Over the past year, the U.S. has imposed increasingly restrictive sanctions on Venezuela’s finances and debt issuance as Nicolas Maduro continues to tighten his grip over the collapsing Venezuelan state. Continue Reading
Venezuela’s state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighboring Cuba to Continue Reading
Venezuelan President Nicolas Maduro has begun rounding up suspects after he avoided an attempted assassination over the weekend, raising the possibility of yet another security clampdown on the already suffering Continue Reading
Despite a persistent decline in crude oil production, Venezuela has seen its exports of crude to its biggest market, the United States, climb since February this year. In fact, between Continue Reading
Venezuela on Friday began a census of car owners, a move the socialist government says will help determine a “rational” use of fuel but critics warn could lead to rationing Continue Reading
As the economic crisis continues to deepen, Venezuela’s President Nicolas Maduro is promising a new policy on gasoline (the world’s cheapest)— which is currently generously subsidized by the socialist regime. Continue Reading
An annual review of energy trends from Italian energy company Eni found the United States is a “game changer,” though its Venezuela with the largest reserves. In a report running Continue Reading
A U.S. probe into the laundering of US$1 billion from Venezuela’s state-owned oil company PDVSA has spread to the country’s president, Nicolas Maduro, the Miami Herald reports , citing unnamed Continue Reading
Free-spending Venezuelans once crammed store aisles in foreign countries famously uttering “dame dos” — “I’ll take two.” But the citizens of what was once South America’s richest nation per capita Continue Reading
Racing to keep up with hyper-inflation which the International Monetary Fund (IMF) forecasts will hit 1,000,000 percent this year, the Venezuelan government said it will knock five zeros off its Continue Reading
The IMF said the economic crisis in Venezuela, one of the founding members of OPEC, is “profound” as a substantial drop in oil production takes its toll. In an outlook Continue Reading
Citgo Petroleum, the U.S. refining unit of troubled Venezuelan state oil firm PDVSA, said that the United States had revoked the U.S. visa of Citgo’s chief executive Asdrubal Chavez, in Continue Reading
Venezuela’s Oil Minister Manuel Quevedo has discussed plans with state-held oil company PDVSA to raise the country’s crude oil production in the second half of the year. While Venezuela and Continue Reading
In the past, oil has accounted for 96 percent of Venezuela’s exports and over 40 percent of government revenues. Now, as the nation’s economy continues to crumble amid sanctions, political Continue Reading
Venezuela oil production has plummeted. Where would oil prices be without Venezuela’s collapse? Where are oil prices headed next? This idea was discussed in more depth with members of my Continue Reading
Feature The tragic — and totally avoidable — self-destruction of one of the world’s richest oil economies. In the spring of 1959, at a secretive meeting at a yacht club Continue Reading
Venezuela’s oil production plunged by another 47,500 barrels per day (bpd) in June, compared to a month earlier. An exodus of workers and field shut downs were reported for the Continue Reading
Venezuelan crude sales to the United States recovered in June from May as state-run PDVSA exported more of its diluted oil to its customers and drained inventories from two Caribbean Continue Reading
Storage tanks stand in a PDVSA state-run oil company crude oil complex near El Tigre, a town located within Venezuela’s Hugo Chavez oil belt, formally known as the Orinoco Belt Continue Reading
China Development Bank will reportedly invest $250 million in Venezuela’s Orinoco Belt in an effort to stave off the decline of the country’s heavy oil production. That comes as China Continue Reading
Citgo Petroleum, the U.S. refining arm of Venezuela’s state-run oil company PDVSA, said on Thursday it appointed two senior executives to new positions as it works to refurbish an idled Continue Reading
A tanker that for more than a month was unable to deliver Russian crude to Venezuela’s PDVSA amid a dispute between the state-run firm and ConocoPhillips has discharged its cargo Continue Reading
Long-term pressures on the oil sector in Venezuela won’t be resolved anytime soon, so production woes are expected to continue, a U.S. energy report found. Lingering production declines from Venezuela Continue Reading
Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has Continue Reading
Venezuela has the ability to boost crude output by 1 million barrels per day (bpd) by end of the year in its bid to recover lost production, but the oil Continue Reading
The U.S. sanctions against Venezuela are affecting consumers worldwide and are an attack on the oil market, Venezuelan Oil Minister Manuel Quevedo said on Thursday. The minister, speaking at an Continue Reading
