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.
Venezuela's state-run PDVSA has shipped one million barrels of oil to Cuba days after the United States imposed fresh sanctions on vessels and firms involved in exports to the island in an effort to halt oil trade between the political allies, according to a PDVSA document and tanker tracking data.
Venezuela will “fulfill its commitments” to Cuba despite United States sanctions targeting oil shipments from Maracaibo to its ideological ally, Foreign Minister Jorge Arreaza said on Monday.
Rolling blackouts across much of Venezuela that started on March 7 paralyzed most of the country’s oil wells and rigs, which have slowly come back online. Oil output averaged less than 600,000 bpd during the blackouts, the people said, who asked not to be identified because the information isn’t public.
US Vice President Mike Pence announced sanctions on Friday on 34 vessels of Venezuela's state oil company and two companies that ship crude to Cuba as Washington pushes to oust President Nicolas Maduro.
A major advisor to energy producing nations has suggested that the continued fallout from Venezuela could present a challenge for global oil markets. The International Energy Agency (IEA) has warned that crude supplies from Venezuela are at risk of falling sharply in the midst of an electricity crisis which has paralyzed the country recently.
Venezuela should honour its debt obligations to Russia despite the political situation in Caracas, Russian Finance Minister Anton Siluanov said on Thursday. ”Russia hopes that Venezuela, even in case of a change of power in the country, will fulfil its obligations under the debt to Russia, Siluanov told reporters on the sidelines of the Russian Investment Forum in the Black Sea resort of Sochi.
Chevron Corp. Chief Executive Officer Mike Wirth pledged to work closely with the U.S. to remain in Venezuela despite a spiralling crisis that has led rival oil major Total SA to retreat.
Venezuela's state-run oil company PDVSA is telling customers of its joint ventures to deposit oil sales proceeds in an account recently opened at Russia's Gazprombank AO, according to sources and an internal document, reported Reuters on Saturday.