Venezuela

According to a Tuesday filing, a U.S. Federal Judge has extended until at least June 2, the deadline for rival bidders to enter bids during a court-organized sale of shares of Citgo Petroleum's parent company. Citgo Petroleum is owned by Venezuela. Last month, Delaware Judge Leonard Stark accepted a $3.7billion offer from Contrarian Funds affiliate Red Tree Investments, as the opening bid for the auction of shares. The auction was intended to compensate 15 creditors who were affected by debt defaults and expropriations. Red Tree and other rival consortia were given until the 28th of May to submit their submissions...

Bloomberg News reported that the U.S. administration of President Donald Trump is about to issue Chevron a license which will allow it to maintain essential operations in Venezuela with minimal effort. According to the report, which cited people with knowledge of the issue, the U.S. Treasury Department intends to grant the waiver, allowing Chevron only to perform safety and maintenance functions in Venezuela. Chevron and the U.S. State Department as well as Treasury Department have not responded to immediate requests for comments. The U.S. business license in South America is due to be renewed. Expiration Date Most partners of Venezuelan...

In a Tuesday message, Venezuelan Information Minister Freddy Nazareth Nanez confirmed that a U.S. national who was detained in Venezuela had been handed over to Richard Grenell - an envoy for U.S. president Donald Trump - on the Caribbean Island of Antigua. Nanez provided the information when asked whether a post made by far-right U.S. activists Laura Loomer, in which they named the detained American Air Force veteran Joe St. Clair as well as stating that he was on his way to the United States along with Grenell, was true. "Correct," Nanez responded. The U.S. State Department and the White...

Citgo Petroleum, a refiner owned by Venezuela, reported a $82 million loss for the first quarter of this year. This compares to a $410 million profit in the same period the previous year. The company based in Houston said that the result was due to the weak margins in refining. Citgo, which is being pursued for its assets by Venezuelan expropriated firms and bondholders who defaulted through an auction organized by a U.S. Court, has registered red numbers once again in its most recent period. This follows a loss of $146 million in the fourth quarter. In a press release,...

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...

The U.S. Oil License in Venezuela expires on May 27, said Secretary of State Marco Rubio in a late-night post on his X account. The license of the U.S. company Chevron to operate in Venezuela was due to expire on May 27. Rubio wrote that "the pro-Maduro Biden #Venezuela oil license will expire on Tuesday, May 27 as scheduled." Requests for comments on Rubio’s post were not immediately responded to by the State Department or Treasury Department. Richard Grenell is the envoy of Donald Trump, U.S. president. Two sources said that Jorge Rodriguez, head of Venezuela's ruling party allied legislature...

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...