Ahead of what could be pivotal talks among OPEC members, production from founding member Venezuela could hit new lows soon, an industry report found. State-backed oil company Petróleos de Venezuela, Continue Reading
There are now signs that its oil industry is entering a dangerous new phase. Argus Media reports that Venezuela has begun to “proactively shut in oil production to cope with Continue Reading
Venezuela has begun to proactively shut in oil production to shut-in nearly replete terminal storage, further accelerating an output decline and bringing the Opec country closer to the psychological barrier of Continue Reading
Venezuelan crude oil production is on the verge of sinking to 1 million b/d, and factors playing out this month will determine whether that level is reached early next year Continue Reading
China’s imports of Venezuelan crude oil could sink to their lowest in nearly eight years in July as the OPEC producer struggles with shrinking output and mounting logistics issues, according Continue Reading
Venezuela’s production plummeted again in May, by 42,500 bpd from April to below 1.4 million bpd—1.392 million bpd, according to OPEC’s secondary sources in its latest Monthly Oil Market Report Continue Reading
Venezuela’s economic and oil industry demise is likely to result in its crude oil exports to China plummeting to their lowest level in almost eight years in July, Reuters reported Continue Reading
Thousands of workers are fleeing Venezuela’s state-owned oil company, abandoning once-coveted jobs made worthless by the worst inflation in the world. And now the hemorrhaging is threatening the nation’s chances Continue Reading
Venezuela is considering refining foreign crude for the first time to produce fuels like gasoline or diesel, according to internal planning documents seen by Reuters on Wednesday, in the latest Continue Reading
On May 21st President Donald Trump signed a new executive order prohibiting certain oil-related transactions with Venezuela. GlobalData, a leading data and analytics company, argues that the new sanctions are Continue Reading
Heavy Canadian crude continued to trade at record levels in the US Gulf Coast Tuesday, buoyed by what market sources said was the combination of collapsing Venezuelan exports, the prospect Continue Reading
Venezuelan PDVSA’s U.S. refining unit Citgo Petroleum is increasing its efforts to buy crude oil on the open market to compensate for declining supplies from its parent, which is dealing Continue Reading
Venezuela is nearly a month behind delivering crude to customers from its main oil export terminals, according to shipping data, as chronic delays and production declines could breach state-run PDVSA’s Continue Reading
“I kindly request solidarity and support from our fellow members,” Venezuela’s Oil Minister Manuel Quevedo wrote in a letter to OPEC seen by Bloomberg News . In the letter, Quevedo Continue Reading
Venezuela has released two local Chevron executives that were arrested back in April on corruption allegations, Reuters reports , citing sources from Caracas and Chevron. A source close to Chevron Continue Reading
Venezuela has begun testing sea-borne oil transfers to ease a severe backlog of crude deliveries from its main terminals, according to sources and data, as chronic delays and production declines Continue Reading
Oil rose on Thursday on concerns about a plunge in exports from Venezuela, although surging U.S. production kept gains in check. Brent crude futures LCOc1 were up 23 cents at Continue Reading
Venezuela’s President Nicolas Maduro has accused the United States of infiltrating senior positions at the Venezuelan oil industry. “There was a process of penetration and infiltration in key positions of Continue Reading
Venezuela might have to declare force majeure on its oil exports as production plunges and its ports are unable to ship enough crude. The ongoing meltdown in Venezuela’s oil sector Continue Reading
Venezuela has released two local executives of Chevron Corp jailed two months ago during a corruption probe in the oil sector, a local consultancy and a source close to the Continue Reading
Venezuela may be facing further economic obstacles as the U.S. secretary of state calls for its suspension from the Organization of American States. Venezuelan President Nicolas Maduro faced widespread criticism Continue Reading
Venezuela’s state oil company PDVSA has told eight foreign clients it will be unable to supply the contracted volumes of crude oil, a company employee told S&P Platts. “Among the Continue Reading
An unruly 9-year-old bolted from his classroom, prompting a volunteer teacher to chase him down the hall. He would normally be hauled straight to Romina Sciaca’s office. But the guidance Continue Reading
Is socialism to blame for Venezuela’s never-ending crisis? Venezuela’s recent presidential election has done nothing to end the country’s profound political, economic, and social crisis. Inflation is spiralling out of Continue Reading
