India doesn’t plan to use Venezuela’s ‘petro’ cryptocurrency to pay for crude oil imports from the Latin American nation of which it is a large regular customer, India’s Foreign Minister Continue Reading
AFP reports that during his inauguration speech, Maduro said he will seek the help of OPEC to double Venezuela’s oil production, which is currently at 70-year lows and much below Continue Reading
The threat of falling oil supply from both Iran and Venezuela looms large amid geopolitical tension, economic fears and sanctions. All the while, both are scrambling to maintain flows to Continue Reading
The Trump administration has, for now, opted against hitting Venezuela’s oil sector with the harshest possible sanctions despite disavowing the re-election of President Nicolas Maduro as a “sham.” The White Continue Reading
An OPEC member in part behind a spike in crude oil prices causing economic concern, Venezuela missed a chance by re-electing President Maduro, G7 leaders said. The leader of the Continue Reading
New U.S. sanctions on Venezuela’s oil production are expected to further crimp the country’s output and reduce global supply even more than sanctions on Iran—a development that could provide another Continue Reading
Venezuela’s President Nicolas Maduro claimed victory in a low-turnout election that is widely viewed as rigged, raising the threat of more painful sanctions from the United States. But, in a Continue Reading
President Nicolas Maduro on Tuesday ordered the expulsion of the top U.S. diplomat in Venezuela in retaliation for a new round of sanctions over Venezuela’s widely-condemned election. The United States Continue Reading
U.S. refiner Valero Energy Corp this year boosted its imports of Venezuelan crude ahead of U.S. sanctions over the country’s disputed presidential election and as other customers received less of Continue Reading
Nicolás Maduro celebrates his victory Venezuela’s President Nicolás Maduro is facing an international backlash after winning his second six-year term, in a landslide vote marred by an opposition boycott and Continue Reading
The US on Monday formally condemned Venezuelan President Nicolas Maduro’s electoral victory as an exercise in fraud and said new sanctions were forthcoming. “The United States stands with democratic nations Continue Reading
OPEC is looking closely at a drop in oil output from Venezuela to see if the loss of supply from the member state warrants action by the group, sources familiar Continue Reading
Critics at home and abroad on Monday denounced the vote that re-elected Venezuela’s socialist President Nicolas Maduro as a farce cementing autocracy and the U.S. government imposed new sanctions on Continue Reading
Venezuela’s socialist leader Nicolas Maduro faced fresh international censure on Monday after re-election in a vote foes denounced as a farce cementing autocracy in the crisis-stricken OPEC nation. The 55-year-old Continue Reading
Courts in Curacao and Bonaire have partially lifted attachments introduced by ConocoPhillips aiming to seize Venezuelan PDVSA’s [PDVSA.UL] assets to satisfy a $2 billion arbitration ruling, according to a copy Continue Reading
The coup plot by disgruntled Venezuelan military officers in March was audacious: Seize control of the capital’s military bases, arrest President Nicolás Maduro and install a provisional government to replace Continue Reading
WASHINGTON (Reuters) – The U.S. Treasury imposed sanctions on four Venezuelans and three Florida-based companies under a program meant to pressure Caracas over what the United States sees as its Continue Reading
Maduro’s popularity dealt a severe blow when a fall in oil prices in 2014 lead to an economic crisis. Caracas: Latin America’s top oil exporter, Venezuela , is deep in Continue Reading
Venezuela’s diplomatically-isolated president received a show of support from Turkish counterpart Tayyip Erdogan on Thursday ahead of a weekend election boycotted by the opposition coalition and decried by Washington. Venezuela’s Continue Reading
For months, the U.S. has signaled that it isn’t ruling out additional sanctions on Venezuela’s oil industry alongside the strict financial sanctions already in place, and oil analysts say that Continue Reading
ConocoPhillips has embargoed two cargoes of crude oil and fuel at a storage terminal in Aruba operated by Venezuelan PDVSA’s U.S. subsidiary Citgo, Reuters reports citing the Aruba government. The Continue Reading
There is enough oil supply in the global market to make up for potential fuel disruptions due to U.S. oil producer ConocoPhillips’ legal actions against Venezuelan state oil company PDVSA, Continue Reading
With Venezuela’s exports of crude on the brink of collapsing below 1m barrels a day to historic lows, the bull case for energy has additional support as creditors of the Continue Reading
Amid a desperate economic and humanitarian crisis in Venezuela, its socialist leader Nicolas Maduro is trying to shore up support from the few allies it has left, and has had Continue Reading
ConocoPhillips has begun the process of recovering over $2 billion in Venezuelan global assets that was awarded last month by an international trade court, but is “not close” to locating Continue Reading
