Canadian miner Crystallex has accused Venezuela of breaching a US$1.4-billion settlement agreement as PDVSA continued to try and overturn a court order that allowed Crystallex to take control of the Continue Reading
The ruling United Socialist Party of leader Nicolas Maduro won overwhelmingly Sunday’s local elections in Venezuela amid a very low turnout as most of the opposition was banned from the Continue Reading
Russian officials have cast doubt on multibillion-dollar pledges to Venezuela touted by its president Nicolás Maduro, whose crisis-wracked country has become increasingly dependent on Moscow as its most prominent international Continue Reading
In what some saw as a sign of OPEC’s growing irrelevance in the world of oil, Venezuela’s Oil Minister Manuel Quevedo will take the helm of the cartel beginning next Continue Reading
Venezuela’s President Nicolas Maduro said on state television that Venezuela would put in place in 2019 a program to sell all its oil production in the Petro cryptocurrency, which the Continue Reading
Russia will invest $5 billion to raise Venezuela’s oil production by 1 million b/d under a new economic agreement, Venezuelan President Nicolas Maduro said Thursday. “We have signed contracts to Continue Reading
It is a potentially explosive cocktail. “This is the last year you would want Venezuela as the president,” said Helima Croft, chief commodities strategist at Canadian broker RBC. Related: Is Continue Reading
Two high-ranking Venezuelan officials are traveling to London with plans to meet with the Bank of England over the repatriation of $550 million in gold held in the bank’s coffers, Continue Reading
The recent swoon in the oil market may have US President Donald Trump revisiting the idea of tougher sanctions on Venezuela’s crude and refined products. Hawkish White House officials are Continue Reading
Rosneft’s chief executive, Igor Sechin, last week flew to Caracas to have words with President Maduro regarding delays in the shipments of Venezuelan crude that Caracas had agreed to send Continue Reading
Venezuela’s state-owned oil company PDVSA has settled an arbitration case brought against it by Canadian miner Crystallex and has paid the company US$1.4 billion to avoid having its most precious Continue Reading
Venezuela has reached a settlement with Canadian gold miner Crystallex to hold onto its US refiner Citgo, but will have to stay on top of payments through early 2021 to Continue Reading
Venezuela’s oil ministry last month turned down a proposal by BP ( BP.L ) to buy Total’s ( TOTF.PA ) stake in a promising but inactive natural gas project along Continue Reading
Cash-strapped Venezuela settled a $1.2 billion arbitration claim that will prevent a creditor from stripping away its crown jewel foreign asset, the U.S.-based Citgo Petroleum Corp refining business, according to Continue Reading
Venezuela is the fifty-seventh country to encounter hyperinflatio n in modern history. The economist Steve Hanke estimated — using the doctrine of purchasing power parity (PPP) — that the country’s Continue Reading
Venezuela’s state-run oil firm PDVSA has begun talks with shipping firms to set up a second ship-to-ship (STS) operation off the country’s eastern coast in an effort to increase sagging Continue Reading
The Trump administration is considering adding Venezuela to its list of countries sponsoring terrorism in the latest pressure increase on Caracas, Reuters reports , citing a person familiar with the Continue Reading
Venezuela’s state-run PDVSA has reopened a dock at the country’s main oil terminal of Jose that had been closed for almost three months due to a tanker collision, a PDVSA Continue Reading
With chronic shortages of basic goods afflicting her native Venezuela, Veronica Perez used to drive from supermarket to supermarket in her gray Chevrolet Aveo searching for food. But the 54-year-old Continue Reading
Chevron’s dilemma is both moral and commercial. It hopes to hang on and outlast President Nicolás Maduro, as it did with his late mentor Hugo Chávez and other rulers. The Continue Reading
Iran has dominated the headlines over the last few weeks, but Venezuela’s oil sector continues to meltdown. Venezuela’s oil production fell to just 1.197 million barrels per day in September, Continue Reading
While analysts were busy calculating how much Iranian oil will come off the market with the U.S. sanctions and whether Saudi Arabia and Russia are offsetting losses, crude oil production Continue Reading
Drivers reported staggering queues to fill their tanks in Venezuela’s western states over the weekend, as existing gasoline shortages worsened, impacting at least half of Venezuela’s 24 regions. In some Continue Reading
Venezuela’s crude sales to the United States declined 19 percent in October from September due to lower exports of upgraded oil from the country’s largest producing region, the Orinoco Belt, Continue Reading
Venezuela is seeking to repatriate about $550 million in gold bars from the Bank of England because of fears it could be caught up in international sanctions on the country, Continue Reading
