The ‘Venezuela Benefit’ For Canadian Oil Producers Is Limited
Canadian oil producers are keeping a close eye on the latest events in Venezuela and the opportunity to boost their exports south of the border if things in the troubled Continue Reading
U.S. intensifies anti-Maduro push as Russia backs Venezuelan ally
The United States on Friday intensified its push to drive Venezuelan President Nicolas Maduro from power, as U.S. diplomats left the embassy in Caracas, while Russia vowed to back its Continue Reading
Venezuelan oil exports to U.S. still a primary source of cash
Venezuela’s oil exports to the United States remain the primary cash resource for its state-owned oil company, and efforts by the United States to cut off that revenue would likely Continue Reading
Exclusive: Refiner Citgo prepares to fend off Venezuela’s opposition government
Venezuela’s most important foreign asset, its $10 billion U.S. refining arm Citgo Petroleum, is hunkering down to arm itself with a legal strategy to block efforts for its board to Continue Reading
Pence Pledged U.S. Backing Before Venezuela Opposition Leader’s Move
That late-night call set in motion a plan that had been developed in secret over the preceding several weeks, accompanied by talks between U.S. officials, allies, lawmakers and key Venezuelan Continue Reading
Venezuela Crisis Deepens As The World Take Sides
The political standoff in Venezuela continues as the world watches with apprehension and countries begin to take sides, backing one of the two leaders claiming to be president of the Continue Reading
With Venezuela sanctions looming, USGC refiners face premiums for replacement barrels
The Trump administration is poised to impose sanctions on US imports of Venezuelan crude oil, a move which will leave US Gulf Coast refiners scrambling for more costly replacement barrels, Continue Reading
Venezuela’s Military Backs Maduro
The strong support for Mr. Maduro is a significant blow to the opposition, which wants to use widespread street protests and international support to help break the military’s allegiance to Continue Reading
Venezuela Turmoil Puts Billions of Dollars in Foreign Investment in Jeopardy
Venezuelan parliament speaker Juan Guaidó declared himself interim president at a rally in the capital Caracas on Wednesday, drawing support from several Latin American countries and the U.S. Mr. Maduro Continue Reading
Falling oil revenues pile pressure on Venezuela’s Nicolás Maduro
A recent sharp contraction in oil production in Venezuela and projected further declines this year will increase already-severe pressure on the government of President Nicolás Maduro, according to investors, especially Continue Reading
Venezuela’s Maduro says he will withdraw embassy, consulate staff from Washington and other U.S. cities
The United States and Venezuela were locked in a tense international standoff Thursday as the Trump administration kept embassy staff in the country despite an official order to eject them, Continue Reading
Maduro illegitimacy declaration sparks confusion in US oil sector
Trump administration seeks to strip Maduro of oil revenues Questions surround commercial transactions with Venezuela Treasury guidance could follow sanctions Washington — The US designation of Juan Guaido as Venezuela’s Continue Reading
Venezuela’s political turmoil sparks investor fears
Political chaos in Venezuela sparked by international support for the leadership of opposition politician Juan Guaidó has called into question more than $25bn worth of investments made by China and Russia, the Continue Reading
U.S. weighs oil sanctions on Venezuela as it steps up pressure
The Trump administration ratcheted up pressure on Venezuelan President Nicolas Maduro on Wednesday, signaling potential new sanctions against the country’s vital oil sector as it recognized Venezuela’s opposition leader as Continue Reading
Venezuelan political turmoil hits US oil refiners
