(Reuters) – U.S. oil major Chevron Corp has evacuated executives from Venezuela after two of its workers were imprisoned over a contract dispute with state-owned oil company PDVSA, according to Continue Reading
An international arbitration court has ordered Venezuela’s state-run oil company PDVSA to pay ConocoPhillips $2.04 billion for early dissolution of two joint ventures for producing oil in the OPEC-member country, Continue Reading
It is mid-morning on a weekday yet all that can be heard in the once-bustling corridors of the Orlando Garcia state primary school is the swish of palm trees outside Continue Reading
The flow of migrants fleeing Venezuela’s collapsing economy is increasing every day, putting a strain on Colombia’s health and education systems and its jobs market, Colombian President Juan Manuel Santos Continue Reading
Two Chevron Corp. employees detained in Venezuela last week could be charged with treason for refusing to sign a parts contract for a joint venture with state-owned oil company PDVSA, Continue Reading
Oilfield services company Halliburton said it was still committed to the market in Venezuela, even as its Latin American segment saw quarterly revenue decline. Halliburton recorded revenue of $457 million Continue Reading
The draft charges that used the word treason, seen by Chevon’s own lawyers last week, may put Chevron squarely in the middle of the escalating feud between PDVSA and foreign Continue Reading
A former official of a subsidiary of Venezuela’s state oil company PDVSA pleaded guilty on Thursday to a U.S. charge of conspiracy to commit money laundering, the U.S. Justice Department Continue Reading
The decline of Venezuela’s oil production for the foreseeable future has been assumed, and to a large extent, already priced into the market. However, an acceleration in the rate of Continue Reading
Venezuelan intelligence services have arrested two local employees of Chevron, Reuters reports , citing unnamed sources. The reason for the detention has not yet been established. Neither the company, nor Continue Reading
Chauffeured around in a sleek black pick-up, the head of Venezuela’s oil industry, Major General Manuel Quevedo, last month toured a joint venture with U.S. major Chevron. FILE PHOTO: A Continue Reading
President Nicolas Maduro has decreed extra powers to his oil czar Manuel Quevedo to try and halt sliding crude output in crisis-hit Venezuela, which has sunk to its lowest level Continue Reading
On a rainy Wednesday before Easter, hundreds of Venezuelan migrants shuffled into the brick-walled courtyard of the Divine Providence Shelter in the Colombian border town of Villa del Rosario, sat Continue Reading
The doom and gloom forecasts for Venezuela’s oil production are about to get a bit gloomier. And since 95% of Venezuela’s export revenues come from oil, as things get more Continue Reading
Venezuela’s cash-strapped government stopped paying its foreign debt months ago. But a unit of Goldman Sachs GS 1.71% Group Inc. recently received payments of tens of millions of dollars for Continue Reading
Venezuela’s National Constituent Assembly has finally given the go-ahead to the country’s oil-backed cryptocurrency, El Petro, after the parliament declared it unconstitutional. According to a statement by Vice President Tareck Continue Reading
Venezuela stopped paying bondholders in September, according to central bank data, contradicting statements by President Nicolás Maduro that the county would continue to hhonorits debts while negotiating a resettlement with Continue Reading
US imports of Venezuelan crude have fallen to near historic lows and five Gulf Coast refineries now import nearly every barrel the imperiled South American nation exports here, new US Continue Reading
Venezuela’s oil production fell by another 100,000 barrels per day (bpd) in March, a devastating blow that will only make the country’s economic crisis worse. Output is expected to continue Continue Reading
Gulf Coast Refineries in the United States are importing crude oil from other countries in order to insulate themselves from possible US-imposed sanctions on Venezuela. Using data compiled in part Continue Reading
Data in a U.S. report suggests that as Venezuela depends on oil revenue, and it’s a top oil exporter to the United States, pressure could cuts both ways. The U.S. Continue Reading
Alfred De Zayas, UN independent expert for the promotion of an international democratic and equitable order (Archive) Alfred de Zayas, a UN Independent Expert for the promotion of an international Continue Reading
If crisis-hit Venezuela was hoping to pay off its US$3.15-billion debt to Russia with its new cryptocurrency, those hopes have been shattered as the Russian Finance Ministry announces that it Continue Reading
Venezuelan President Nicolas Maduro says he’s tackling the country’s staggering inflation by lopping three zeros off the increasingly worthless bolivar currency. Maduro announced the strategy in a state television broadcast Continue Reading
Angry Venezuelan oil workers demanding better benefits to counter crushing hyperinflation and food shortages clashed with security officials during a rare protest in the cafeteria of state oil company PDVSA’s Continue Reading
