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
For sale: 864,793 barrels of crude oil, bitumen, fuel oil and other products Another 550,000 barrels of crude in oil tanker sold on the international market for $25 million RdK, Continue Reading
Venezuela’s state-run oil company PDVSA has restarted crude blending at its Petrolera Sinovensa facility after a gas supply outage to the Jose oil export terminal halted operations last week, according Continue Reading
China has announced that it will impose taxes on heavy sour crude, a move that could hit Venezuela hard as it continues to struggle with U.S. sanctions and a dilapidated Continue Reading
The near failure of the Venezuelan state, caused by the breakdown of the country’s oil industry, has triggered the second worst humanitarian crisis of the 21st century. While the collapse Continue Reading
Venezuelan farmer Agustin Zenere should have been planting corn by the second week of May – a crucial task in the economically devastated South American country where 7 million people Continue Reading
In the space of less than a decade Venezuela’s once-mighty oil industry, the petrostate’s economic backbone, has nearly collapsed. Since Maduro’s predecessor Chavez took power in 1999 and launched his Continue Reading
Venezuela, in the midst of a humanitarian crisis of epic proportions, would need $58 billion to return its oil industry to its former glory and 1998 production levels, according to Continue Reading
Venezuela’s oil exports are hanging tough around 700,000 bpd, where they have been for the last three months, according to tanker tracking data and PDVSA documents cited by Reuters . Continue Reading
A few weeks before Christmas, Venezuela’s president Nicolås Maduro made a major announcement about his plans to tackle coronavirus. His vice-president, Delcy Rodriguez, had just arrived back from Moscow bearing Continue Reading
A group of American oil executives held in a crowded Venezuelan prison were released to house arrest Friday, according to a person briefed on the negotiations. The employees of Houston-based Continue Reading
Venezuela’s attorney general said on Thursday that 10 officials from state-owned oil company Petroleos de Venezuela (PDVSA) were arrested for allegedly diverting and selling some 3 million liters (792,516 gallons) Continue Reading
Venezuelan Defense Minister Vladimir Padrino said on Wednesday that eight soldiers were killed in combat amid continuing clashes between the armed forces and illegal armed groups along the border with Continue Reading
Venezuela is crafting an emergency plan to guarantee diesel supply to farmers but with reduced price subsidies. Oil minister Tareck El Aissami and agriculture minister Wilmar Castro have been tasked Continue Reading
Military strikes in southwestern Venezuela and the resultant surge of refugees into neighboring Colombia have sparked renewed claims that the autocratic Maduro regime in Caracas is a major destabilizing force Continue Reading
U.S. refiners were forced to source their heavy crude from somewhere else after the United States sanctioned Venezuelan crude oil. Now, U.S. refiners may again be forced to resource crude Continue Reading
Venezuela’s state-owned PDVSA has started a maintenance shutdown of its Petropiar oil field located in the Ayacucho block in the Orinoco Belt, according to a technical report reviewed by S&P Continue Reading
The International Monetary Fund won’t hand over $5 billion of special drawing rights to Venezuela to bolster its reserves as part of a massive injection of resources to member nations, Continue Reading
Crude oil prices had a rocky start to 2021. There are plenty of wildcards which will continue to fuel price volatility for the foreseeable future, the most notable being supply Continue Reading
Venezuelan President Nicolas Maduro is well-known for his saber-rattling, much of which is designed to distract Venezuelans from the severe economic crisis sweeping the country and the brutality of his Continue Reading
The Venezuelan government has long tolerated armed groups trafficking drugs and contraband near its border with Colombia. Now it has lashed out at one of them, driving thousands of civilians Continue Reading
A new campaign by the Venezuelan military near the country’s lawless western border is sparking a surge of refugees, with thousands defying the spiking pandemic to pack into makeshift shelters Continue Reading
US oil sanctions on Venezuela could reach a tipping point this summer if a dire diesel shortage further exacerbates a humanitarian crisis that continues to unfold even as President Nicolás Continue Reading
Venezuela could pay with oil for COVID-19 vaccines, Nicolas Maduro, the President of the struggling South American nation that is home to the world’s biggest oil reserves, said on Sunday. Continue Reading
