Venezuela

Venezuela's government, its political opposition and the United States are coordinating their legal defenses of Venezuela's oil-rich assets. Washington's recognition of interim president Delcy Rodriquez raised questions regarding who could represent Venezuela in U.S. court. The lawyers for Rodriguez's government, as well as the opposition, asked Manhattan's U.S. Magistrate Sarah Netburn to pause for 45-days a case where creditors seek to seize funds?linked to Petroleos de Venezuela until they decided who would represent Venezuelan interests. The letter "signaled" potential cooperation between the Rodriguez government and the opposition in safeguarding U.S. assets, such as the Houston-based oil refiner Citgo Petroleum, from...

The Philippines' ambassador to the United States stated that it is working closely with Washington in order to securing waivers and exceptions to allow oil to be purchased from sanctioned U.S. countries. This will 'ensure supply. The Philippines, which is heavily dependent on imported fuels, declared on Tuesday a national energy emergency in order to deal with Middle East War fallout, including oil procurement. In a series of phone messages, Jose Manuel Romualdez said: "We're working with the State Department on getting waivers or exemptions for oil purchases from sanctioned U.S. countries." Romualdez responded that "all options" are being considered...

Maria Corina Machado, Venezuela opposition leader, believes that early interest in Venezuela's oil industry is positive. However she has called for greater transparency and contract security. She said in an interview, before her afternoon address at the CERAWeek conference in Houston: "I am here to draw attention to Venezuela and not to delay it." Machado stated that the country could produce up to 5 million barrels a day with an investment of $150 billion. The country currently produces around 1 million barrels of oil a day. She believes that Venezuela's PDVSA, the state-run oil company, will eventually be reduced in...

The U.S. has 'extended sanctions waivers for Venezuela on Friday,' allowing investment into the petrochemical and energy sectors of the?South American nation and allowing fertilizer exports. Washington is trying to help American farmers who are being hit by the rising costs resulting from the Iran War. As part of this move, the U.S. Treasury Department updated three general licenses. The Department said that the changes are intended to help revitalize Venezuela's energy sector while also ensuring the global commodity markets stay well-supplied. However, it is not clear exactly how much fertilizer Venezuela has available to export or how fast it...

Chris Wright, the U.S. Energy secretary, said that proceeds from the sale of Venezuelan oil will no longer be routed through an account in Qatar. Instead they are being sent directly to US Treasury Department accounts. The U.S. has taken control of Venezuela's oil exports after Washington and Caracas signed a landmark deal in January. The U.S. has taken control of Venezuela's oil exports as part of a historic deal signed between Washington and Caracas. To protect the money from seizure, it was initially deposited into a Qatari account. Wright, who spoke to reporters in Texas about the?reroute, said that...

The Justice Department announced on Friday that the United States is seeking to forfeit a crude oil cargo of approximately 1.8 millions barrels supplied by Venezuelan PDVSA and an oil tanker, 'Motor.Tanker.Skipper', which was seized by U.S. authorities in December. The Department of Justice filed a complaint in the U.S. The Department of Justice filed a complaint in the District Court for the District of Columbia alleging a conspiracy dating back to 2021 that aimed to facilitate the shipment of petroleum products and their sale to the benefit of the Islamic Revolutionary Guard Corps of?Iran. The Justice Department released a...

Chris Wright, the U.S. Secretary of Energy told reporters on Thursday in Texas that sales under the flagship oil supply agreement between Venezuela and the U.S. will reach $2 billion by the end of this month. The U.S. took over Venezuela's oil sales shortly after U.S. troops captured President Nicolas Maduro early in January. Proceeds went to a U.S. supervised fund in Qatar. Since then, Vitol - and Trafigura - have been marketing and distributing the lion's'share' of the OPEC countries' 'oil' under the pact. Meanwhile, partners of Venezuelan state oil company PDVSA, particularly Chevron, are 'increasing output and shipments....

The Venezuelan association of petrol station operators has declared an emergency due to what the 'operators' claim are low earnings. Sources and a document seen in? showed. According to a letter sent to the government by the Fenegas Association, the association has asked the government to standardize prices across the country. The letter stated that "Up until now, we have not been able to find a path to solutions which allow us to continue to provide our services in a safe and profitable manner, and our efforts at the moment to be heard are fruitless." In Caracas, the government has...