The state-owned oil company in Venezuela said Friday it welcomed a move by the president to support a currency targeted by U.S. sanctions. The U.S. Treasury Department followed through this Continue Reading
Sara Meza is just the kind of voter Venezuela’s opposition could once count on at the ballot box. A 32-year-old teacher, she’s fed up with President Nicolás Maduro’s government. Her Continue Reading
Venezuela’s debt crisis is only expected to grow worse this year, and the government could be without one of its most important benefactors, raising the odds of yet another default. Continue Reading
U.S. Treasury Secretary Steven Mnuchin targets a petro currency that, according to a risk consultant group, only works in the mind of Venezuelan President Nicolas Maduro. Photo by Kevin Dietsch/UPI Continue Reading
The US added another weapon to its armory of sanctions against Venezuela on Monday by prohibiting all US trade in the petro, a digital currency launched by the government of Continue Reading
The Trump administration is actively exploring options to impose sanctions on Venezuela’s oil sector, a senior U.S. official said on Monday, after the White House issued an executive order barring Continue Reading
Venezuela’s oil production fell by another 52,000 bpd in February from a month earlier, according to OPEC’s secondary sources data. That put Venezuela’s oil output at 1.548 mb/d for February, Continue Reading
Venezuela lost another 60,000 barrels per day (bpd) in February, according to the Paris-based energy agency, and continues to present the largest supply risk to the global oil market. The Continue Reading
An expected, aggressive turn in US foreign policy led by incoming Secretary of State Mike Pompeo could trigger a loss of up to 1.4 million b/d in global crude supply Continue Reading
As crisis-stricken Venezuela is struggling with a steep decline in its oil production, India’s average oil imports from the Latin American OPEC member have slumped over the last few months Continue Reading
Venezuela’s crude oil production has been on a downward trend for two decades, but it has experienced significant decreases over the past two years. Crude oil production in Venezuela decreased Continue Reading
Mayra Linares, a 40-year-old sickle-cell anemia patient at Caracas University Hospital, waited for 10 days until she got one of three units of blood she needed in February. Her mother Continue Reading
PVM Oil Associates’ Stephen Brennock said in a note this week. The note followed reports about Washington getting more serious about imposing an oil embargo on the South American nation. Continue Reading
“Venezuela oil workers are dying of hunger – a military coup in 2018 seems inevitable” Dooma on Sun, 4th Mar 2018 7:52 am And the rest of the Western world Continue Reading
Venezuela’s election agency said Thursday that a presidential vote planned for April 22 will be pushed back until late May after the government reached a deal with some opposition candidates. Continue Reading
All options are on the table, including sanctions, when considering tools to coerce Venezuela into following constitutional lines, the U.S. government said. Venezuela is a member of the Organization of Continue Reading
An anonymous official from the U.S. State Department said no decision had been made regarding the upcoming round of punitive measures against President Nicolas Maduro’s regime, however. Officials are reportedly Continue Reading
The situation in Venezuela is not improving. You are probably aware of what afflicts the country: Spiraling and overlapping economic crises (largely of the government’s own making) emptied store shelves Continue Reading
The Trump administration is considering sanctioning a Venezuelan military-run oil services company and restricting insurance coverage for Venezuelan oil shipments to ratchet up pressure on socialist President Nicolas Maduro, a Continue Reading
Commodity trader Mercuria has asked the US Treasury for permission to buy out a $1.5bn loan between Russia’s Rosneft and Venezuela’s state oil company, which had raised the prospect of Continue Reading
If the U.S. expands sanctions on Venezuela to include the oil industry and restricts U.S. exports of oil products that are crucial for diluting Venezuela’s extra-heavy oil, oil production in Continue Reading
Venezuelan President Nicolas Maduro promised on Saturday to recover 70 percent of the country’s lost oil production in the first half of 2018. “I can tell you, the unprecedented injustices Continue Reading
Fishing in Amuay Bay. The largest refinery complex in Venezuela has occasionally spewed contaminants into the water, threatening the livelihood of families in the area. AMUAY, Venezuela — The aging Continue Reading
The Trump administration is threatening to embargo Venezuelan oil, a potentially ruinous blow to the Saudi Arabia of South America. But here in the home of the world’s largest crude Continue Reading
The oil industry in the country sitting on the world’s largest oil reserves is collapsing amid a savage economic crisis and rampant hyperinflation. So desperate is the situation in Venezuela Continue Reading
