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
