Post Tagged with: "Venezuela"

Source: Houston Chronicle

Trump ready to end Chevron’s sanctions waiver in Venezuela

Houston Chronicle


The Trump administration is ready to unleash the full impact of sanctions on Chevron Corp.’s operations in Venezuela as the U.S. seeks to further squeeze the Maduro regime.

While no decision has been made, it’s increasingly unlikely that …

February 28, 2020 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News, People
Source: nbcnews.com

Venezuela rounds up US oil executives as Guaidó visits DC

Houston Chronicle


MIAMI (AP) — Six American oil executives under house arrest in Venezuela were rounded up by police hours after President Donald Trump met Venezuelan President Nicolás Maduro’s chief opponent at the White House, according to family members of …

February 7, 2020 - 9:00 am Closing Bell Story‎, Energy News, International, People
Source: Reuters

Venezuela’s PDVSA, in default, says total debt remained unchanged in 2019

Reuters


CARACAS – Venezuela’s state-run oil company PDVSA said its financial debt fell less than 0.1% in 2019 from the prior year to some $34.5 billion, though it remained in default on its bonds as sanctions freeze it out of …

Venezuelan mayor seizes Baker Hughes office for ‘not paying local taxes’

Venezuelan mayor seizes Baker Hughes office for ‘not paying local taxes’

Source: Houston Chronicle


A mayor in Venezuela temporarily seized an office belonging to Houston oilfield service company Baker Hughes, claiming that the company “chronically failed to pay municipal taxes.”

Baker Hughes said the office has since been reopened after both …

An oil tanker anchored near Marseille, France, in 2017. An array of factors are coming together to support high tanker earnings. Photo: jean-paul pelissier/Reuters

Crude Exporters Brace for Sustained High Shipping Costs

Wall Street Journal


The U.S. blacklisting of the Cosco tankers set tanker freight rates on fire, but maritime fundamentals will keep prices high

Crude oil exporters and users probably should get used to high shipping costs.

The freight-rate roller coaster …

Trump administration gives energy companies another three months in Venezuela

Trump administration gives energy companies another three months in Venezuela

Source: Houston Chronicle


The Trump administration has given five energy companies with headquarters or major operations in Houston permission to stay in Venezuela another three months despite harsh economic sanctions designed to unseat strongman Nicolas Maduro.

In a Monday afternoon …

Photo: Leslie Mazoch, Associated Press

U.S. mulls extending Chevron’s Venezuela waiver with more limits

Houston Chronicle:


The Trump administration is considering an extension of Chevron Corp.’s waiver to operate in Venezuela, albeit with even greater limitations, according to people familiar with the matter.

The 90-day sanctions reprieve would allow Chevron to continue its …

Source: Reuters/Ivan Alvarado

Venezuelan Guaido’s team proposed 90-day truce to PDVSA bondholders: sources

Reuters:


Venezuela’s opposition last week sent holders of state oil company PDVSA’s 2020 bond a proposal to suspend legal actions for 90 days, the latest maneuver to avoid losing U.S. refiner Citgo, three sources familiar with the talks said.…

October 18, 2019 - 10:15 am Closing Bell Story‎, Energy News, International
Source: Qatar Petroleum

Qatar Petroleum Partners with Total in Africa, South America

By Tyler Losier, Energy Reporter, Oil & Gas 360

Qatar Petroleum signs agreement to farm Total-held exploration acreage in Namibia, Guyana and Kenya
Qatar Petroleum (QP), Qatar’s state-owned energy company, has signed an agreement with French supermajor Total SA (stock

Source: Citgo

Citgo’s New CEO Confident in an Uncertain Time

From The Houston Chronicle


Houston’s Citgo Petroleum is under attack on multiple fronts. Creditors for its parent company want to seize its refineries. It’s at the center of a fight for control over Venezuela. The Justice Department is investigating it …

Oil Eases as Fed’s Jackson Hole Meeting Gets Underway

Oil Eases as Fed’s Jackson Hole Meeting Gets Underway

From Reuters


Oil prices weakened on Thursday on worries about the global economy and as equity markets were on edge over the uncertain outlook for U.S. interest rate cuts.

