Maduro Hints At “New Business Models” In Oil
The Venezuelan National Assembly will consider reforms to the country’s oil law that will open the door to “new business models,” President Nicolas Maduro said this week, as quoted by Continue Reading
Venezuela Sees Oil Exports Rise Despite U.S. Sanctions
Venezuela’s crude oil exports rose last month despite Washington imposing new sanctions in January on several trading houses that worked with Caracas to export its oil. According to Tanker Trackers Continue Reading
Venezuela Oil Exports Drop After U.S. Sanctions on Key Traders
Venezuela oil exports dropped in February after the U.S. sanctioned key trading houses and individuals that had been propping up exports of the commodity that bankrolls President Nicolas Maduro’s regime. Crude Continue Reading
Iran And Venezuela Swap Jet Fuel And Gasoline Cargoes
Venezuela and Iran, both sanctioned by the United States, have found a way to help each other as shipping companies stay away from dealings with the two oil-producing countries for Continue Reading
Venezuela ships jet fuel to Iran in exchange for gasoline, sources say
Venezuela is shipping jet fuel to Iran in return for vital gasoline imports for the South American nation as part of a swap deal agreed by the two state-run oil Continue Reading
The world must act to stop Venezuela’s environmental destruction – The Washington Post
Francisco Dallmeier is the head of the Center for Conservation and Sustainability of the Smithsonian Conservation Biology Institute. Cristina V. Burelli is executive director of V5 Initiative and SOSOrinoco.org. The Continue Reading
EU slaps sanctions on 19 more Venezuelan officials
The European Union on Monday imposed sanctions on 19 more officials in Venezuela accused of undermining democracy or rights abuses in the crisis-torn South American country. EU foreign ministers targeted Continue Reading
Is Biden Preparing To Ease Restrictions On Venezuelan Oil?
In a surprise move, President Biden has withdrawn U.S. support for a Saudi-led military campaign against Houthi rebels in war-torn Yemen, describing the country’s bitter civil war as a humanitarian Continue Reading
TANKERS: Biden policy shift on sanctions could revive Caribbean tanker loadings
Aframax Caribbean-USGC runs down 75% in 2020 from 2016 Sanctions lifting would release 500,000 b/d of crude Guyana provides potential return of Caribbean Suezmax business A partial easing of US Continue Reading
Venezuela Jails PDVSA Managers For Providing Oil Data To U.S.
Venezuela has jailed for five years two former managers at its state oil firm PDVSA for providing sensitive data about Venezuelan oil operations to the United States, Venezuela’s attorney general Continue Reading
How U.S. Sanctions Against Venezuela Backfired
Harsh U.S. sanctions, a crumbling economy, and near collapsed petroleum industry have done little, if anything, to loosen President Maduro’s grip on power in Venezuela. It appears that one of Continue Reading
VENEZUELA DATA: January crude production rises by 100,000 b/d to 520,000 b/d
Average crude output by Venezuela’s state-owned PDVSA and its foreign partners in January rose to 520,000 b/d, or 100,000 b/d more than December, according to daily production reports reviewed by Continue Reading
Chevron and Reliance Hold Venezuela Talks with State Department
Chevron and Reliance Industries are meeting with US State Department officials to request a rollback of some Trump-era restrictions against Venezuela’s oil industry. (Bloomberg) — Chevron Corp. and Reliance Industries Continue Reading
Chevron Could Be Key To Rebuilding Venezuela’s Oil Industry
Despite outside assistance from Russia, China and Iran, the embattled socialist regime of President Maduro has proven incapable of rebuilding Venezuela’s once-mighty petroleum industry. According to the latest OPEC Monthly Continue Reading
Will Venezuela Go To War Over Oil?
January 2021 is still far from over yet the pages of Oilprice already boast 6 articles about Guyana being the hottest drilling spot in the world. This is hardly surprising, Continue Reading
Will Biden Lift Sanctions On Venezuela?
