Tag: Venezuela
Leopoldo López calls for reform of Venezuelan oil and gas sector
Venezuelan oil & gas reforms linchpin for country’s economic, social recovery Leopoldo López and Gustavo Baquero – co-authors of Venezuela Energética – have presented a bold new vision for Venezuela’s economic and social recovery, using dramatic reforms of oil and gas as the linchpin. López and Baquero state that “energy reform can be the pivot […]
Venezuela’s PDVSA crude output down and deteriorating
PDVSA crude deterioration symptom of poorly maintained infrastructure A number of refineries in the United States, India and China have found the quality of PDVSA crude to be deteriorating, resulting in complaints, cancelled orders and demands for discounts from the cash-strapped firm. According to Reuters, these refineries say the cargoes of crude from Venezuela’s state-run […]
OPEC looks to recruit more producers to join supply deal: Venezuela
OPEC deal cuts output by 1.8 million b/d The OPEC-led coalition of oil producing nations participating in the cartel’s supply cut pact will look to recruit between 10-16 more oil producing nations to join the effort to rebalance the global crude market, according to Venezuelan oil minister Eulogio del Pino. Speaking with reporters at the sidelines […]
Trump administration bars new financial deals with PDVSA
PDVSA oil exports, imports OK On Friday, the Trump administration slapped financial sanctions on Venezuela in an effort to pressure the government of President Nicolas Madura to stop practices and policies that the US says enriches and rewards corrupt government officials. The White House accuses Venezuelan government officials of “opaque financing schemes and liquidating the […]
Gulf refiners prepare for possible sanctions against Venezuela, look to Canada for crude
Gulf refiners see Venezuelan supplies dwindle According to Bloomberg, Gulf refiners are looking to Canada as they prepare for possible Trump administration sanctions against Venezuela which could mean heavy crude supplies from the beleaguered South American nation would be drastically cut to US customers. Canadian heavy crude from the Alberta oil sands is already a […]
Trump sanctions on Venezuela could be boon for Alberta oil sands producers
Pipelines are full, which would mean more oil-by-rail to US Gulf Coast refineries Global heavy crude oil markets are already tight because of OPEC cutbacks and potential sanctions against Venezuela by the United States could make them even tighter, opening new market opportunities for Alberta oil sands producers with refiners in the Gulf Coast region. […]
Venezuela supports extension of OPEC supply cut
OPEC supply cut reduced production by 1.8 million b/d On Tuesday, Venezuela announced it will support a nine-month extension of the OPEC supply cut, an effort by members and non-cartel members to reduce the global oversupply of crude. Low oil prices had a staggering impact on Venezuela which relies on oil for 94 per cent […]
Cash-strapped PDVSA offers Rosneft oil stake: Reuters
PDVSA offers Rosneft 10 per cent stake in Petropiar joint venture Reuters is reporting that Venezuela’s state-run oil company PDVSA has offered Russia’s Rosneft a stake in the country’s Orinoco Belt extra-heavy crude area. The sale is a sign of the South American nation’s poor economic situation and Moscow’s growing muscle in the region. According […]
Venezuela oil spill: Operations at terminal ‘recovered’
PDVSA not releasing size of Venezuela oil spill CARACAS, Jan 18 (Reuters) – Shipping operations at one of three docks of Venezuela’s main crude exporting port have “recovered” after a “minor” oil spill occurred over the weekend, state oil company PDVSA said on Wednesday, without saying how big the spill was. A spill occurred while loading a […]
Venezuelan oil spill at crude terminal shuts down operations
Venezuelan oil spill at Jose port Jan 17 (Reuters) – Shipping operations at one of three docks of Venezuela’s main crude exporting port were halted after an oil spill occurred while loading a vessel bound for India, union and shipping sources told Reuters on Tuesday. The spill, which happened over the weekend at Jose port’s […]
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