Oil Price The owner of Continental Resources and one of the faces of the shale revolution Harold Hamm has criticized the Biden administration’s decision to grant sanction relief to Chevron so it can restart its operations in Venezuela. Calling the deal a sign of desperation, per a Financial Times report, Hamm then went on to blame the administration for
Oil Price Traders are still weighing the timing and impact of U.S. President Joe Biden’s decision on Saturday to ease oil sanctions on Venezuela and grant Chevron a license to resume oil production in the country. Sanctions were implemented in August 2019 by the Trump Administration, and Biden’s decision to ease those sanctions came after the resumption of talks
World Oil (Bloomberg) — Chevron Corp. wants more control over the oil it produces in Venezuela, a move that would help the driller boost output and recover debt if the US eases sanctions amid a global fuel crunch. The energy giant is seeking to take charge of production, shipment and sales of its Venezuelan crude, according to people familiar with the
World Oil (Bloomberg) –Oil exports from Venezuela doubled in December from a year earlier as the country raises production of revenue-generating hydrocarbons in defiance of U.S. sanctions. Shipments averaged 619,000 barrels a day in December. The OPEC-founding member increased exports for a third straight month with the support of ally Iran, which boosted the supply of a key ingredient that
Reuters CARACAS -With U.S. sanctions spooking key oil buyers and depriving its government of cash, Venezuela last year inked a deal with a little-known local company to swap crude for food, Reuters has learned. That agreement saw state oil company PDVSA, beginning in December 2020, deliver more than 6 million barrels of crude worth nearly $260 million to a company
World Oil French oil company TotalEnergies SE and Norway’s Equinor ASA are exiting a key venture in Venezuela, adding to an exodus of foreign firms in recent years as the country’s energy industry has withered. The companies transferred to state-owned Petroleos de Venezuela SA, or PDVSA, stakes in the Petrocedeno oil production joint venture, according to two people with direct
US News LONDON/SINGAPORE/MEXICO CITY – A Chinese logistics firm has emerged as a central player in the supply of sanctioned oil from Iran and Venezuela, even after it was blacklisted by Washington two years ago for handling Iranian crude, seven sources with knowledge of the deals told Reuters. The more prominent role of China Concord Petroleum Co, also known as
Reuters BEIJING – Saudi Arabia was China’s biggest crude oil supplier in June for the eighth consecutive month, customs data showed on Tuesday, while shipments from United Arab Emirates and Kuwait fell further, possibly signalling slower imports of Iranian oil. Arrivals of Saudi Arabian crude oil reached 7.2 million tonnes last month, equivalent to 1.75 million barrels per day (bpd),
Reuters CARACAS – Venezuelan Foreign Minister Jorge Arreaza on Saturday criticized a U.S. court ruling authorizing a sale of the shares in the parent company of U.S. refiner Citgo Petroleum Corp, calling it the result of a “fraudulent judicial process.” Citgo is a unit of Venezuelan state oil company Petroleos de Venezuela. A federal court in Delaware this week approved
Reuters Pressured by strict U.S. sanctions, Venezuela’s oil exports plunged by 376,500 barrels per day (bpd) in 2020, according to Refinitiv Eikon data and internal documents from state-run PDVSA, financially squeezing socialist President Nicolas Maduro. The administration of U.S. President Donald Trump also put curbs on PDVSA’s main trading partners, the owners of tankers still transporting Venezuelan oil and on
Reuters NEW YORK – In June, the United States imposed sanctions on half a dozen oil tankers managed by established shipping firms. It was a major escalation of American attempts to choke off Venezuela’s oil trade. Within weeks, a little-known company based in the United Arab Emirates took over management of several tankers that had been shipping Venezuelan oil. The
Reuters WASHINGTON – The U.S. Treasury Department on Tuesday issued a new license to Chevron Corp, the last major U.S. oil company still operating in Venezuela, giving it until June 3 to wind down its joint ventures in the OPEC member nation. The United States last year imposed sanctions barring imports of Venezuelan oil and transactions made in U.S. dollars