The prospect of further falls in Venezuela’s oil output after the US and Canada embraced its opposition leader as interim president caused tremors in energy markets, underlining the Opec member’s Continue Reading
Venezuela’s PDVSA, in default, says total debt fell in 2018
Venezuela’s state-run oil company PDVSA said on Tuesday its debt fell 5 percent in 2018 from a year ago to $34.6 billion, though it remains in default on most of Continue Reading
U.S. Refiners Rush To Buy Heavy Oil As Trump Looks To Punish Maduro
Refiners in the United States are stocking up on heavy crude, pushing prices higher, as the Trump administration prepares to slam more punitive measures on Caracas after the inauguration of Continue Reading
U.S. refiners scramble as White House eyes Venezuela sanctions
U.S. refiners are bidding up prices for scarce types of crude oil needed for their most sophisticated plants as the United States reconsiders harsher sanctions on Venezuela that could further Continue Reading
Venezuelan crude production continued to decline in December
Venezuelan crude oil production continued its steady decline and hit a new low in December with just 1.15 million barrels per day produced, unwillingly contributing to the OPEC agreed on production Continue Reading
White House told US refiners Venezuela oil sanctions under consideration: sources
Highlights Trump administration has long resisted oil sector sanctions Citgo, Chevron, PBF, Valero major importers of Venezuelan crude Sanctions on oil flows one of many options being weighed Washington — Continue Reading
Trump Takes Aim At Maduro, Threatens Oil Embargo
A week after Venezuelan President Nicolas Maduro was sworn in for a second term in office, the option of a complete oil embargo against Venezuela has been put back on Continue Reading
Venezuela’s Crisis Threatens U.S. Control Over Oil Prices
The Russian bear is on the prowl once again as President Putin seeks to expand Moscow’s influence and bolster the one-time superpower’s global influence while proving to constituents he can Continue Reading
Venezuela swears in an illegitimate president
The editorial board When Nicolás Maduro was sworn in by Venezuela’s Supreme Court for a second six-year term as president on Thursday, a notable judge was missing. Christian Zerpa, a Continue Reading
Exxon ships have not returned to area of Venezuela dispute: Guyana
Seismic research vessels hired by Exxon Mobil to explore for oil off Guyana’s coast have not returned to the site of a December incident with Venezuela’s navy, but they may Continue Reading
Venezuelan Leader Starts Second Term With Grim Outlook
Within minutes, a majority of the 35-member Organization of American States, a regional diplomatic body, voted to not recognize the legitimacy of Mr. Maduro’s new government after about 60 countries Continue Reading
Maduro Clings To Power As Venezuela’s Oil Collapse Continues
Venezuelan President Nicolas Maduro was inaugurated for a second term on Thursday, despite presiding over an economic meltdown of historic proportions and his status as an international pariah. A coalition Continue Reading
Nicolás Maduro to begin second term as Venezuela goes into meltdown
Every day before dawn, a long line of people forms outside the Spanish consulate in the Plaza la Castellana in Caracas. Venezuelans, many of Spanish descent, are desperate to get Continue Reading
Venezuela’s PDVSA inks oil deal with firm part-owned by Florida Republican
Venezuelan state oil firm PDVSA [PDVSA.UL] has signed a deal with little-known U.S. energy firm Erepla that is part-owned by a prominent Florida Republican to help increase the socialist-run country’s Continue Reading
Newcomer To Help Venezuela Reverse Oil Production Drop
A fledgling U.S. company set up last year will help Venezuela turn around its falling oil production that has led to the country’s oil exports falling to the lowest in Continue Reading
Is Venezuela’s Downward Spiral OPEC’s Achilles Heel Or Saving Grace?
