pdvsa Archives - Oil & Gas 360

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

Massive blaze erupts at PDVSA’s Petrocedeno facility

November 20, 2025

(Oil Price)– A massive fire has erupted at a crude oil upgrader project in Venezuela after an explosion was heard near the distillation tower, workers on site and sources at state oil firm PDVSA told Reuters. The Petrocedeno project in Venezuela’s Orinoco Belt, operational since 2000, was one of the four original projects in the heavy crude oil belt in the

PDVSA’s U.S. crown jewel slips through Venezuela’s fingers

September 18, 2025

(Oil Price) – The fate of Citgo, the jewel in the crown of Venezuela’s PDVSA, may be decided by the end of this week. The Venezuelan state-owned oil company may lose its prized asset. The creditors that fueled the process that led to the auction for Citgo may be left with empty hands, as well. The U.S.-based refining company used to

Venezuela’s PDVSA oil sales abroad hit $17.5 billion in 2024 as exports jump

July 11, 2025

(Investing) – Venezuelan state-run PDVSA’s oil sales abroad in 2024 stood at $17.52 billion, according to a results document seen by Reuters on Friday, as exports jumped due to U.S. licenses allowing foreign partners to operate in the sanctioned OPEC member. There are no comparative figures from previous years because PDVSA has not published its results since 2016, and it did

Venezuela’s oil exports on the rise as more cargoes head to China

July 2, 2025

(BOE Report)– Venezuela exported some 844,000 barrels per day (bpd) of crude and fuel in June, an 8% increase from the previous month as the loss of the U.S. and European markets was offset by more cargoes sent to China, according to shipping data and documents. Washington in late May terminated a group of licenses that had authorized partners of

Premium Content