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Citgo registers 76% jump in 3Q profits
yesterday
Source: Reuters

Citgo registers 76% jump in 3Q profits

PDVSA-owned Citgo Petroleum Corp yesterday registered a 76.2% rise in profit for 3Q2019. Citgo recorded an increase of 14.3% in the total refinery throughput to 825,000 barrels per day (bpd) from the preceding quarter, with utilizing rate of 94%. The net income for the eighth-largest U.S. refiner by capacity rose to $215 million in the third quarter, compared to $122 million in the 2Q2019.

Reliance to resume Venezuelan oil loadings
Oct. 10, 2019

Reliance to resume Venezuelan oil loadings

Reliance Industries of India will resume loading Venezuelan crude in October after a four-month pause. This will help Venezuela's state-run company PDVSA vacate its inventories. The refineries of Reliance are accustomed to the heavy sour crude that Venezuela sells. And this is why the downstream giant has decided to resume the import. According to PDVSA's documents, Reliance will send at least two vessels to Venezuela's Jose port for loading.

Chevron hopes to get relief from US sanctions
June 3, 2019
Source: World Oil

Chevron hopes to get relief from US sanctions

Chevron Corp. is seeking relief from the U.S. for continuing doing business in the oil-rich nation Venezuela. The US President has been pushing for regime change in Venezuela owing to sham elections last year. Oil sanctions are being deployed as the main tool for uprooting an autocrat in Venezuela. According to the sources, Chevron expects the extension of the waivers set to expire on July 27.

PDVSA to install generators for Chevron oilfields
May 4, 2019
Source: Reuters

PDVSA to install generators for Chevron oilfields

A storm of blackout in Venezuela paralyzed its crude production. After this, the OPEC nation has decided to make the crude prodcution "independent" of national grid. For this, PDVSA will install 20 generators for the the crude project partly owned by Chevron. The company informed that the generators will have a total capacity of 50 megawatts and would “increase the stability of (electricity) service for the extraction of daily barrels”.

Oil prices tumble over record US production
May 2, 2019
Source: Reuters

Oil prices tumble over record US production

Oil prices tumbled on Thursday due to the record US crude production. This resulted in a significant increase in the stockpiles. Benchmark Brent dipped 0.1%, to $72.09 per barrel. WTI decreased and was traded at $63.58 per barrel. The crude market is strained outside US due to the expiration of US sanction waivers against Iran, worsening political crisis of Venezuela and OPEC led supply cuts.

Fresh waves of US Sanctions hit Venezuela
April 13, 2019
Source: ANI

Fresh waves of US Sanctions hit Venezuela

Even though Venezuela is crippling due to previously imposed US sanctions, the United States hit the Latin American country with a fresh wave of sanctions, yesterday. The new sanctions are imposed on four companies from Liberia and Italy by the US Treasury department, apart from nine ships of different firms. Venezuela is, currently, facing an economic and political catastrophe, and US sanctions have only aggravated the conditions.

Supply cuts and US sanctions support oil prices
March 26, 2019
Source: Reuters

Supply cuts and US sanctions support oil prices

OPEC-led supply cut and US sanctions on Iran and Venezuela pushed oil prices up in the international market on Tuesday. International Brent crude futures rose 0.4%, to $67.46 per barrel. US WTI crude futures edged up 0.8% and were traded at $59.31 per barrel. However, market analysts have cautioned of a sharp economic slowdown, which could weigh on the crude markets.

Oil prices slip over potential US recession
March 25, 2019
Source: Reuters

Oil prices slip over potential US recession

Oil prices fell in the international market on Monday, as concerns of an economic slowdown offset supply cut from OPEC and US sanctions. Benchmark Brent crude oil futures dipped 0.8%, to $66.52 per barrel. US WTI crude futures dropped 1.1% and were priced at $58.42 per barrel. As 10-year treasury yields touched early 2018-lows, an impending recession has gained potential in the US.

Oil prices dip down over economic slowdown
March 18, 2019
Source: Reuters

Oil prices dip down over economic slowdown

Oil prices lowered in the international market on Monday over the concerns of an economic slowdown. The market was, however, held tight by OPEC-led supply cuts and sanctions on Iran and Venezuela. Brent crude oil futures dipped 0.2%, to $67.03 per barrel. US WTI crude futures dropped 0.3%, to $58.32 per barrel.

