Venezuela

In a ceremony broadcast on state television, Russian President Vladimir Putin signed a strategic agreement with Venezuelan President Nicolas Maduro. Interfax, a Russian news agency, reported that the two leaders also spoke about energy and oil in their meeting at Moscow. In the agreement, Russia & Venezuela stated that they would promote joint efforts within OPEC +, the Gas Exporting Countries Forum, and other organisations involved in the energy industry. The agreement stated that "the parties will promote an equitable and stable development of global markets for energy without using unfair competition instruments." The two companies agreed to work together...

According to a court document, a U.S. Federal judge confirmed on Monday that a $3.7billion offer made by Red Tree Investments, an affiliate of Contrarian Funds to pay bondholders and creditors in an auction for shares of the parent company of Venezuelan-owned refiner Citgo Petroleum was the starting bid. The offer, which had been recommended by a court officer overseeing the auction, unleashed a battle among 16 creditors seeking to cash proceeds from the auction, with some supporting the bid because it includes a payment agreement with holders of a bond issued by Citgo's ultimate parent, Caracas-headquartered PDVSA, and others...

Venezuela's National Assembly passed on Thursday a decree by the government of President Nicolas Maduro to declare an economic emergency as a response to U.S. tariffs and sanctions. In March, Donald Trump's administration began to suspend authorizations of oil companies that work with Venezuelan state-owned PDVSA. They also imposed secondary tariffs against crude oil and natural gas exports. Maduro issued the decree on February 2, citing constitutional authority to declare states or exceptions, suspend constitutional protections, and impose an alarm state during national emergencies. Delcy Rodriguez, Vice President and Minister of Oil during the presentation of this document, stated that...

The trade of Venezuelan crude oil to China, its top buyer, slowed on Tuesday following the U.S. President Donald Trump’s order that threatened tariffs against countries purchasing from Caracas. This came days after U.S. sanctioned China's imports of Iranian oil. Trump's surprise order caught Chinese traders and refiners by surprise. It states that, at the discretionary discretion of the Secretary of State, the U.S. can impose 25% tariffs starting April 2 on any goods imported from countries importing Venezuelan crude oil. Chinese traders and refiners are waiting to see the implementation of the order and if Beijing will instruct them...

A senior U.S. official announced on Thursday that Venezuela has agreed to resume the flights of illegally-entering migrants deported from the United States. This follows an apparent pause on the flights which began last month. Richard Grenell, a U.S. diplomat, added to his post in which he said that flights will begin on Friday. The Venezuelan Ministry of Communication did not respond immediately to a comment request. Grenell, an envoy for U.S. president Donald Trump, visited Caracas, Venezuela's capital, in late January to meet President Nicolas Maduro, and to discuss deportation, among other things. Soon after, the first repatriation flight...

A notice on the Treasury Department's website showed that the U.S. Treasury Department had extended until early July a licence protecting Venezuelan-owned refiner Citgo Petroleum against creditors. The move came after President Donald Trump's government terminated a license for Chevron that allowed it to operate in Venezuela. Venezuela's opposition asked the U.S. for protection of Citgo - the crown jewel in the South American nation's overseas assets - as an American court proceeds this year with the auction of parent shares to pay its creditors. After the auction, the Treasury's Office of Foreign Assets Control (OFAC) must approve any new...

Citgo Petroleum, a U.S. refiner owned by Venezuela, reported a net profit of $305 million last year. This was below the projected $2 billion profit for 2023. The company also revealed a loss of $146 million in the fourth quarter. The ownership of the seventh-largest refiner in the United States could change if the winning bidder for its shares is selected in a Delaware court-organized auction to compensate 18 creditors who have defaulted on debts or been expropriated in Venezuela. In 2024, a "deteriorating price environment" coupled with lower volumes processed of oil earlier in the year resulted in lower...

Irfaan Ali, the Guyanese president, said that earlier in Saturday a Venezuelan Coast Guard patrol had entered Guyanese water and approached a vessel delivering oil in an offshore block. A long-running dispute between the neighboring countries has been raging over which country is in control of the Esequibo region, which covers 160,000 square kilometers (62,000 square miles). This case is currently being heard by the International Court of Justice. Exxon has not been able to finish exploration in the northwest part of the block near Venezuela. Ali stated in a press release that "During this incursion the Venezuelan vessel approached...

