Tag: PDVSA

• Monday, August 13th 2018 - 18:53 UTC

  Venezuela appealing US$ 1.4bn compensation ruling, threatening Citgo

  

  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.

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• Thursday, August 9th 2018 - 08:40 UTC

  Venezuela oil exports avoid seizures with tankers' transfers at sea and operating from Cuba

  

  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.

• Tuesday, July 31st 2018 - 07:00 UTC

  Venezuela scarce gasoline will be sold only to the politically loyal

  

  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.

• Saturday, July 14th 2018 - 07:48 UTC

  Venezuela’s oil crisis gets worse: Production keeps falling

  

  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.

• Wednesday, June 6th 2018 - 08:52 UTC

  Venezuela's oil delivery contracts could suffer 50% haircut

  

  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.

• Thursday, May 17th 2018 - 18:02 UTC

  IEA: High Oil Prices “Taking A Toll” On Demand

  

  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.

• Tuesday, May 8th 2018 - 08:14 UTC

  Oil rises to US$ 70 a barrel, ahead of Trump's Tuesday decision on sanctions to Iran

  

  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.

• Saturday, April 28th 2018 - 11:10 UTC

  US oil company wins arbitration and Venezuela's PDVSA must pay US$ 2.04bn

  

  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.

• Wednesday, March 7th 2018 - 09:40 UTC

  Venezuela oil production 1.5 million bpd short of its historic output

  

  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.

• Wednesday, February 14th 2018 - 09:48 UTC

  PDVSA bonds should be traded as in default, recommends EMTA

  

  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.