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. 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 debt owed to the
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
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
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
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
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
Venezuela’s citizens are left holding a bag, one that is saddled with $60 billion dollars worth of debt. Citizens of Venezuela have been buying into bonds due to government policies of subsidizing the purchase of foreign debt by individual investors, Reuters reported in December 2017. Big businesses in the country have also poured money into the bonds, hoping to capitalize
RBC Capital Markets analysts said while oil production in crisis-plagued Venezuela is poised to “plunge” in 2018, the extent of its losses could be far worse than investors were anticipating From CNBC An attendant sits at a closed Petroleos de Venezuela SA (PDVSA) gas station in Caracas, Venezuela, on Friday, Sept. 22, 2017. Oil traders expecting steep production losses from
From Bloomberg President Nicolas Maduro said Venezuela will seek to restructure its global debt after the state oil company makes one more payment, blaming U.S. sanctions for making it impossible to find new financing. The government will transfer funds for a $1.1 billion principal payment on Petroleos de Venezuela bonds that came due Thursday, Maduro said from Caracas. From there
Venezuela is third-largest oil supplier to U.S. The U.S. is mulling sanctions against Venezuela’s oil industry, according to a Reuters report. Reuters quotes sources saying that U.S. officials are currently evaluating different types of sanctions, and have not decided on what, or whether, sanctions should be imposed. Previous sanctions, which were imposed from 2011 to 2015, prevented PDVSA from bidding
Venezuela plans to cut production roughly 4% as OPEC prepares to lower output Venezuela said Tuesday that it plans to cut production by 95 MBOPD, or roughly 4% of its 2.4 MMBOPD of total production, as OPEC prepares to implement its production deal. Starting January 1, OPEC will cut back its output by 1.2 MMBOPD, while non-OPEC countries contribute an
Oil bounces back after official data shows yet another crude inventory draw Oil prices came back from a nearly 2% decline Wednesday morning following news from the Energy Information Administration that U.S. crude oil inventories fell last week. The oil inventory draw is the seventh time in the last eight weeks that stores of crude went lower despite analysts’ expectations