Gold Reserve announced on Monday that the Lisbon Court of Appeal had confirmed its arbitration award against Venezuela and given it the green light to enforce approximately $1.1 billion in Portugal. In afternoon trading, shares of the company increased 1.5% to C$2.63. The company stated that the decision supports its ongoing efforts in Portugal to enforce its arbitral award, where it claimed it had obtained attachments orders "against numerous bank accounts" with more than $1.4 Billion. It added: "Recovery in Portugal legal proceedings is not guaranteed due to a number of factors." It added that "further court orders will be...

Gold Reserve announced on Monday that the Lisbon Court of Appeal had confirmed its arbitration award against Venezuela and given it the green light to enforce approximately $1.1 billion in Portugal. The company stated that the decision supports its ongoing efforts in Portugal to enforce its arbitral award, where it claimed it had obtained attachments orders "against numerous bank accounts" with more than $1.4 Billion. It added: "Recovery in Portugal legal proceedings is not guaranteed due to a number of factors." It added that "further court orders will be required in order to try to collect any of the funds...

CNN, citing an insider familiar with the situation, reported that Richard Grenell, the envoy of U.S. president Donald Trump, is scheduled to meet Venezuelan President Nicolas Maduro in Venezuela on Friday. Could not verify immediately the meeting. Trump said that his administration will likely stop purchasing oil from Venezuela, and is looking at Venezuela "very closely" Grenell, Trump’s special mission envoy, said earlier that he had spoken with several officials in Venezuela, and would start meetings days after the Biden administration, which is leaving office, imposed new sanctions against the government of Maduro. Grenell, in a posting on X, revealed...

Polish oil refiner Orlen has actually reached a settlement to recoup $100 million out of $ 400 million in prepayment for Venezuelan and other oil which the business never ever received, a source acquainted with the matter stated. Under the settlement, state-controlled Orlen will recover the $100 million in numerous tranches by the end of the year from Dubai-based Horizon Global. The company is still attempting to recover the staying prepayments transferred to other business. The settlement was first reported by Polish broadcaster Radio Zet. Horizon Global did not respond to Reuters request for discuss Wednesday. In 2015, Horizon Global...

A survey shows that OPEC's oil production fell in April despite a planned increase in output. This was due to a reduction in Venezuelan supplies in response to renewed U.S. efforts to reduce the flow of oil and smaller drops in Iraq, Libya, and Libya. According to a survey released on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) produced 26.60 millions barrels of oil per day in March, a decrease of 30,000 barrels per days from the total for the month of March. This was due to a reduction by some producers, which was offset by an increase...

Stuart Young, the Caribbean's Prime Minister, announced on Tuesday that the United States had revoked the two licenses they granted in the past for the development offshore natural gas projects, between Trinidad and Tobago, and Venezuela. Trinidad is one of the biggest exporters of liquefied gas in Latin America, and also of ammonia and methane. However, the Caribbean island aims to develop offshore fields near Venezuela's maritime border and to offset its decreasing reserves. These projects are the only way for Venezuela in the short term to begin to export its gas and monetize the vast reserves. This would provide...

Eight OPEC+ sources have said that OPEC+ members are debating whether or not to increase oil production in April, as planned, or to freeze it, as they struggle to understand the global supply situation due to new U.S. sanctions against Venezuela, Iran, and Russia. OPEC+ confirms its policy of supply a month in advance, so that buyers have enough time to order crude. The group has until the end of March to decide on its April production, but some sources claim that no consensus has yet been reached. Several sources have said that the United Arab Emirates would also like...

Over a. hundred workers at Venezuela's state oil business PDVSA, plus. others in the oil ministry and parts of the public sector, have. been required to resign over their political views since last. month's contested election, workers and unions stated. The federal government states President Nicolas Maduro won a 3rd. term in the July 28 contest, however the opposition states partial. vote tallies indicate its candidate Edmundo Gonzalez won a. resounding triumph. Top PDVSA executives have actually instructed administrative and. functional employees to go to rallies backing Maduro and. monitored their social networks accounts, according to four. business sources and...

