Venezuela – Page 13 – Oil & Gas 360

Inside the Failed Plot to Overthrow Venezuelan President Nicolás Maduro

June 27, 2018

From Bloomberg The plot, code-named Operation Constitution, involved scores of captains, colonels, and generals from all four branches of Venezuela’s armed forces. The goal was straightforward and seismic—to capture President Nicolás Maduro and put him on trial. The plotters, wearing blue armbands marked OC, were supposed to storm the presidential palace and main military base and stop the May 20

Present Day Middle Eastern Game of Thrones – Part Two

June 20, 2018

[EDITOR’S NOTE: this is the final installment of the OAG360 story in which Helen El Mallakh, director of the International Research Center for Energy and Economic Development (ICEED), discusses the changing political scene and the shifting geopolitical sands that are challenging the balance of oil producers in the Middle East. El Mallakh was keynote speaker at the Energy Finance Discussion

Venezuela Eyes First-Ever Refining of Foreign Oil

June 14, 2018

From Reuters Venezuela is considering producing fuels from foreign crude oil for the first time, according to planning documents seen by Reuters, as the country struggles to meet its obligations despite having the world’s largest crude reserves. State-run oil company PDVSA may process up to 57,000 barrels per day (bpd) of foreign crude in June at the country’s largest refinery,

Brent Gains Pegged to Venezuela Export Cuts, OPEC Production Levels

June 8, 2018

From Reuters NEW YORK (Reuters) – Global benchmark Brent crude surged nearly $2 a barrel on Thursday, lifted by concern about a steep drop in exports from Venezuela and worries OPEC may not raise production at its meeting this month. Brent crude futures LCOc1 settled up $1.96 a barrel, or 2.6 percent at $77.32. U.S. West Texas Intermediate (WTI) crude

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

Oil Prices Diverge as Venezuelan Output Approaches Crisis Mode

June 8, 2018

From The Wall Street Journal The price of Brent crude rose Wednesday after output from OPEC member Venezuela came into renewed doubt, enhancing worries over global supply. Brent crude, the global benchmark, rose 0.3% to $75.62 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures slipped 0.3% at $65.35 a barrel. The

Inventories Back at Five-Year Averages—for Now

May 30, 2018

The production cuts may have erased the surplus, but for how long? Stored petroleum around the world fell through 2017 and the first quarter of 2018, ending a period of oversupply in the global market that began before OPEC began production cuts in November 2016, according to data from the EIA. The production cuts took effect in January 2017, reducing

The U.S. Sanctions Venezuela

May 25, 2018

On May 21, 2018 the United States president signed an executive order prohibiting certain transactions with the government of Venezuela. The order restricts transactions involving debt owed to the Venezuelan government. Source: WhiteHouse.gov According to law firm Akin Gump, the new prohibitions target three categories of transactions: The purchase of any debt owed to the government of Venezuela, including accounts receivable Any

OECD Inventories Lowest in Three Years: IEA

May 21, 2018

Inventory declines have brought prices to three-year highs The International Energy Agency (IEA) released its monthly Oil Market Report today, outlining the group’s analysis of the overall oil market. In March 2018, OECD stocks declined by 27 million barrels to 2,819 million barrels – 214 million barrels below year-ago levels. This is the lowest level in three years, the IEA

Presidents Maduro and Putin shaking hands

As Venezuelans Suffer, Maduro Buys Foreign Oil to Subsidize Cuba

May 17, 2018

From Reuters HOUSTON (Reuters) – Venezuela’s state-run oil firm PDVSA has bought nearly $440 million worth of foreign crude and shipped it directly to Cuba on friendly credit terms – and often at a loss, according to internal company documents reviewed by Reuters. The shipments are the first documented instances of the OPEC nation buying crude to supply regional allies

ConocoPhillips Due $2.04 Billion from Venezuela: Tribunal

April 26, 2018

Final and binding ICC award is for “Venezuela’s unlawful and uncompensated expropriation of ConocoPhillips’ investments” ConocoPhillips (NYSE: COP) said that an international arbitration tribunal ruled it was due $2.04 billion from Petróleos de Venezuela, S.A. (PDVSA) and two of its subsidiaries, under arbitration rules of the International Chamber of Commerce (ICC). The ruling arises out of ConocoPhillips’ contracts with those

Halliburton Writes Down All Remaining Venezuela Investments

April 23, 2018

Market is 1 million to 1.5 million horsepower undersupplied Halliburton Company (ticker: HAL) reported an income of $46 million, or $0.05 per diluted share for the first quarter of 2018. This is an improvement over Q1 2017’s net loss of $32 million, or $(0.04) share. “We achieved total company revenue of $5.7 billion, representing a 34% increase compared to the

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

How Political Turmoil Could Limit Venezuela’s Debt Options

April 13, 2018

Potential constraints on the government’s ability to accrue and renegotiate debt could further complicate Venezuela’s economic future From Americas Quarterly If there is something worse for investors than a debt crisis, it’s a debt crisis with constitutional turmoil on the side. Such is the case in Venezuela. Over the past several months, Venezuela has missed deadlines on bond payments, putting investors

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