Tag: Venezuelan oil

• Thursday, September 3rd 2026 - 08:41 UTC

  Investment banks warn the Venezuela deal will not bring down fuel prices

  

  Leading financial analysis firms have tempered the White House's forecasts on the Venezuelan oil agreement announced by Donald Trump on Friday, which grants a company part-owned by the US government control of seventeen fields holding some 65 billion barrels of reserves for a hundred years.

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• Thursday, February 27th 2025 - 10:34 UTC

  Trump ends Biden's oil concessions to Venezuela

  

  US President Donald Trump has revoked the oil concessions granted to Venezuela by his predecessor, Joseph Biden, due to non-compliance with electoral conditions and lack of cooperation in the process of deporting “violent criminals,” it was announced in Washington DC. This decision impacts Chevron's operations in Venezuela, which were authorized by Biden in 2022.

• Friday, January 28th 2022 - 09:34 UTC

  With help from Iran and China, Venezuela recovering part of its production

  

  By Felicity Bradstock for Oilprice.com – Venezuela appears to be following in Iran’s footsteps by starting to ignore U.S. sanctions on its oil industry to once again develop its substantial crude reserves. After years of stalling and losing out on international investment as well as vital revenues, Venezuela looks to be set to increase its oil production, fostering relationships with key export markets that are willing to risk U.S. retaliation to the move.

• Tuesday, July 14th 2020 - 09:49 UTC

  Russia replaces Venezuela as supplier of heavy fuel to US refineries

  

  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.

• Monday, June 1st 2020 - 08:54 UTC

  Venezuela announces the end of subsidized fuel prices together with privatized service stations

  

  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.

• Monday, March 9th 2020 - 07:48 UTC

  Mexican company humanitarian swap of corn and water trucks for Venezuelan oil

  

  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.

• Thursday, October 10th 2019 - 09:55 UTC

  Oil spill in Brazilian beaches is of Venezuelan origin, claims environment minister

  

  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.

• Friday, August 30th 2019 - 09:46 UTC

  US confident of EU sanctions on Venezuela, if political dialogue fails; Russia main trader of the country's oil

  

  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.

• Wednesday, July 31st 2019 - 09:46 UTC

  Maduro and Guaidó desperate: Venezuela on the verge of losing Citgo to an arbitration award

  

  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.

• Wednesday, July 31st 2019 - 09:25 UTC

  Economic decline of Venezuela since 2013 estimated at 65% by the IMF

  

  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.