The country with the largest proven oil reserves in the world, clocking in at a whopping 299,953,000,000 barrels of proven oil, is currently suffering a fuel shortage so great that Continue Reading
China Imports Venezuelan Oil That’s Doctored to Skirt U.S. Sanctions
It may be the oil market’s worst-kept secret: Millions of barrels of Venezuelan heavy crude, embargoed by the U.S., have been surreptitiously going to China. The cat-and-mouse games that avoid detection and Continue Reading
Trump in final parting shot hits Venezuela with sanctions
The Trump administration issued a parting shot to Venezuelan President Nicolás Maduro on Tuesday, announcing a sweeping round of stiff financial sanctions that target a network accused of moving oil Continue Reading
US sanctions European oil traders, tankers for violating Venezuelan crude oil sanctions
The US Treasury sanctioned a series of European oil traders and crude tankers that allegedly helped a Mexican network work with Venezuela to evade US sanctions and move its crude Continue Reading
Oil companies, aid groups plan to press Biden to allow Venezuela fuel swaps
Representatives of fuel suppliers to Venezuela, importers of Venezuelan oil and advocacy groups said this month they plan to press the incoming administration of U.S. President-elect Joe Biden to reverse Continue Reading
Pacific Island Nation Tells Venezuela ‘That Oil Tanker Isn’t Ours’
The island nation of Palau says a tanker that recently loaded Venezuelan crude was using a false signal to disguise its identity, potentially putting the Pacific country in the crosshairs Continue Reading
Venezuela slams U.S. court approval of Citgo parent sale as ‘fraudulent’
Venezuelan Foreign Minister Jorge Arreaza on Saturday criticized a U.S. court ruling authorizing a sale of the shares in the parent company of U.S. refiner Citgo Petroleum Corp, calling it Continue Reading
Venezuela Opens Up To Foreign Oil Investment
Venezuela is opening up to foreign investment in its oil industry, President Nicolas Maduro said this week, in a bid to reverse a catastrophic drop in its output under the Continue Reading
Citgo still in limbo as judge approves sale of Venezuelan holding company’s shares
The fate of US refiner Citgo Petroleum remains in limbo following a federal court ruling late Jan. 14 that reaffirms the eventual auction of shares of Citgo’s Venezuelan holding company. Continue Reading
Venezuela’s Political Crisis Deepens as Regime Installs Rubber-Stamp Congress
Chanting anti-American slogans, thousands of Iraqis converged on a landmark square in central Baghdad on Sunday to commemorate the anniversary of the killing of a powerful Iranian general and a Continue Reading
Western Oil Majors Are Key To Reviving Venezuela’s Oil Industry
Venezuela’s rapidly disintegrating oil industry, which is the backbone of its economy, is a mere shadow of what it once was, despite the founding OPEC member possessing the world’s largest Continue Reading
Venezuela’s 2020 Oil Exports Plunged To The Lowest Level In 77 Years
Venezuela’s crude oil and refined product exports plummeted in 2020 to their lowest level in 77 years, as the U.S. continued to step up sanctions against Nicolas Maduro’s regime and Continue Reading
Venezuela’s oil industry expected to deteriorate further
Venezuela’s oil industry will likely continue to deteriorate in 2021, with the country’s roughly 300 billion barrels of crude in reserves left largely untapped even if oil prices move higher, Continue Reading
Venezuelan Oil Exports Crater as OPEC+ Set to Unleash More Crude
Venezuelan oil exports plummeted this month as U.S. sanctions have left some of the South American country’s cargoes stranded in Asia and competition with fellow OPEC+ members is set to Continue Reading
Greek Shipowners Easily Evade Venezuela Oil Sanctions
In January 2019, the Trump administration imposed sanctions on Venezuela’s oil shipping sector in an ongoing bid to force President Nicolás Maduro from power. The sanctions deepened Venezuela’s already severe Continue Reading
Can Venezuela’s Oil Industry Bounce Back With The Help Of Iran?
