysian bitumen blend to China, ahead of new fuel taxes that look set to upend the lucrative Continue Reading
The logo of Chevron Corp is seen in its booth at Gastech, the world’s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai/File Photo Chevron Continue Reading
Venezuelan state oil company PDVSA is turning to local partners as it seeks to plug the gap left by Western companies in the OPEC nation’s oil sector, according to interviews Continue Reading
Nicolas Maduro Chevron Corp. and top American oil-service companies won an extension to keep a limited presence in Venezuela despite U.S. sanctions intended to starve President Nicolas Maduro’s regime of Continue Reading
Highlights Platts Analytics expects output of 500,000 b/d through September China tax, Biden sanctions could sway Venezuelan outlook The Biden administration has given Chevron and four other US oil service Continue Reading
From within his presidential palace, President Nicolás Maduro regularly commandeers the airwaves, delivering speeches intended to project stability to his crumbling nation. But as the Venezuelan state disintegrates under the weight Continue Reading
Venezuela welcomed this week its first diesel cargo since November 2020, a fuel that the country sitting atop the world’s largest oil reserves has been forced to ration, similar to Continue Reading
In the latest desperate attempt to deal with fuel shortages that have crippled Venezuela’s economy, government leaders are trying to repurpose two massive oil upgraders to make a main ingredient Continue Reading
