(Oil Price) – The Trump administration will grant Chevron the right to keep its operations in Venezuela after its sanction waiver expires in June, Reuters and the Wall Street Journal reported separately, citing unnamed sources. According to the sources, Chevron would be able to retain its assets in Venezuela, but would not be able to export oil from the country to the United States.
(Investing) – HOUSTON – A U.S. federal judge has extended to at least June 2 a period for bidders to submit rival bids in a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, according to a filing released on Tuesday. Last month, Delaware judge Leonard Stark approved a $3.7 billion offer by Contrarian Funds’ affiliate Red Tree
(World Oil) – U.S. Secretary of State Marco Rubio said in a post on X that a Venezuela oil-export license will expire next Tuesday, defying earlier expectations that it would be extended. The tighter time frame would put pressure on Chevron Corp.’s operations in the sanctioned nation. The U.S. oil giant has been a major contributor to Venezuela’s economy in
(Investing) – U.S. oil producer Chevron Corp (NYSE:CVX) and several European companies are in talks with the Trump administration to obtain authorizations to keep their stakes in joint ventures with Venezuela’s state-run PDVSA, three sources close to the matter said. Washington in March revoked licenses and authorizations it had granted in recent years that allowed PDVSA’s foreign partners and customers to do business
(Investing) – HOUSTON -Oil prices rose on Wednesday, buoyed by government data showing U.S. crude oil and fuel inventories fell last week and by mounting concerns about tighter global supply following the U.S. threat of tariffs on nations buying Venezuelan crude. Brent crude futures gained 88 cents, or 1.21%, to $73.90 a barrel by 10:42 a.m. ET (1442 GMT), their highest since February
(Oil Price) – China, the biggest buyer of oil from Venezuela, saw trade with Venezuela stall on Tuesday after U.S. President Donald Trump threatened on Monday 25% tariffs on the goods of any country buying Venezuelan oil. Traders and refiners in China were caught off guard by Monday’s executive order and are waiting to see whether Beijing will have some direction on the
(Oil Price) – PDVSA, the state oil firm of Venezuela, will continue to produce alone crude from its joint ventures with Chevron after the Trump Administration axed the U.S. supermajor’s license to operate in the South American country, Reuters reports, citing a PDVSA document it has seen. At the end of February, U.S. President Donald Trump canceled a sanction waiver for Chevron that allowed
(Investing) – WASHINGTON – U.S. President Donald Trump’s administration said on Tuesday it is ending a license that it had granted to U.S. oil producer Chevron (NYSE:CVX) since 2022 to operate in Venezuela and export its oil, after Washington accused President Nicolas Maduro of not making progress on electoral reforms and migrant returns. Chevron will have through April 3 to wind
(Investing) – HOUSTON – A U.S. judge overseeing an auction of shares in the parent of Venezuela-owned Citgo Petroleum on Monday agreed to reopen a data room to allow potential buyers to prepare new bids, a court document showed. Judge Leonard Stark ordered the data room to be opened on Wednesday after listening to creditors in the case urge a new
(World Oil) – Jindal Power Ltd. is walking away from a venture that would have operated an oil-processing facility for Venezuela’s state-controlled crude producer, according to people familiar with the matter. India’s Jindal is exiting the deal under which it would have overseen one of Petroleos de Venezuela’s key installations for producing and processing heavy-crude oil for export, said the people, who
Yahoo Finance Trinidad and Tobago’s High Court reaffirmed on Thursday a decision recognizing U.S. oil producer ConocoPhillips’ arbitration claim against Venezuela, which could freeze the Caribbean country’s payments to its neighbor for joint natural gas projects. In late May, the court’s original decision opened the door for ConocoPhillips to enforce in that country a $1.33 billion claim against Venezuela for
Oil Price Venezuela’s president, Nicolas, Maduro, has accepted a U.S. proposal for a new round of talks on local policies and the future of U.S. oil sanctions on Caracas. “I have received the proposal during two continuous months from the United States government to reestablish talks and direct dialogue,” Maduro said on Venezuelan television, as quoted by the Associated Press “After thinking