The Venezuelan government owes Repsol 4,55 billion euros ($5,37 billion), the Spanish energy group said in its report for the first-time on Thursday. Repsol is active in Venezuela since over 30 years, employs staff and is a major partner of the state energy company PDVSA. It is one of a few companies that have been granted a license to run oil and natural gas operations in Venezuela by the U.S. Treasury Department’s Office of Foreign Assets Control. Repsol received a permit in March of last year from the U.S. authorities allowing it to receive PDVSA oil as "payment for debt"....

U.S. officials reported that General Francis Donovan and Joseph Humire, a senior Pentagon official, made a surprise visit to Venezuela for security discussions on Wednesday. This is the first trip by a U.S. Military delegation since U.S. Forces captured Venezuelan president Nicolas Maduro last month in an audacious operation and whisked to New York for drug-trafficking accusations. First reported by. The Venezuelan government reported that the U.S. delegation met with interim President Delcy Rodriquez, Defense Minister Vladimir Padrino and Interior Minister Diosdado Cabello. Both sides have agreed to collaborate to fight drug trafficking, terrorism, and migration. Padrino and?Cabello both face...

According to sources who are familiar with these efforts, Phillips 66, Citgo Petroleum, and other U.S. refiners want to purchase heavy crude oil directly from Venezuelan oil giant PDVSA in order to maximize their profits. They do not plan to use trading houses or the U.S. oil giant Chevron. Trafigura Trading and Vitol secured the first U.S. export licenses for Venezuelan oil in January as part of a $2 Billion deal between Caracas & Washington. Chevron holds an authorization to ship and operate in Venezuela since last year. Refiners have purchased cargos from these three companies in the U.S. as...

President Donald 'Trump said on Friday that the United States' relationship with Venezuela is "very good". He also stated his intention to visit Venezuela. Trump's praise of Venezuela's interim leader Delcy Rodrguez follows the U.S. arrest of Venezuelan president Nicolas Maduro, in January. The Trump administration also wants to increase oil deals with Venezuela. Trump said to reporters at the White House that he would be visiting Venezuela, but he didn't give any further details. Trump noted that the United States "work very closely" with Rodriguez to ensure?access? to oil. Trump said, "I would rate the relationship we currently have...

Four sources said that Delcy Roddez, interim president of Venezuela, is preparing to take control of the U.S. subsidiaries owned by state oil company PDVSA, including Citgo Petroleum. The move could exacerbate a tug-of-war for control of the seventh largest U.S. refiner. Two sources claim that Rodriguez is still working on her list of board members to be approved by the Treasury. Some names were not received well in Washington. The sources say that if the executives are approved by the Treasury, then the Office of Foreign Assets Control would issue a license. One of the sources said that Treasury...

On Tuesday, U.S. Secretary of State Marco Rubio testified in the criminal trial of former U.S. David Rivera is facing criminal charges for acting as an agent unregistered of the government of Venezuelan ex-President Nicolas Maduro. Rubio's testimonies have taken him from Washington, where he was engaged in high level diplomacy surrounding U.S. president Donald Trump's Iran war, to the federal courthouse downtown Miami, where his political career started. When asked by prosecutor Harold Schimkat if Rubio was employed, Rubio replied, "Yeah. I have two jobs." U.S. prosecutors claim that Rivera, who represented southern Florida as a member of the...

Former U.S. congressman lobbied illegally U.S. officials in order to reduce pressure on Venezuelan President Nicolas Maduro’s government. A U.S. prosecutor stated this on Monday at the opening of trial which will feature testimony by U.S. secretary of state Marco Rubio. In his opening statement at Miami Federal Court, David Rivera's lawyer told jurors that his client worked to remove Maduro and not his government from power. The federal court trial in Miami is based on a contract Rivera had signed with a U.S.-based subsidiary of Venezuelan state owned company for $50 million in 2017. In his opening statement, prosecutor...

Exxon Mobil plans to send a team of technical experts?to Venezuela within a few weeks after working out the logistics and security arrangements. Jack Williams, senior vice president of Morgan Stanley, said that the U.S. Oil Major will work with Venezuelan Government and "we would be interested in returning" if the right terms for investment are in place. After U.S. troops?captured Maduro and removed him from office, President Donald Trump urged oil companies to invest $100 billion in Venezuela and rebuild its?energy sector. Exxon's assets in the country have been expropriated two times before, and the company says it needs...

