Tag: PDVSA

• 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.

• Wednesday, February 14th 2018 - 09:36 UTC

  Five ex PDVSA officials on trial in Houston for US$ 1 billion graft probe

  

  U.S. prosecutors announced charges against five former Venezuelan officials accused of soliciting bribes in exchange for helping vendors win favorable treatment from state oil company PDVSA, the latest case to stem from a US$1 billion graft probe.

• Saturday, December 30th 2017 - 11:49 UTC

  Fire in the Venezuela’s biggest refinery

  

  A fire was registered late Friday at the Refining Complex of Amuay, northwest of Venezuela. The accident baddly affected a distiller. El secretary of the Petroleum’s workers federation, Iván Freites, denounced irregularities due to the lack of maintenance and investment in the oil industry by the State’s PDVSA

• Wednesday, December 27th 2017 - 14:54 UTC

  Gasoline, another kind of business in Venezuelan scarcity

  

  It is paradoxical how a country with the largest oil reserves in the world has a shortage of gasoline. Of course, Venezuela does not produce gasoline as such, but sells crude oil and imports gasoline, so with the sanctions imposed by various nations and the very crisis that PDVSA (State Company) suffers - which according to the unions works approximately 13% of its capacity- complicate the problem.

• Tuesday, December 19th 2017 - 11:38 UTC

  Venezuela awards Russia's Rosneft two major offshore gas fields

  

  Venezuela has awarded licenses to a unit of Russian oil major Rosneft to develop two offshore gas fields, Rosneft said in a statement.Venezuelan President Nicolas Maduro signed the deal during a visit to Venezuela by Rosneft CEO Igor Sechin, it said.