pdvsa Archives - Oil & Gas 360

Global refiners are cutting out oil traders to buy Venezuelan crude directly

July 23, 2026

(Oil Price) – Commodity traders are having the rug pulled out from under one of their biggest paydays yet as refiners start bypassing oil and traders and buying Venezuelan crude directly, according to Reuters. Refiners and major oil-producing firms are rapidly gaining market share in Venezuelan crude by locking in direct supply contracts with state-run Petróleos de Venezuela, S.A. (PDVSA), bypassing the global middlemen

Refiners elbow traders to take a larger slice of Venezuela’s oil

July 21, 2026

(BOE Report) – Refiners and oil-producing firms in the U.S. and elsewhere are gaining market share in Venezuela’s crude as they sign direct contracts with state-run PDVSA, challenging the global traders that inked earlier deals with the government of interim President Delcy Rodriguez. Trading houses Vitol and Trafigura currently control the lion’s share of Venezuela’s oil exports through agreements signed

Venezuela issues sweeping oil regulations to expand private sector role

July 10, 2026

(World Oil) – Venezuela’s interim government published long-awaited oil regulations on Thursday that effectively end the decades-long control of national oil company Petróleos de Venezuela SA (PDVSA) over the country’s lifeblood industry. Spanning 29 pages in the Official Gazette, the regulations lay out rules for the private sector to operate, from wellhead to fuel pump, as well as fiscal terms, with a range

Venezuela’s oil exports climb 14% to highest level in over 7 years

May 1, 2026

(Investing) – Venezuela’s oil exports increased 14% to 1.23 million barrels per day in April, marking the highest level in more than seven years, according to shipping data and documents from state company PDVSA released on Friday. The rise in exports was driven by increased sales to the United States, India and Europe. A total of 66 vessels departed from Venezuelan

Exclusive-Venezuela’s Rodriguez readies Citgo board takeover, sources say

April 1, 2026

(Investing) – HOUSTON/CARACAS – Venezuelan interim President Delcy Rodriguez’s administration is getting ready to take over the boards of state oil firm PDVSA’s U.S. subsidiaries, including Citgo Petroleum, four sources close to the preparations said. The move could aggravate a tug of war for the control of the seventh-largest U.S. refiner. Washington in March recognized Rodriguez as Venezuela’s leader following the

How much does Venezuela owe China, and why is oil involved?

January 23, 2026

(BOE Report) – The U.S. takeover of Venezuela’s oil exports has re-routed crude barrels that were being used to service debt owed to China. How much does Venezuela owe China, and how and why was the country getting debt payments after Venezuela’s default? HOW MUCH DOES VENEZUELA OWE CHINA? Data on Venezuela’s debt is sketchy, particularly since 2017 when U.S.

Russia claims ownership of oil assets it’s developing in Venezuela

January 13, 2026

(Oil Price) – Russia on Tuesday asserted ownership of all oil assets a state Russian company is developing in Venezuela, following the claims of U.S. President Donald Trump that major American and Western oil firms would help revive Venezuela’s oil industry. Russia’s Roszarubezhneft, a state-owned firm that took over Rosneft assets in 2020 following U.S. sanctions on Rosneft’s Venezuelan oil trade, said on

U.S. blitz against Maduro rattles foreign oil claims worth billions

January 5, 2026

(Oil Price) – Billions of barrels of Venezuela’s oil claimed by major state-owned Chinese and Russian companies under current deals are now in doubt following the U.S. capture of Nicolas Maduro, according to investment bank Morgan Stanley. Oil giant and top Asian refiner China Petroleum & Chemical Corporation, or Sinopec, is entitled to as many as 2.8 billion of barrels under

U.S. oil blockade forces Venezuela’s PDVSA to slash production

January 5, 2026

(Oil Price) – Venezuela’s state oil firm PDVSA has started reducing oil production and has asked its joint ventures, including those with Chevron, to also cut output, as storage space is running out amid the U.S. naval blockade and oil export embargo. PDVSA has asked Petrolera Sinovensa, its joint venture with China National Petroleum Corporation (CNPC), as well as its joint

Oil tankers still arriving in Venezuela despite US blockade, data shows

December 31, 2025

(Investing)– At least two oil tankers have made their way to Venezuela in recent days and others are navigating towards the country, a sign of state-run PDVSA’s effort to expand floating storage and keep selling crude even as a U.S. blockade has reduced exports to a minimum. U.S. President Donald Trump this month announced a blockade of all sanctioned vessels going

Venezuela’s billions in distressed debt: who is in line to collect

December 19, 2025

(BOE Report)– Venezuela’s debt crisis is one of the largest unresolved sovereign defaults in the world, the legacy of years of economic collapse and U.S. sanctions that severed the country from international capital markets. The country has been in default since late 2017, when it missed payments on international bonds issued by the government and state oil company PDVSA. Since

What could Maduro offer Trump in potential talks? Oil

November 25, 2025

(BOE Report)– Venezuelan President Nicolas Maduro has the flexibility and the incentive to offer crude oil cargoes, which the country mostly sells to China, as a bargaining chip if Venezuela were to hold negotiations with the United States. U.S. President Donald Trump’s administration, which has boosted its military presence in the Caribbean, has said he is open to talks with

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