Venezuela's National Assembly on Monday began discussing a proposition to extend through 2047 a contract in between state oil company PDVSA and U.S. company Chevron to operate a joint venture in the nation's. largest producing area. PDVSA and Chevron have 4 joint endeavors in Venezuela that. are producing some 200,000 barrels per day (bpd) of crude. The companies are requesting an extension for Petropiar in. the Orinoco Belt, the partnership that produces one of the most oil,. Venezuela's deputy oil minister, Elianny Palencia, said during a. discussion at the National Assembly in Caracas. The extension for Petropiar will make an...

U.S. oil output and international oil need will likely post larger records this year than formerly expected, the U.S. Energy Details Administration said on Tuesday. The company now expects U.S. oil output to grow by around 310,000 barrels daily (bpd) to 13.24 million bpd this year, about 40,000 bpd higher than its previous projection in May. It anticipates U.S output to be around 13.71 million bpd next year, slightly below the previous 13.73 million bpd forecast. Global oil demand this year is likewise expected to be above price quotes, which were currently forecast to hit record highs, according to the...

A Trinidad and Tobago court order has approved ConocoPhillips the right to impose a $1.33. billion claim against Venezuela for previous expropriations, a. decision that might complicate proposed offshore gas endeavors. between Trinidad and Venezuela. The choice on Wednesday offered the U.S. oil company the. right to seize any settlement to Venezuela from joint gas. tasks with Trinidad. The countries and energy companies NGC,. Shell and BP are seeking to develop significant. offshore gas fields. Since winning arbitration awards against Venezuela and its. state oil business PDVSA, Conoco has actually looked for to enforce the. judgments in different courts, consisting...

Venezuela intends to produce 1.23 million barrels daily (bpd). of oil in December, including about 290,000 bpd compared to the. start of the year, following the addition of drilling rigs, oil. minister Pedro Tellechea stated on Friday. The growth follows a 6-month broad license granted by. the U.S. Treasury Department to Venezuela's oil sector last. year. Washington has actually suspended that alleviating, however is issuing. individual permissions to energy companies in Venezuela. We don't need a license to keep producing, Tellechea told. press reporters on the sidelines of a conference in Caracas, referring. to state oil business PDVSA's operations. We...

Venezuela's. staterun oil business PDVSA plans to increase digital currency. usage in its crude and fuel exports as the U.S. reimposes oil. sanctions on the country, three individuals acquainted with the strategy. stated. The U.S. Treasury Department recently gave PDVSA's. clients and providers till May 31 to wind down transactions. under a general license it did not renew due to an absence of. electoral reforms. The move will make it harder for the. country to increase oil output and exports as business will. need to wait for private U.S. authorizations to do business. with Venezuela. PDVSA considering that last year...

ConocoPhillips on Friday asked a U.S. court to delay a choice on overlaps amongst its awards against Venezuela for past expropriations until profits from an auction of shares in a Citgo Petroleum parent are known. U.S. District Court in Delaware is conducting an auction of shares in a parent of the Houston-based Citgo Petroleum to satisfy $21.3 billion in claims against Venezuela's past expropriations and debt defaults. The auction might conclude this year and put the Venezuela-owned refiner in the hands of competitors or financiers. Conoco's three claims total more than $11.5 billion, more than half of the overall amount...

The federal government of Trinidad and Tobago has begun talks with the U.S. for a license that would permit the joint development of a natural gas project shared with Venezuela that also includes BP, Energy Minister Stuart Young said on Thursday. The Manakin-Cocuina areas become part of the Plataforma Deltana enormous gas project on the Venezuela side of the maritime border, which stays idled. On Trinidad's side, BP runs the field, and is approaching a financial choice to develop it in keeping with U.S. sanctions versus Venezuela. Venezuela's federal government and BP recently validated speak to revive the joint advancement...

The federal government of Trinidad and Tobago has actually started talks with the U.S. for a license that would permit the joint advancement of a gas task shown Venezuela that likewise involves BP, Energy Minister Stuart Young said on Thursday. The Manakin-Cocuina areas belong to the Plataforma Deltana huge gas task on the Venezuela side of the maritime border, which stays idled. On Trinidad's side, BP runs the field, and is approaching a monetary choice to establish it in keeping with U.S. sanctions versus Venezuela. Venezuela's government and BP recently confirmed speak to restore the joint advancement of Manakin-Cocuina, which...