Cuba Faces Oil Crisis As Venezuela Crumbles
When Venezuela’s opposition leader Juan Guaido earlier this week said he had decreed the suspension of all crude oil shipments to Cuba, he explained the move with the massive power Continue Reading
Venezuela production woes tightens US supply outlook, pushing WTI to new high
Frontline WTI futures settled at a fresh four-month high Thursday as an ongoing crisis in Venezuela exacerbated supply concerns. NYMEX April WTI settled up 35 cents at $58.61/b while ICE May Continue Reading
IEA: Oil supply cushion insures against Venezuela production loss
Until recently, Venezuela’s oil production had stabilized at about 1.2 million b/d. However, the country’s recent electricity crisis has paralyzed it for substantial periods of time. In its Oil Market Continue Reading
Venezuela’s electricity crisis could trigger ‘serious disruption’ to the oil market, IEA warns
A nationwide power failure in crisis-stricken Venezuela could trigger “serious disruption” to the oil market, the International Energy Agency (IEA) warned on Friday, but OPEC kingpin Saudi Arabia should have Continue Reading
U.S. envoy says Venezuela oil production dropping steadily
The U.S. special representative for Venezuela said on Friday that Venezuela’s oil exports have been dropping steadily by roughly 50,000 barrels per month and production is likely to dip below Continue Reading
Sanctions push trans-Atlantic product freight to Venezuela to huge premium
US sanctions on Venezuela are driving freight rates for clean oil products heading across the Atlantic to the country to enormous premiums, according to shipping reports. The Torm Lotte, a Continue Reading
Fires in Venezuela’s El Guri Complex Could Have Sparked Blackout
Fires within Venezuela’s heavily-fortified El Guri hydroelectric complex could have triggered the massive blackout that plunged the nation into darkness last week, according to an analysis of thermal conditions along Continue Reading
Venezuela power outages pose ‘challenge’ to oil market: IEA
Venezuela’s worsening crisis, including power outages crippling its oil sector, present a likely “challenge” to the oil market, the International Energy Agency warned Friday. In its monthly oil market report, Continue Reading
Russia’s Gazprombank sells its indirect stake in Venezuelan venture: source
Gazprombank, Russia’s third-biggest lender by assets, has sold its indirect stake in the Petrozamora joint venture in Venezuela, a source at the bank said on Thursday. Gazprombank, in a written Continue Reading
Maduro’s muscle: Politically backed motorcycle gangs known as ‘colectivos’ are the enforcers for Venezuela’s authoritarian leader
The neighbors were fed up. For days, they’d had no electricity or running water because of a massive national blackout. So one morning this week, they piled logs and garbage Continue Reading