Venezuela’s state-run oil firm PDVSA has bought nearly $440 million worth of foreign crude and shipped it directly to Cuba on friendly credit terms – and often at a loss, Continue Reading
Nobody in Venezuela seriously doubts who will win the presidential election the country holds next weekend; certainly not President Nicolás Maduro. “The revolution is going to record the biggest victory Continue Reading
ConocoPhillips has seized the oil product inventory of Venezuela’s state oil company PDVSA following the issuance of two court orders granting it this right as part of efforts to enforce Continue Reading
Ten oil tankers remain anchored Monday at ports throughout the Caribbean, awaiting payment from Venezuelan state oil company PDVSA to discharge 3.124 million barrels of refined products, according to sources. Continue Reading
Death spiral is an overused term, but it is justified when describing Venezuela’s oil industry right now. Energy consumers and investors should pay attention. Though production at national oil company Continue Reading
Venezuela’s state-run oil company PDVSA is preparing to shut a Caribbean refinery that is running out of crude amid threats by ConocoPhillips to seize cargoes sent to resupply the facility, Continue Reading
Venezuela on Thursday rejected ConocoPhillips’s moves to seize the country’s Caribbean assets to collect on a $2 billion arbitration award, but in a sign the U.S. oil company’s pressure might Continue Reading
Petrocaribe was a mechanism created in 2004 under the sponsorship of former Venezuelan President Hugo Chavez, allegedly to promote energy cooperation and integration between Venezuela and a number of states Continue Reading
While the oil market is understandably on edge about the potential supply outages in Iran, there are real outages going on in Venezuela, losses that could grow significantly worse in Continue Reading
Venezuela’s state-run oil firm PDVSA [PDVSA.UL] is being sued for more than $25 million in the U.S. over non-payment of notes issued for work performed by Canadian energy contractor SNC-Lavalin, Continue Reading
(Reuters) – State-run PDVSA ordered an oil tanker that was waiting to discharge in Curacao to divert to Venezuelan waters after ConocoPhillips introduced an order in a Caribbean court to Continue Reading
Military officers are joining the exodus of Venezuelans to Colombia and Brazil, fleeing barracks and forcing President Nicolas Maduro’s government to call upon retirees and militia to fill the void. Continue Reading
ConocoPhillips is expected to renew an effort to temporarily seize Venezuela’s PDVSA oil inventories at the 335,000-barrel-per-day Isla refinery in Curacao in the coming days, sources close to the state-run Continue Reading
ConocoPhillips has received court attachments for freezing the assets of Venezuelan PDVSA at two Caribbean facilities and might go on to sell them, Reuters reports , citing sources close to Continue Reading
Nick Cunningham is a freelance writer on oil and gas, renewable energy, climate change, energy policy and geopolitics. He is based in Pittsburgh, PA. Venezuela skipped payments on around $50 Continue Reading
U.S. oil firm ConocoPhillips has moved to take Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalization of its projects in the Continue Reading
The man who ran Venezuela’s state oil company PDVSA for a decade after 2004 says that the country’s oil firm is on the cusp of total collapse and expects oil Continue Reading
The International Monetary Fund threatened to bar Venezuela from voting on IMF policies after the Latin American country failed to provide IMF with the economic data it has requested, the Continue Reading
When Major General Manuel Quevedo became head of Venezuela’s oil industry last November, the former housing minister and national guard chief promised to boost oil output by a million barrels Continue Reading
Venezuela has offered India a 30-percent discount on crude oil purchases, but only if India agrees to pay in El Petro, the cryptocurrency that Venezuela is touting as the first Continue Reading
Investors buying Venezuelan debt in recent weeks on hopes the May elections might bring a new government or that rising oil prices will bolster the OPEC member’s creditworthiness may be Continue Reading
Venezuela said on Thursday a $2.04 billion award to ConocoPhillips over a decade-old nationalization was a “tough lesson” for the U.S. oil multinational given it was less than 10 percent Continue Reading
Venezuela on Thursday scorned a $2.04 billion award to ConocoPhillips ( COP.N ) over a decade-old nationalization as the U.S. oil producer filed suit in a federal court to enforce Continue Reading
Chevron said on Wednesday that it evacuated executives from Venezuela following the imprisonment of two of its workers last week. The assets of Chevron are increasingly in peril, and the Continue Reading
A group of investors holding part of a secured US$2.5-billion bond issued by Venezuela’s PDVSA and maturing in 2020 are organizing ahead of an interest payment due to be made Continue Reading
