Post Tagged with: "Venezuela"

Source: Reuters

Venezuela’s oil exports sink to 1940’s level under tighter U.S. sanctions -data

Reuters


Pressured by strict U.S. sanctions, Venezuela’s oil exports plunged by 376,500 barrels per day (bpd) in 2020, according to Refinitiv Eikon data and internal documents from state-run PDVSA, financially squeezing socialist President Nicolas Maduro.

The administration of U.S. President …

Source: Reuters

Special Report: UAE emerges as hub for companies helping Venezuela avoid U.S. oil sanctions

Reuters


NEW YORK – In June, the United States imposed sanctions on half a dozen oil tankers managed by established shipping firms. It was a major escalation of American attempts to choke off Venezuela’s oil trade.

Within weeks, a little-known …

December 29, 2020 - 10:00 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

U.S. Treasury Department gives Chevron new license to wind down Venezuela activities by June 3

Reuters


WASHINGTON – The U.S. Treasury Department on Tuesday issued a new license to Chevron Corp, the last major U.S. oil company still operating in Venezuela, giving it until June 3 to wind down its joint ventures in the OPEC …

Source: Reuters

Second tanker carrying Iranian fuel reaches Venezuelan waters -data

Reuters


The second of a group of three Iranian tankers entered Venezuelan waters on Wednesday, carrying fuel for the gasoline-starved nation, which is struggling under a collapsing oil industry and U.S. sanctions that have crippled imports and exports.

The Iran-flagged …

September 30, 2020 - 11:40 am Closing Bell Story‎, Crude Oil News, Energy News, International
U.S. weighs more sanctions on Venezuela to halt fuel deals: Bloomberg

U.S. weighs more sanctions on Venezuela to halt fuel deals: Bloomberg

Reuters


The administration of U.S. President Donald Trump is weighing additional sanctions on Venezuela aimed at halting the remaining fuel transactions permitted with the Latin American country, Bloomberg reported late on Tuesday.

The step could target crude swaps with companies …

Source: nydailynews.com

Tankers ship Iranian fuel cargoes to U.S. for seizure

Reuters


LONDON/MEXICO CITY  – Tankers carrying Iranian fuel cargoes covered by a U.S. warrant for seizure are sailing to the United States after talks between U.S. authorities and ship owners, a U.S. government source and a shipping source said on …

Source: Reuters

Exclusive: How Venezuela lost three oil supertankers to its Chinese partner

Reuters


NEW YORK/SINGAPORE  – A shipping joint venture between Venezuela and China has fallen apart in the wake of U.S. sanctions, resulting in the South American nation losing three supertankers at a time when foreign shippers are reluctant to carry …

Source: Reuters

U.S. glass maker seeks to seize Venezuela-owned oil tanker to collect award, court papers show

Reuters


NEW YORK/MEXICO CITY – U.S. glass manufacturer O-I Glass Inc is seeking to seize an oil tanker owned by Venezuela to collect part of a $500 million arbitration award it won after the 2010 expropriation of two manufacturing plants, …

August 6, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News
Venezuela crude output falls in June to lowest since Feb 1943, OPEC data show

Venezuela crude output falls in June to lowest since Feb 1943, OPEC data show

Reuters


Venezuela’s crude output fell in June to the lowest level in nearly eight decades, data the country provided to OPEC showed on Tuesday, as U.S. sanctions on state oil company Petroleos de Venezuela choke off exports.

Venezuela crude output falls in June to lowest since Feb 1943, OPEC data show- oil and gas 360

Venezuela’s production tmsnrt.rs/2SNPoam …

July 14, 2020 - 10:30 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Exclusive: Oil tankers turn away from Venezuela as more sanctions loom

Reuters


Two tankers that were sailing toward Venezuela to load crude have turned around since the weekend and three other vessels have left Venezuelan waters as the United States considers blacklisting dozens of ships for transporting the country’s oil, according …

Source: Reuters

Venezuela readies fuel distribution as fourth Iranian tanker enters Caribbean

Reuters


MARACAY, Venezuela/DUBAI – Venezuela has begun preparations to distribute fuel imported from Iran among desperate citizens as the fourth cargo of a five-tanker flotilla was crossing the Caribbean on Wednesday, according to Refinitiv Eikon and a government official.

Iran …

Source: Reuters

Venezuela’s gasoline goes from world’s cheapest to steepest

Reuters


PUERTO ORDAZ/MARACAIBO, Venezuela – Venezuelans reported paying above $2 per liter ($7.57 per gallon) for gasoline last week amid fuel shortages, one of the world’s highest rates and a dramatic reversal for an OPEC nation that long boasted of …

Trump ready to end Chevron’s sanctions waiver in Venezuela

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 …

Source: Reuters

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, …

Source: Reuters

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 …