Cars, motorcycles and buses wrapped around Caracas’ gas stations earlier this week as oil production and refining becomes increasingly erratic in the former petro giant. The fuel shortages have expanded Continue Reading
Earlier this year, Elainy Portela watched with alarm as measles reappeared with a vengeance. Telltale red rashes covered six children near her home in Manaus, just off the highway used Continue Reading
A former finance executive of Venezuelan state oil company PDVSA accepted $17 million in bribes as part of a broad embezzlement scheme, U.S. federal prosecutors said on Wednesday, in a Continue Reading
At least 6,000 Venezuelans lined up at Peru’s northern border on Tuesday in hopes of entering the country before a deadline for acquiring residency, and another 4,000 were due to Continue Reading
Oil exports make up 95% of Venezuela’s dollar earnings, and production has been falling off in large part due to a lack of access to capital. “The reason they’ve paid Continue Reading
ConocoPhillips said Thursday in its third-quarter earnings report it received a $345 million payment from the Venezuelan state oil company PDVSA, and that another payment of $500 million will come Continue Reading
Although Venezuela is regularly delaying or avoiding bond payments and is behind on billions of U.S. dollars in such payments, it is preparing to make a rare US$949-million payment on Continue Reading
Russia is well placed to maintain oil production levels above 10 million b/d beyond the next decade, despite western sanctions limiting its access to technology and capital, the International Energy Continue Reading
The United States is mulling over more sanctions against Venezuela, but crude oil exports will not be among the sanction subjects, Reuters reports , quoting a Washington official. The source Continue Reading
Venezuela is tapping at least five new top executives to state oil company PDVSA, six sources said on Wednesday, but the changes are unlikely to halt the unraveling of the Continue Reading
The United States plans to turn up sanctions pressure on Venezuela but sees less need to immediately target its energy sector, given sagging production from the OPEC member’s state-run oil Continue Reading
As crisis-plagued Venezuela struggles to pay its bills at home and abroad, foreign creditors are circling one of the country’s most valuable assets: Citgo, the Houston-based oil company that it Continue Reading
Venezuela’s state-owned oil company PDVSA is preparing to pay holders of its 2020 bond some $950 million this month, after failing to make interest payments on most other bonds this Continue Reading
Royal Dutch Shell Plc ( RDSa.AS ) is negotiating the sale of its stake in a Venezuelan oil joint venture to Paris-based Maurel & Prom ( MAUP.PA ), three sources Continue Reading
Chinese refiners are buying more and more very cheap heavy Canadian crude oil to make up for the dwindling supply of Venezuela’s heavy grades as China’s road construction sector—a key Continue Reading
Venezuela has officially launched what its President Nicolas Maduro claims is a first state-backed oil-backed cryptocurrency, El Petro, which analysts and experts see as nothing but a scam and another Continue Reading
A delay in port repairs following a tanker collision is putting additional pressure on already pressured Venezuelan crude oil exports, Reuters quoted anonymous sources close to PDVSA as saying this Continue Reading
Repairs to a dock at Venezuela’s main oil export port will take at least another month to complete following a tanker collision more than a month ago, further restraining the Continue Reading
The Calcasieu River ship channel is a fisherman’s paradise for speckled trout. It is also a vital thoroughfare for Venezuelan oil. Tankers with Venezuelan crude sail up to the Citgo Continue Reading
Venezuelan migrants sleep before the start of a job fair in Medellin, Colombia, on Sept. 27. As hundreds of thousands of desperate Venezuelans flee their country, in many cases on Continue Reading
The Trump administration and some others in the U.S. government have sent some not-so-subtle hints lately that they are open to a military invasion of Venezuela to oust President Nicolas Continue Reading
The United States is considering putting more pressure on Nicolas Maduro’s regime in Venezuela, U.S. Secretary of State Mike Pompeo recently said, and some analysts speculate that the increased pressure Continue Reading
Sao Paulo — Venezuela’s sole iron ore producer Ferrominera Orinoco put mine operations on hold at the end of last week as a result of a workers strike, market sources Continue Reading
When the New York Times earlier this month reported that President Trump had met with Venezuelan military officers unhappy with the country’s government to discuss a coup against Nicolas Maduro, Continue Reading
Venezuelan President cum dictator Nicolas Maduro has announced that his nation is set to increase its oil exports to China to a staggering one million barrels per day (bpd) over Continue Reading