Oil prices remain firm on Friday
March 15, 2019
Source: Reuters

Oil prices remain firm on Friday

A minor deficit in global supply resulting from production cuts by OPEC and US sanctions kept oil prices firm in the international market on Friday. Brent crude oil futures remained in close vicinity with year highs, at $67.15 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures were traded at $58.55 per barrel.

Reliance stops diluent supply to Venezuela
March 14, 2019

Reliance stops diluent supply to Venezuela

Indian oil firm, Reliance Industries yesterday said that it has paused diluents supply to Venezuelan state-run firm, PDVSA until sanctions are lifted. Reliance supplied diluents to crisis-struck Venezuela from its Houston-based subsidiary. The Indian conglomerate has also not increased oil purchases from Venezuela. Ship tracking data acquired by Reuters indicated a drop in Reliance’s purchase from Venezuela below 300,000 bpd in 2018 and in January 2019.

Brent touches new year-highs
March 14, 2019
Source: Reuters

Brent touches new year-highs

Brent crude oil prices touched new year-highs today, buoyed up by OPEC-led supply cut and current US sanctions against Iran and Venezuela. Brent crude swelled up to $67.80 a barrel, before settling to $67.75 per barrel. U.S. WTI crude futures increased 0.2%, to $58.38 per barrel. Crude oil prices were also supported by a weekly report from EIA which showed a surprising plunge in US crude production and inventories.

PDVSA pumping station hit by fire
Feb. 20, 2019
Source: Reuters

PDVSA pumping station hit by fire

A crude oil pumping station owned by state-run PDVSA was caught in a fire yesterday. A company statement informed that the fire at the 300,000 bpd-Ero pumping station was controlled, with no one injured. PDVSA will, however, experience problems in the transport of crude through pipelines. PDVSA referred to the incident as “an act of sabotage perpetrated by the right-wing opposition.”

Oil prices climb over supply cuts, US sanctions
Feb. 13, 2019
Source: Reuters

Oil prices climb over supply cuts, US sanctions

Oil prices on Wednesday gained over OPEC’s supply cut statement and US sanctions on Venezuela. International Brent crude futures rose 0.8%, to $62.93 per barrel. US WTI crude oil futures climbed 0.9% to $53.60 per barrel. OPEC on Tuesday said that the cartel had curbed its output by approximately 800,000 bpd in January to 30.81 million bpd.

Oil drops as US pumps record crude
Feb. 7, 2019
Source: Reuters

Oil drops as US pumps record crude

Oil prices dipped in the international market today after EIA data showed climb in US crude inventories, with production levels in the country hitting record levels. Brent crude futures lowered 0.4% to $62.43/barrel. US WTI crude futures dropped by 0.3% to $53.84 per barrel. EIA data yesterday indicated US crude inventories climbing to 447.21 million barrels. US sanctions against Venezuela are estimated to halt 500,000 bpd of crude exports.

Oil prices climb over US sanctions on Venezuela
Jan. 29, 2019
Source: Reuters

Oil prices climb over US sanctions on Venezuela

Oil prices climbed on the back of new US sanctions on Venezuelan state-owned PDVSA. International Brent crude oil futures traded 0.2% lower, at $60.05 per barrel. US West Texas Intermediate (WTI) crude futures edged 0.3%, priced at $52.12 per barrel. The freshly imposed sanctions on the Venezuelan state-owned oil firm intend to diminish Venezuela’s crude exports to the US.

Threats of sanctions against Venezuela support oil prices
Jan. 25, 2019
Source: Reuters

Threats of sanctions against Venezuela support oil prices

Venezuela’s concern of oil export disruption led to the rise of oil prices on Friday. The concerns are over the imposition of sanctions signaled by Washington on Thursday. Brent went up by 1%, to $61.70 a barrel. WTI increased by 1.2% and was traded at $53.76 per barrel. On the other hand, US crude production has witnessed a substantial increase leading to the swelling of U.S. fuel inventories.

PDVSA strikes a deal with Erepla
Jan. 8, 2019

PDVSA strikes a deal with Erepla

The state-firm of Venezuela has signed a deal with US’ Erepla in order to support its country’s declining crude oil output. Erepla is partly owned by Florida Republican and was registered in November last year. The US firm will invest up to $500 million for three Venezuelan oil fields in return of which it will be provided with a portion of crude produced.

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