Venezuela – Oil & Gas 360

US judge extends Citgo auction’s schedule, moves final hearing to August

June 11, 2025

(Investing) – HOUSTON -A U.S. judge in Delaware has extended the schedule for a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, moving the sales process’s final hearing to August 18, according to a filing on Wednesday. The eight-year court case, aimed at compensating creditors for debt defaults and asset expropriations in Venezuela, has endured multiple delays.

Spain halts oil imports from Venezuela as U.S. sanctions come into effect

June 6, 2025

(Oil Price) – Spain did not import any crude oil from Venezuela in April, ahead of a U.S. deadline in May for foreign operators to wind down operations in the South American country, official Spanish data showed on Friday. Earlier this year, Spain’s imports of crude oil from Venezuela jumped by nearly 60% in January and February compared to the same period of 2024. Spain’s

Venezuela’s oil exports stable as buyers in China receive more

June 3, 2025

(BOE Report) – Venezuela’s oil exports remained almost unchanged last month as increased shipments to customers in China offset a decline in U.S.-authorized sales, according to vessel-tracking data and internal documents from state company PDVSA. The U.S. Treasury and State departments in March revoked the authorizations they had granted in recent years for PDVSA’s customers and partners to export oil

Trump will allow Chevron to keep Venezuelan assets

May 28, 2025

(Oil Price) – The Trump administration will grant Chevron the right to keep its operations in Venezuela after its sanction waiver expires in June, Reuters and the Wall Street Journal reported separately, citing unnamed sources. According to the sources, Chevron would be able to retain its assets in Venezuela, but would not be able to export oil from the country to the United States.

US judge extends topping period in Citgo parent’s auction until June 2

May 27, 2025

(Investing) – HOUSTON – A U.S. federal judge has extended to at least June 2 a period for bidders to submit rival bids in a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, according to a filing released on Tuesday. Last month, Delaware judge Leonard Stark approved a $3.7 billion offer by Contrarian Funds’ affiliate Red Tree

Chevron’s Venezuela oil license set to expire next week, says U.S. Secretary Rubio

May 23, 2025

(World Oil) – U.S. Secretary of State Marco Rubio said in a post on X that a Venezuela oil-export license will expire next Tuesday, defying earlier expectations that it would be extended. The tighter time frame would put pressure on Chevron Corp.’s operations in the sanctioned nation. The U.S. oil giant has been a major contributor to Venezuela’s economy in

Chevron, European firms lobby to keep stakes in Venezuela oil joint ventures

May 16, 2025

(Investing) – U.S. oil producer Chevron Corp (NYSE:CVX) and several European companies are in talks with the Trump administration to obtain authorizations to keep their stakes in joint ventures with Venezuela’s state-run PDVSA, three sources close to the matter said. Washington in March revoked licenses and authorizations it had granted in recent years that allowed PDVSA’s foreign partners and customers to do business

Oil prices climb on US crude, fuel stock draw, Venezuela supply worries

March 26, 2025

(Investing) – HOUSTON -Oil prices rose on Wednesday, buoyed by government data showing U.S. crude oil and fuel inventories fell last week and by mounting concerns about tighter global supply following the U.S. threat of tariffs on nations buying Venezuelan crude. Brent crude futures gained 88 cents, or 1.21%, to $73.90 a barrel by 10:42 a.m. ET (1442 GMT), their highest since February

China’s purchases stall after Trump’s tariff threat on buyers of Venezuelan oil

March 25, 2025

(Oil Price) – China, the biggest buyer of oil from Venezuela, saw trade with Venezuela stall on Tuesday after U.S. President Donald Trump threatened on Monday 25% tariffs on the goods of any country buying Venezuelan oil. Traders and refiners in China were caught off guard by Monday’s executive order and are waiting to see whether Beijing will have some direction on the

State oil firm PDVSA to take over Chevron operations in Venezuela

March 18, 2025

(Oil Price) – PDVSA, the state oil firm of Venezuela, will continue to produce alone crude from its joint ventures with Chevron after the Trump Administration axed the U.S. supermajor’s license to operate in the South American country, Reuters reports, citing a PDVSA document it has seen. At the end of February, U.S. President Donald Trump canceled a sanction waiver for Chevron that allowed

US orders wind down of Chevron’s oil exports from Venezuela in 30 days

March 4, 2025

(Investing) – WASHINGTON – U.S. President Donald Trump’s administration said on Tuesday it is ending a license that it had granted to U.S. oil producer Chevron (NYSE:CVX) since 2022 to operate in Venezuela and export its oil, after Washington accused President Nicolas Maduro of not making progress on electoral reforms and migrant returns. Chevron will have through April 3 to wind

US judge issues order to reopen Citgo data room, restart bidding

December 17, 2024

(Investing) – HOUSTON – A U.S. judge overseeing an auction of shares in the parent of Venezuela-owned Citgo Petroleum on Monday agreed to reopen a data room to allow potential buyers to prepare new bids, a court document showed. Judge Leonard Stark ordered the data room to be opened on Wednesday after listening to creditors in the case urge a new

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