China is on course to overtake the US as the world’s top crude importer by 2014, as the Asian country’s growing refining capacity boosts demand and America’s fracking boom cuts the need for foreign oil, OPEC said in its monthly report.
Venezuelan opposition presidential candidate on Monday vowed to end the OPEC nation's shipments of subsidized oil to the Castro brothers regime in Cuba, slamming acting President as a puppet of Havana.
Iranian President Mahmoud Ahmadinejad is expected in Caracas early Friday on time to pay tribute to his late Venezuelan counterpart, Hugo Chavez, who died earlier this week after a two-year battle with cancer. Ahmadinejad left Tehran for Caracas on Thursday.
Venezuelan oil sales to China have jumped by 60% since the start of the year, the country's oil minister said in an interview published on Sunday in the state-run Correo del Orinoco.
The Organization of the Petroleum Exporting Countries, left its forecast for 2012 growth in world oil demand unchanged at 0.9 million barrels a day, saying it expects growth to slow to 0.8 million barrels a day in 2013 due to a continuing global economic slowdown.
An international arbitration panel has awarded US oil giant Exxon Mobil Corp 908 million dollars in compensation for Venezuela's 2007 nationalization of assets, less than 10% of what it sought in a dispute that pitted a top global oil company against one of the world's largest oil exporters.
OPEC oil producers on Wednesday sealed their first new production limit in three years in a deal that settles a 6-month-old argument over output levels firmly in Saudi Arabia's favour.
State-owned oil company Petroecuador said it broke its daily production record on Tuesday 15 November, pumping 156.359 barrels of crude on that day. Production from Jan. 1 to Nov. 8 totalled 47,096,086 barrels of crude, Petroecuador said in a report.
OPEC cut its forecast Monday for global oil demand and production, citing the slowing economic recovery. In its monthly report, the Organization of Petroleum Exporting Countries said it expected demand growth to drop to 1.1 million barrels per day -- 150,000 barrels per day fewer than its earlier forecasts.
Venezuela received an enviable honour last month: OPEC said it is sitting on the biggest reserves of crude oil in the world – even more than Saudi Arabia. But the Venezuelan oil industry is also sitting atop a well of trouble.