OPEC and US Shale have been duking it out in the oil markets for a few years now—ever since the days of $100 oil. OPEC, led by Saudi Arabia, took Continue Reading
Envoys Denounce Venezuela’s Maduro and Urge Him to Cede Power
Thirteen nations announced on Friday that they would not recognize the legitimacy of the new presidential term of Nicolás Maduro of Venezuela, who is set to be inaugurated next week Continue Reading
Exxon continues drilling offshore Guyana as Venezuela lodges complaint
Exxon Mobil Corp ( XOM.N ) said on Wednesday its oil drilling and development activities offshore Guyana were unaffected by a weekend incident in which Venezuela’s navy stopped two exploration Continue Reading
Special Report: Oil output goes AWOL in Venezuela as soldiers run PDVSA
Last July 6, Major General Manuel Quevedo joined his wife, a Catholic priest and a gathering of oil workers in prayer in a conference room at the headquarters of Petroleos Continue Reading
Venezuela calls U.S. comments on Guyana dispute ‘interventionist’
Venezuela’s foreign ministry on Tuesday described as “interventionist and disrespectful” U.S. comments on a weekend incident in which the country’s navy stopped two ships exploring for oil for Exxon Mobil Continue Reading
ExxonMobil Faces Off With Venezuela’s Navy
Exxon has suspended exploration activities in the western part of the Stabroek block offshore Guyana after the Venezuelan Navy intercepted this weekend two exploratory vessels in what Caracas claimed was Continue Reading
Exxon quiet on plans to resume Guyana marine survey after Venezuela dispute
Exxon Mobil and a seismic research company it hired to search for oil off the coast of Guyana declined on Monday to say when they might resume exploration work halted Continue Reading
Venezuela-Guyana Feud Halts Exxon Project
Ten offshore oil discoveries since 2015 by an Exxon-led consortium, accounting for 5 billion barrels of crude, have turned Guyana, one of South America’s poorest nations, into one of the Continue Reading
In Venezuela, Russia pockets key energy assets in exchange for cash bailouts
As allies go, Venezuela is a relatively cheap one for Russia. But the potential returns on Moscow’s investment there could be priceless. In exchange for modest loans and bailouts over Continue Reading
Venezuela navy confronts Exxon oil ship in Guyana border dispute
Venezuela’s navy “intercepted” a ship exploring for oil on behalf of Exxon Mobil Corp ( XOM.N ) in Guyanese waters over the weekend, Guyana’s foreign ministry said in a statement Continue Reading
Venezuela-Guyana Feud Halts Exxon Project
Owned by Norway’s Petroleum Geo-Services and bearing a Bahamian flag, the seismic-survey vessel was stopped by a Venezuelan Navy ship Saturday morning in Guyanese waters, about 90 miles from a Continue Reading
Venezuela replaces chief overseeing state-run oil firm’s joint ventures
Venezuela has replaced the executive overseeing state-run PDVSA’s oil-production joint ventures, two people familiar with the matter said on Friday, the latest shakeup as the OPEC nation’s crude output collapses. Continue Reading
Reeling Venezuela could sack oil minister, PDVSA CEO in cabinet shuffle
Venezuela’s crumbling oil industry looks set for more political turmoil. Oil minister and PDVSA CEO Manuel Quevedo may be on the outs, as President Nicolas Maduro is preparing a cabinet Continue Reading
Want to sue Venezuela for millions? These firms can help, for a price
As Venezuela collapses, one little-known U.S. investment fund is poised to win big from litigation against its socialist government: Tenor Capital Management. Since 2012, the New York firm has invested Continue Reading
IEA Head: U.S. Oil Production To Rise, Venezuela To Fall Further
U.S. oil production will continue to grow at a rapid pace until 2025, while Venezuela’s crude output is set for further declines, Fatih Birol, the Executive Director of the International Continue Reading
Investors Push Venezuela for Payment on $1.5 Billion Defaulted Bond
“Unfortunately, the Republic has stopped paying on these bonds,” Mr. Stancil, an attorney at Robbins, Russell, Englert, Orseck, Untereiner & Sauber, said of Venezuela in an email. “My clients have Continue Reading
Exclusive: Venezuela creditors demand payment on defaulted $1.5 billion bond – lawyer
A group of creditors has demanded payment on a $1.5 billion Venezuelan bond that is in default, their lawyer said on Monday, kicking off a long-awaited showdown between creditors and Continue Reading
Motiva preliminarily picked to run Curacao refinery: report
Motiva Enterprises has preliminarily been chosen by the government of Curacao to operate the 335,000-barrel-per-day Isla refinery, replacing Venezuela’s state-run PDVSA, local media said on Saturday. The refinery has been Continue Reading
Venezuela is the forgotten loser of 2018
There have been many unfulfilled expectations and disappointments in the energy market during 2018. At the beginning of the year, I listed four issues for readers to watch. • Renewables, Continue Reading
Venezuelan steelmaker Sidor’s 2018 output to be lowest in history: data
Sao Paulo — Venezuela’s largest steelmaker Sidor is expected to finish 2018 at its lowest output level in the history, according to production data. According to sources, the company produced Continue Reading
Oil output bounces back at Venezuela-China crude joint venture
A Venezuelan oil joint venture with a state-owned Chinese company accounting for around 10 percent of the crisis-stricken OPEC member country’s output has nearly doubled production in the past seven Continue Reading