Venezuelan state oil company PDVSA is appealing a decision allowing Canadian miner Crystallex to take control of shares in U.S. subsidiary PDV Holdings as part of a 10 year dispute over the state takeover of Crystallex assets, a court filing shows.Add your comment!
Venezuela’s state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighboring Cuba to avoid asset seizures. But Venezuela is still fulfilling less than 60% of its obligations under supply deals with customers.
Venezuela is taking steps to direct dwindling motor fuel to politically loyal vehicle owners. President Nicolas Maduro ordered a national census on 3-5 August to determine how many vehicle owners possess a homeland identity card, a document created in first quarter 2017 to strengthen the government's social and political surveillance capabilities.
Venezuela’s oil production plunged by another 47,500 barrels per day (bpd) in June, compared to a month earlier. An exodus of workers and field shut downs were reported for the month, pointing to a grim near-term future that could see total production dip below 1 million barrels per day (mb/d) by the end of the year.
Venezuela’s state-owned PDVSA is considering a declaration of force majeure on some of its oil supply contracts in June unless its clients agree to accept volume reductions of up to 50%, Argus reported on Tuesday, citing PDVSA officials.
Geopolitics has taken over the oil market, driving oil prices up to three-year highs. The inventory surplus has vanished, and more outages could push oil prices up even higher. Yet, there are some signs that demand is starting to take a hit as oil closes in on $80 per barrel.
Oil prices rose for the fourth straight day on Monday to hit levels not seen since late 2014, boosted by the latest trouble for Venezuelan oil company PDVSA and the possibility that the United States could re-impose sanctions on Iran.
An international arbitration court has ordered Venezuela’s oil company PDVSA to pay ConocoPhillips US$ 2.04 billion for early dissolution of two joint ventures for producing oil in the OPEC-member country, the U.S. firm said.
Venezuela’s oil production is running 1.5 million barrels per day (bpd) short of its historic output but it is something that the country must address itself, Ecuador oil minister Carlos Perez said. Caracas should address the shortfall on its own, added Perez on the sidelines of the CERAWeek energy conference in Houston.
Emerging markets trade group EMTA has recommended that bonds issued by Venezuela’s state-owned oil firm PDVSA should be traded flat or without accrued interest, the way bonds in default are typically traded.