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MercoPress, en Español

Montevideo, January 6th 2026 - 13:29 UTC

Tag: PDVSA

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

    Venezuela’s oil crisis gets worse: Production keeps falling

    The problems plaguing Venezuela’s oil industry are well-publicized, but the situation continued to deteriorate in June

    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

    PDVSA is asking its principal clients that are collectively owed 1.5 million bpd of crude in June to accept smaller volumes and restructure existing supply contracts

    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

    Venezuela's production is plummeting, and output is 550,000 bpd below it's agreed upon target as part of the OPEC deal.

    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

    Trump said a decision on whether to remain in the Iran nuclear deal or to impose sanctions would be announced at 2:00 p.m. EDT (1800 GMT) on Tuesday

    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

    Conoco’s assets in Venezuela were expropriated in 2007 following a nationalization of the country’s oil industry led by late President Hugo Chavez.

    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 fell 13% in 2017 to a 28-year low of about 2.072 million bpd., an estimated 1.5 million bpd short

    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

    The move follows a similar advisory issued by EMTA on sovereign bonds and is likely to extinguish any lingering belief that Caracas might avoid a PDVSA default

    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

    The indictment was filed in a US federal court in Houston and was made public after Spain on Friday extradited one of the former officials, Cesar Rincon

    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

    The accident on Friday affected a distiller, while the one on Tuesday left 2 injured.

    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

    Usually the smugglers sell 20 liters at a price of 1,600,000 Bs –or more-, which is equivalent to 3 and a half minimum salaries approximately. Photo: Santi Donaire<br />

    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.