Traders are awaiting a speech from Federal Reserve Chair Jerome Powell …

Source: Citgo

U.S. Court Confirms Citgo Board Appointed by Venezuela’s Opposition

From The Houston Chronicle


In a victory for Venezuela’s opposition government, a U.S. judge confirmed Citgo Petroleum’s board of directors appointed by Juan Guaido, squashing socialist leader Nicolas Maduro’s efforts to regain control over the Houston oil refiner.

On Wednesday …

Panama Canal Will Not Block Venezuela Vessels Despite U.S. Sanctions

Panama Canal Will Not Block Venezuela Vessels Despite U.S. Sanctions

From Reuters


The Panama Canal will continue authorizing vessels coming from Venezuela provided they present the necessary paperwork, the waterway’s chief said on Wednesday, suggesting a new round of U.S. sanctions on the South American nation should not make a …

Source: Citgo

CITGO Board Appoints Former Venezuelan Oil Executive as CEO

From The Houston Chronicle


CITGO’s board of directors has appointed former Venezuelan oil executive Carlos Jorda as CEO of the embattled Houston refining company.

In a statement released on Wednesday morning, the company’s board reported that the year-long search for …

Source: Citgo

Citgo to Appoint New CEO to Navigate Political, Legal Turmoil – Sources

From Reuters


Citgo Petroleum Corp has selected Carlos Jorda as its next chief executive, according to three people familiar with the matter, turning to a seasoned refinery expert and native Venezuelan to run a company facing legal attacks and working …

Venezuela Begins Expansion of Crude Joint Venture with China

Venezuela Begins Expansion of Crude Joint Venture with China

From Reuters


A Venezuelan oil joint venture with a state-owned Chinese company has started an expansion project to boost output to 165,000 barrels per day (bpd), President Nicolas Maduro said on Thursday, from a current capacity of 110,000 bpd.

Sinovensa, …

Right-Wing Groups Ask Trump Not to Intervene With Citgo

Right-Wing Groups Ask Trump Not to Intervene With Citgo

From The Houston Chronicle


A bevy of right-wing groups are asking the Trump administration not to intercede on behalf of the Venezuelan opposition government to keep Citgo Petroleum from being seized and auctioned.

The Houston-based refiner Citgo is owned by …

Source: Citgo

Venezuela Faces the Loss of Citgo – and Desperately Needed Dollars

From The Houston Chronicle


Venezuela could lose its largest U.S. asset after a court allowed a Canadian gold miner to seize shares of Citgo Petroleum Corp.’s parent to satisfy an arbitration award.

A U.S. appeals court ruled on Monday that …

OPEC Oil Output Hits Lowest Since 2011 on Saudi Cut, Sanctions: Reuters Survey

OPEC Oil Output Hits Lowest Since 2011 on Saudi Cut, Sanctions: Reuters Survey

From Reuters


OPEC oil output hit an eight-year low in July as a further voluntary cut by top exporter Saudi Arabia deepened losses caused by U.S. sanctions on Iran and outages elsewhere in the group, a Reuters survey found.

The …

Venezuela’s Guaido Pledges to Protect Chevron Assets if Trump Does Not Renew License

Venezuela’s Guaido Pledges to Protect Chevron Assets if Trump Does Not Renew License

From Reuters


Venezuelan opposition leader Juan Guaido said on Tuesday he would seek to protect Chevron Corp’s (CVX.N) assets in the country if the United States does not renew a license allowing the company to operate despite sanctions on the …

OPEC: Too Close to Call - Oil & Gas 360

Iran, Venezuela May Complicate Global Oil Deal Talks: Kazakhstan

From Reuters


Talks between OPEC and its allies next month about whether to extend their pact on cutting oil supplies “won’t be easy” and may be complicated by the situation facing Iran and Venezuela, Kazakh Energy Minister Kanat Bozumbayev said.…