According to sources familiar with these efforts, U.S. refiners 'Phillips 66' and 'Citgo Petroleum" are looking to purchase heavy crude from Venezuelan oil company PDVSA directly starting in April, to maximize profits. They do not want to buy through trading houses or U.S. oil giant Chevron. Trafigura, Vitol and other trading houses secured the first U.S. licenses for exporting Venezuelan oil in January as part of an agreement between Washington and Caracas worth $2 billion. Chevron holds an authorization to ship and operate in Venezuela since last year. Refiners have purchased cargoes of oil from these three companies in the...

Izvestia, a Russian newspaper, reported on Thursday that Russia was preparing to ship crude oil and fuel to Cuba within the next few months. Cuba has been hit by fuel shortages since the U.S. cut off its oil supply. The communist-run Island has informed international airlines that there will be no jet fuel available. This is the latest sign of rapidly worsening conditions. Venezuela has been a major supplier of jet fuel to the United States for many years. However, since Washington's 'blocking of Venezuelan exports in mid-December, it hasn’t received any crude or refined products. A Russian diplomat said...

Four trade sources reported?on Tuesday that the independent Chinese refiner Chambroad Petrochemical had purchased one Canadian crude cargo for May delivery. This follows a decrease in Venezuelan crude supply to China. According to sources, the refiner is one of the biggest buyers of Venezuelan crude oil. It also imports Canadian oil from the Trans Mountain pipeline for its bitumen manufacturing. Chambroad bought Canadian Cold Lake Crude exported?from TMX for a discount of close to $5 per barril compared to the July ICE Brent contract, according to two people. The crude was to be delivered to the eastern Shandong Province in...

Chinese independent refiners have purchased discounted Iranian heavy oil to replace Venezuelan shipments which were halted after the U.S. Two people familiar with the matter said that last month, the U.S. claimed control over the OPEC producer. They said that the withdrawal of Iranian crude oil from storage makes up for the fall in Venezuelan supplies to the world’s largest crude buyer. Venezuelan shipments into China have dropped sharply since the middle of December after U.S. president Donald Trump imposed an embargo on ships sanctioned, as part of a larger campaign against President Nicolas Maduro that culminated with his capture...

U.S. refining company Valero Energy kicked off earnings season in the U.S. on Thursday with strong profits for the?fourth quarter,? thanks to a rebound of margins and a higher volume. Fuel manufacturers have made unexpected profits in the third quarter. Product margins, largely driven by the ongoing Russia-Ukraine conflict, recovered from multi-year lows that were seen in 2024, when earnings dipped from their post-pandemic peak. The San Antonio-based company reported that its refining margin increased by over?61% compared to a quarter ago, reaching $13.61 per barrel. Its average throughput volume also rose, from 2.9 million barrels per days a few...

Four executives from refineries in India said that the United States is the main destination for Venezuelan crude oil, and this has slowed down the return of South American supplies to the third largest importer of oil. Trafigura and Vitol, two trading houses, began selling Venezuelan oil in this month following an agreement reached between Caracas Washington to sell the?U.S. After the capture of Venezuelan President?Nicolas Maduro by the U.S. on January 3, Trafigura and Vitol began marketing Venezuelan oil this month. Reliance Industries Ltd, Indian Oil Corp Hindustan Petroleum Corp, and Mangalore Refinery and Petrochemicals Ltd are among the...

Trafigura, a trading house, has sold its first shipment of Venezuelan crude oil, as part of an agreement between Caracas, Venezuela, and Washington for the supply of 50 million barrels of oil. The Spanish refiner Repsol is expected to receive a shipment of this quantity. Two sources stated that the cargo should be delivered to Repsol by mid-February. Trafigura and Repsol have declined to comment. The agreement would be one of the first to sell Venezuelan oil in Europe since the United States captured Venezuela's leader at the beginning of this month, and struck an agreement with Caracas for the...

Sources in the industry said that Trafigura had sold its first shipment of Venezuelan crude oil as part of a 50 million barrel supply agreement between Caracas, Venezuela, and Washington. The Spanish refiner Repsol is expected to receive the shipment. Two sources stated that the cargo will be delivered to Repsol by February. Trafigura and Repsol have declined to comment. The deal would be one of the first oil sales from Venezuela to Europe since the United States captured Venezuela's leader in early this month. Caracas then signed agreements to export oil up to 50 million barrels. Washington tapped Trafigura...