Russia kept fuel oil exports to the United States close to its record-highs in the first six months of this year, as Washington looks to replace the heavy Venezuelan barrels it stopped buying a year ago, traders said and data showed.
Venezuela will increase fuel prices in June, the president said, putting a limit on state subsidies that for decades had allowed citizens to fill their gas tanks virtually for free. Although the country has huge oil reserves, production has collapsed and Venezuelans are facing dire shortages - exacerbated by the impact of COVID-19 on the economy.
Venezuela has swapped millions of barrels of crude for supplies of corn and water trucks under an oil-for-food deal struck with a Mexican firm, in an effort to secure imports amid tightening U.S. sanctions, according to the company and export schedules.
Large blots of oil that have turned up on more than 130 Brazilian beaches are “very probably” of Venezuelan origin, Brazil's environment minister said on Wednesday. The oil began appearing in early September and has been seen along a 2,000-kilometre stretch of the northeastern Atlantic coast - with around 130 tons of oil residue collected by Monday.
Washington's envoy for Venezuela said on Thursday he was hopeful that the European Union will impose sanctions against Caracas in the coming months and the United States was examining more measures to pressure President Nicolas Maduro to step down.
Venezuela could lose its largest U.S. asset after a court allowed a Canadian gold miner to seize shares of Citgo Petroleum Corp.’s parent to satisfy an arbitration award.
The cumulative decline of the Venezuelan economy since 2013 will reach 65%, among the deepest five-year contractions around the world over the last half-century, the International Monetary Fund has announced.
Venezuela's largest refinery complex has been hit by a power outage, at a time of acute fuel shortages in parts of the crisis-torn oil producer, an opposition lawmaker said on Sunday.
Venezuelan oil exports fell by 17% in May compared to April, due to the difficulty to sell barrels of heavy crude oil that US refiners used to buy and process before the sanctions imposed on the Nicolás Maduro government, reported Reuters.
Spain’s Repsol has suspended its swaps of refined products for crude with Venezuela’s state-run oil company PDVSA, as U.S. officials weigh penalties for foreign firms doing business with Venezuela.