(Investing) – WASHINGTON – The United States is seeking the forfeiture of Motor Tanker Skipper, an oil tanker seized by the U.S. in December, and 1.8 million barrels of crude oil cargo supplied by Venezuelan state-run company PDVSA, the Justice Department said on Friday. In its complaint, filed in U.S. District Court for the District of Columbia, the department alleged a scheme
(Oil Price) – Venezuela’s oil sales, under the control of the United States for five weeks now, are set to bring $5 billion over the next few months, U.S. Energy Secretary Chris Wright told NBC News in an interview. “Sales today are over a billion dollars, and in fact, we have sort of short-term agreements over the next few months that will bring
(Oil Price) – U.S. President Donald Trump supervises the release of funds from sales of Venezuela’s oil, an official at the U.S. Administration told Semafor on Thursday. Following the capture of Venezuelan leader Nicolas Maduro early this month, President Trump moved to create a fund to hold revenues from sales of Venezuela’s oil. The money is being held in U.S. accounts and released at the
(World Oil) – Tankers have begun discharging Venezuelan crude at Caribbean islands, publicly signaling their activity in a move that marks a new trade order after U.S. exerted control over Caracas’ oil industry. Two vessels delivered about 2.5 million barrels of Venezuela’s Merey crude to storage tanks on Saint Lucia and Curacao, staging posts for broader exports, over the weekend, according to
(BOE Report) – Global oil trading houses have emerged as early winners in the race to control Venezuelan crude flows, getting ahead of U.S. energy majors wary of credit and legal risks and securing a potentially lucrative business opportunity in the country with the world’s largest crude reserves. U.S. President Donald Trump said U.S. majors would invest billions of dollars
(World Oil) – Investors betting on growth in Venezuela oil output will need deep pockets and patience, as aging infrastructure will require billions of dollars in spending, according to Australia and New Zealand Banking Group Ltd. The regular timeframes to increase oil output are likely to be longer in Venezuela than elsewhere due to the challenges faced by the industry, strategists
(Oil Price) – The administration of Venezuelan leader Nicolás Maduro has offered to open up Venezuela’s oil and gold projects to U.S. companies in an attempt to appease the Trump Administration and avoid conflict, the New York Times reported on Friday, quoting multiple sources close to the discussions. Over several months, officials of the Maduro regime have negotiated with U.S. officials offers of
(BOE Report) – Traders have rebranded more than $1 billion of Venezuelan oil shipments to China as Brazilian crude over the past year, according to two tanker tracking firms, company documents and four traders, helping buyers to cut logistics costs and circumvent U.S. sanctions. Independent refiners in China are the main buyers of seaborne oil shipments from countries sanctioned by
(World Oil) – Vitol Group has stepped up oil purchases in Venezuela in the final weeks of a U.S. license that allows the world’s largest independent oil trader to do business in the sanctioned nation. Vitol is set to load at least 2.5 million barrels of Venezuelan oil this month, according to documents seen by Bloomberg. It has more than
(Investing) – HOUSTON- At least two vessels carrying Venezuelan crude chartered by Chevron (NYSE:CVX) are now stalled in Venezuelan waters due to state oil company PDVSA canceling their export authorizations after the U.S. imposed secondary tariffs on the OPEC member’s buyers, two sources with knowledge of the matter said on Friday. The U.S. oil producer awaits customs paperwork to return the
(World Oil) – Venezuelan oil contractors are continuing their work with Chevron Corp. and have not been warned of an impending shutdown despite a U.S. government deadline to stop producing oil there by early April. Local service companies working for three of Chevron’s joint ventures with state-owned Petroleos de Venezuela SA have not slowed down work, according to five people