After five years of plunging oil production and experiencing the near-collapse of its economically crucial petroleum industry and the worst peacetime economic crisis of the modern age, there are signs Continue Reading
UAE emerges as hub for companies helping Venezuela avoid U.S. oil sanctions
In June, the United States imposed sanctions on half a dozen oil tankers managed by established shipping firms. It was a major escalation of American attempts to choke off Venezuela’s Continue Reading
Washington Extends Citgo Protection From Creditors
The U.S. government this week extended the term of a protection measure against Citgo creditors until July next year, Reuters has reported , noting the measure effectively bars creditors from Continue Reading
Venezuela: PDVSA Starts Oil Transfer from Troubled Offshore Facility to Barge
The FSO Nabarima listing in the Gulf of Paria on October 16 (Photo: Fishermen and Friends of the Sea) Venezuelan state oil company Petroleos de Venezuela has begun transferring crude Continue Reading
Oil Spills in Venezuela Offer Bleak Vision Of What Lies Ahead
Tropical rains have washed away most outward traces of the oil spill that ravaged Rio Seco this fall. But the fishing village in the shadow of Venezuela’s main refining hub Continue Reading
Venezuela: Maduro and allies win National Assembly poll – partial results
Turnout is predicted to be low as opposition supporters are urged to stay at home President Nicolás Maduro’s party and his allies have won in Venezuela’s legislative elections that were Continue Reading
Biggest Iranian Flotilla Yet En Route to Venezuela With Fuel
Iran is sending its biggest fleet yet of tankers to Venezuela in defiance of U.S. sanctions to help the isolated nation weather a crippling fuel shortage, according to people with Continue Reading
Venezuela’s Gasoline Shortage Is Worsening
Venezuela’s state oil company PDVSA suspended gasoline production at the El Palito refinery after a problem with a valve led to a fire, unnamed sources familiar with the incident told Continue Reading
Venezuela’s Oil Exports Double in November As Mysterious New Buyers Emerge
Venezuela’s oil exports doubled in November, data from PDVSA and Refinitiv Eikon showed on Wednesday. Venezuela’s crude oil exports were less than 370,000 barrels per day in October, on average. Continue Reading
Venezuela Triples Oil Exports Using Ghost Tankers
Venezuela boosted its crude oil exports nearly threefold in November to more than 500,000 barrels per day (bpd), including by hiding the true identity of tankers to avoid detection, Bloomberg Continue Reading
Venezuela’s Oil Crisis Is An Environmental Time Bomb
The international media think tanks and government agencies have discussed at length the near failure of Venezuela, once Latin America’s most stable and developed nation, and the emergence of this Continue Reading
The Single Biggest Threat To Venezuela’s Future
It was not too long ago that copious oil reserves such as the 303 billion barrels located in Venezuela, which are the world’s largest, were viewed as a tremendous economic Continue Reading
U.S. wants six former Citgo executives convicted in Venezuela to be returned: Pompeo
FILE PHOTO: U.S. Secretary of State Mike Pompeo speaks to the media prior to meeting with Kuwait’s Foreign Minister in Washington, D.C., U.S., November 24, 2020. Saul Loeb/Pool via REUTERS Continue Reading
Judge in Venezuela Convicts 6 U.S. Oil Executives of Corruption
Jorge Arreaza/Venezuela Foreign Minister, via Associated Press CARACAS, Venezuela — A Venezuelan judge on Thursday found six American oil executives guilty of a wide-ranging corruption scheme and immediately sentenced them Continue Reading
Venezuela Arrests Oil Workers To Cover Up Bad Press About PDVSA
Venezuela’s regime has recently arrested oil workers or retired oil workers who have dared to expose the corruption and mismanagement at its state oil firm PDVSA and its dire financial, Continue Reading
Desperate Venezuelans Attempt To Refine Gasoline At Home
Fuel shortages in Venezuela are so bad amid the deepening crisis at its state oil firm that Venezuelans are stealing crude oil from idle oilfields and processing it at home Continue Reading
Venezuela Opposition Fights Creditors for Control of Billions in Global Assets
Opposition leader Juan Guaidó, whom the U.S. considers Venezuela’s legitimate president, during a rally last month. Creditors from hedge funds to oil companies are moving closer to seizing billions of Continue Reading
Why Biden’s Approach To Venezuela Is So Important For Oil Markets
In a hard-fought campaign Democrat Joe Biden won the November 2020 U.S. presidential race beating incumbent Donald Trump. There were considerable fears in the run-up to the election that a Continue Reading
US Treasury extends Chevron’s Venezuela presence to mid-2021
The US Treasury said Nov. 17 that Chevron and top oilfield services firms can remain in Venezuela until June, extending a wind-down deadline that was set to expire on Dec. Continue Reading
Last U.S. Oil Major in Venezuela Looks to Biden to Keep Foothold
Chevron Corp.’s willingness to keep a foothold in oil-rich Venezuela will now be a thorny political issue for President-elect Joe Biden to sort out. The U.S. Treasury Department extended until June 3 its Continue Reading