Canadian Crude Gulf Coast Exports Rise as Venezuelan Gap is Filled: Reuters

Canadian Crude Gulf Coast Exports Rise as Venezuelan Gap is Filled: Reuters

From Reuters

HOUSTON (Reuters) – Heavy crudes have poured into the United States this spring, offsetting the loss of Venezuelan oil and producing a mini-surplus, with Canadian heavy crude this month being exported from the U.S. Gulf Coast.

U.S. refiners …

Source: EIA

U.S. Gulf Coast Crude Oil Imports at Lowest Level Since 1986

Domestic production has reduced imports approximately 83% since peak
As of March of this year, the EIA estimates that the United States Gulf Coast imports approximately 1.8 million barrels of crude oil per day (BOPD), the lowest recorded rate since

U.S. Restricts Exports of Oil Diluents to Venezuela

U.S. Restricts Exports of Oil Diluents to Venezuela

The Treasury Department placed a notice yesterday on its website announcing that the U.S. is restricting any U.S. firm from exporting diluents to Venezuela. Diluents are used to help enable Venezuela’s heavy oil to flow. The restrictions put international companies

A Rough Day at the Park for Crude Oil

A Rough Day at the Park for Crude Oil

By Tyler Losier, Energy Reporter, Oil & Gas 360

Actually, it’s been a rough few weeks for crude oil.

West Texas Intermediate near-month futures are down just about 20% since WTI peaked at $66.60 in late April of this year,

Source: Citgo

Citgo Gets U.S. Subpoena Related to Venezuela Bribery Probe

From Bloomberg


American unit of PDVSA has pledged full cooperation with probe, Businessman last week admitted to bribery for contracts

Citgo Petroleum Corp. received a subpoena from the Department of Justice stemming from an investigation into bribery in Venezuela, indicating …

Operator of Venezuelan PDVSA’s Fleet Seeks to Detain Tankers to Collect on Late Payments: Reuters

Operator of Venezuelan PDVSA’s Fleet Seeks to Detain Tankers to Collect on Late Payments: Reuters

From  gCaptain/Reuters

German shipping firm Bernhard Schulte Shipmanagement (BSM) has moved to legally detain three of Venezuelan PDVSA’s oil tankers to collect on late payments owed to it by the state-run oil company, according to a document seen by …

May 24, 2019 - 11:54 am Closing Bell Story‎, Energy News, Transportation
Russian Oil Sales to U.S. ‘On Steroids’, May Triple Soon

Russian Oil Sales to U.S. ‘On Steroids’, May Triple Soon

From Bloomberg

Petroleum exports from Russia to the U.S. are growing rapidly as the supplier takes advantage of lost deliveries from sanctions-hit Venezuela and supply cuts by OPEC members.

In the first half of May, 13 ships from Russia delivered …

May 22, 2019 - 8:37 am Closing Bell Story‎, Crude Oil News, Energy News
Will the Uprising in Venezuela Affect the Country’s Oil Production?

Will the Uprising in Venezuela Affect the Country’s Oil Production?

From Stratfor

The attempted military uprising in Venezuela in support of opposition leader Juan Guaido carries with it significant risks for Venezuelan oil production. The uncertainty over how many military units support Guaido and how far they will go to …

May 1, 2019 - 6:26 pm Closing Bell Story‎, Crude Oil News, Energy News
Venezuela Tension Flares Up as Guaido Urges Uprising

Venezuela Tension Flares Up as Guaido Urges Uprising

From Reuters

Venezuelan opposition leader Juan Guaido on Tuesday made his strongest call yet to the military to help him oust President Nicolas Maduro, and violence broke out at anti-government protests as the country hit a new crisis point after …

April 30, 2019 - 4:08 pm Closing Bell Story‎, Energy News, International