Venezuela – Page 11 – Oil & Gas 360

How One of Venezuela’s Last Oil Buyers May React to Sanctions

January 29, 2019

From Bloomberg After the U.S. slapped sanctions on Venezuela’s state-owned PDVSA, which essentially add up to an oil ban, the market has focused on how the remaining buyers of the South American country’s heavy, low-quality crude will react. India is the third-biggest buyer of Venezuelan oil, after the U.S. and China, averaging about 340,000 barrels a day last year, according to data compiled by

Presidents Maduro and Putin shaking hands

Russia Vows Full Support for Maduro as U.S. Sanctions Bite

January 29, 2019

From Bloomberg Russia vowed to “do everything” to protect Venezuelan President Nicolas Maduro against U.S. efforts to oust him as the Trump administration ratcheted up economic pressure on the embattled Kremlin ally amid doubts about Moscow’s ability to shore up his regime. Russia, together with other allies, will “do everything to support the legitimate government of President Maduro” and steps

U.S. Restricts Exports of Oil Diluents to Venezuela - Oil & Gas 360

State Department Issues Venezuela Travel Advisory

January 29, 2019

State Department issues Venezuela travel advisory

Oil & Gas 360 - Venezuela will stick to its plan of blending domestic and foreign crude to maintain and even increase oil production and exports in the face of sanctions prohibiting U.S. companies from buying the country’s oi

U.S. Sanctions Venezuela’s PDVSA

January 28, 2019

Move cuts off Venezuela’s main cash source The U.S. government announced sanctions on Venezuela’s PDVSA today, marking a major increase in the administration’s pressure campaign against Maduro’s regime. While the U.S. has sanctioned many individuals involved in Venezuela’s government, it has historically been reluctant to directly sanction PDVSA. This reluctance is largely because, despite the diplomatic hostility between the two

Venezuelan Oil Exports to U.S. Still Primary Source of Cash

January 25, 2019

From Reuters Venezuela’s oil exports to the United States remain the primary cash resource for its state-owned oil company, and efforts by the United States to cut off that revenue would likely force it to send crude to China, India or other Asian countries. U.S. refineries that depend on Venezuela’s heavy crude would have even more trouble securing supplies as

U.S. Refiners Facing a Gasoline Glut Take Fresh Hit From Venezuela

January 25, 2019

From Bloomberg America’s gasoline producers can run, but they can’t hide from a plunge in refining profit margins that sanctions against Venezuelan crude would only worsen, analysts said. The biggest U.S. refiners are expected to report strong fourth-quarter earnings thanks to profits from diesel processing in a strong U.S. economy, as well as a drop of about 40 percent in crude prices.

Oil Pushes Higher as Venezuelan Crisis Threatens Crude Flows

January 25, 2019

From Bloomberg Oil prices moved higher as analysts predicted the mounting political crisis in Venezuela could take a chunk out of global crude flows. Futures rose as much as 1.5 percent in New York. Venezuela, owner of the world’s biggest oil reserves, could see crude production drop by a thirdthis year, analysts at Fitch Solutions said Friday. The United Nations Security Council,

Venezuela Oil Woes Add Urgency to Canadian Pipeline, Rail Plans

January 24, 2019

From Bloomberg With the U.S. considering sanctions against Venezuelan crude, there’s little doubt that Gulf Coast refiners would look north to Canada to fill the gap. The question is whether Canada can get them enough oil to slake their demand. Declining Venezuelan shipments have been underpinning demand for heavy Canadian crude for more than a year, even at the South American nation’s own U.S.

Venezuela’s on a Road to Nowhere Good

January 24, 2019

From Stratfor Venezuela is heading toward a chaotic, violent transition of power. The government is fighting a losing battle against declining oil output and its own voracious political elites. Low oil prices, high government spending and extreme corruption destroyed Venezuela’s energy sector — the country’s sole source of export revenue. Without vast sums of oil money to line their pockets

U.S. Refiners Scramble as White House Eyes Venezuela Sanctions

January 21, 2019

From Reuters U.S. refiners are bidding up prices for scarce types of crude oil needed for their most sophisticated plants as the United States reconsiders harsher sanctions on Venezuela that could further reduce imports of the country’s oil. Trump administration officials in recent days met with U.S. oil company executives to lay out potential actions in response to the Jan.

U.S. weighs more sanctions on Venezuela to halt fuel deals: Bloomberg- oil and gas 360

U.S. Considers Harshest Venezuela Sanctions Yet, on Oil

January 17, 2019

From The Wall Street Journal The U.S. is evaluating whether to impose tougher sanctions against Venezuela’s military and vital oil industry, a senior Trump administration official said Monday, as it seeks to ratchet up pressure on authoritarian leader Nicolás Maduro to hold free and fair elections. The Trump administration is considering a range of measures including curtailing the flow of

Exxon Ships Have Not Returned to Area of Venezuela Dispute: Guyana

January 11, 2019

From Reuters Seismic research vessels hired by Exxon Mobil to explore for oil off Guyana’s coast have not returned to the site of a December incident with Venezuela’s navy, but they may in the future, Guyana’s foreign minister said on Thursday. Guyana, with no history of oil production, has become the focus of intense interest since Exxon announced the discovery

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