Post Tagged with: "Venezuela"
Inside the Failed Plot to Overthrow Venezuelan President Nicolás Maduro
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 …
Present Day Middle Eastern Game of Thrones – Part Two
[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 …
Venezuela Eyes First-Ever Refining of Foreign Oil
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 …
Brent Gains Pegged to Venezuela Export Cuts, OPEC Production Levels
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.…
Oil Prices Diverge as Venezuelan Output Approaches Crisis Mode
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 …
Inventories Back at Five-Year Averages—for Now
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 …
The U.S. Sanctions Venezuela
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 …
OECD Inventories Lowest in Three Years: IEA
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 …
As Venezuelans Suffer, Maduro Buys Foreign Oil to Subsidize Cuba
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 …
ConocoPhillips Due $2.04 Billion from Venezuela: Tribunal
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 …
Halliburton Writes Down All Remaining Venezuela Investments
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 …
How Political Turmoil Could Limit Venezuela’s Debt Options
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 …
Oil Production Diving, Inflation Climbing Fast: Venezuelans Squeezed
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, …
Venezuela’s Impact on Oil Markets Could Be Far Worse than Expected: RBC’s Croft
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 Will Seek to Restructure Debt, Blaming Sanctions
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 …
U.S. Considering Sanctions on its 3rd Largest Oil Supplier
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 …
Venezuela Plans to Cut 95 MBOPD as Markets Await OPEC Compliance
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 …
Surprise Crude Draws Continue, Reversing Oil Losses
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 …
They Did It – Harvest Natural Resources Exits Venezuela
After years of struggling to negotiate with Venezuela, Harvest Natural Resources exits the country
Houston-based Harvest Natural Resources (ticker: HNR) has closed its deal with private equity firm CT Energy Holding SRL for HNR’s Venezuela assets.
The closing of the …
OPEC Policy Stings Smaller Members as Some Fear Collapse
Poorer OPEC nations reeling hardest from oil price slide
OPEC’s biannual meeting has come and gone, but the group’s objective remains the same: defend market share. While some talks may be underway to set a new production ceiling of 32-32.5 …
Venezuela is Selling Its Gold: is the Collapse Near?
Venezuela sells off $1.7 billion in gold as the country struggles to stay afloat; 1,600 % inflation on the horizon in 2017
The situation in Venezuela has gotten so desperate that you can no longer buy a Coke-a-Cola due to …
The Plight of Venezuela: Five-Day Weekends with No Beer Just One Symptom of Big Troubles
Layoffs from the largest private company in Venezuela reach 10,000
Many of the smaller OPEC nations have been hit hard by the current commodity price environment, but none seems to be struggling more than Venezuela.
Ranked as the country with …
Oil Prices Up Due to Canada’s Fire, Libya’s War, and Venezuela’s Incompetence
Wildfires burning out of control in Fort McMurray
Fort McMurray, the heart of much of Canada’s heavy oil sands production, has been evacuated due to a wildfire burning out of control in and around the city. The evacuations have forced …
Saudi Arabia Kills Venezuela’s Production Cut Deal
Venezuela on track for the largest sovereign debt default in history
OPEC’s members, along with other major oil producers like Russia and the U.S., have all been feeling the pain of lower oil prices, but perhaps none more than Venezuela. …
Venezuela Elects Opposition Government for the First Time in 17 Years
Maduro blames ‘economic war’ for loss of majority government
For the first time in 17 years, Venezuela’s opposition party claimed a majority position in the National Assembly.
Results from the election, held Sunday, indicate that the Democratic Unity Roundtable (Mesa …
OPEC Removes Production Limit Altogether: the End of the Cartel?
“We aren’t going to go back to a cartel … That time has passed” – U.A.E. Minister Al Mazrouei
Just over a year after deciding to change its focus to defending market share rather than oil prices, OPEC members left …
Venezuela Calls for Setting a Policy that Establishes a Minimum Oil Price
President Maduro to the world’s oil producers: “The minimum, minimum price should be $70”
Oil producing countries have been negatively affected by the dramatic fall in the price of oil since the middle of last year, and some have been …
China Extends $5 Billion Debt Lifeline to Venezuela
Talking to Putin Tomorrow to Figure Out How to Stabilize Oil Prices
Venezuela has struck a deal with China, its most generous creditor in recent years, for $5 billion designed to increase oil production in the coming months. Venezuela President …
Eni Starts Production in Latin America’s Largest Offshore Gas Field
Offshore production in Perla Field expected to reach 1,200 MMcf/d
Italy’s Eni (ticker: E) announced that it has started production on the first phase of its offshore operations in the Perla gas field, approximately 50 kilometers (about 31 miles) offshore …
