Tag: Venezuelan oil

• 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.

• Monday, July 8th 2019 - 10:15 UTC

  Power outage hits Venezuela's largest refinery complex

  

  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.

• Wednesday, June 5th 2019 - 10:50 UTC

  PDVSA: Venezuelan oil exports fall 17% in May

  

  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.