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India hopes for oil from Iran, Venezuela; higher output from OPEC+ to cool prices
March 15, 2022
Source: Energy World

India hopes for oil from Iran, Venezuela; higher output from OPEC+ to cool prices

It will also evaluate the Russian offer to sell crude oil at discounted prices after considering aspects such as insurance and freight required to move the fuel from the non-traditional supplier.

Venezuela assigns oil to ONGC, Maurel & Prom as they seek U.S. approval
March 2, 2022
Source: Energy World

Venezuela assigns oil to ONGC, Maurel & Prom as they seek U.S. approval

PDVSA in recent months assigned a 2 million-barrel cargo of heavy crude to ONGC and 1 million barrels to Maurel & Prom, the two firms that have progressed the most in negotiations with the state company to pay debts and dividends, the people said.

The decline of an oil giant
Jan. 17, 2022
Source: The News

The decline of an oil giant

"Leaks, rusted pipes, pieces of broken equipment scattered about and staircases leading nowhere: Lake Maracaibo’s oil field is a metaphor for Venezuela’s once-flourishing petroleum industry that is now on its knees.More than a century ago, the Maracaibo basin in northwestern Zulia state was the birthplace of a business that transformed the country into one of the world’s 10 largest oil producers and a Latin American economic heavyweight. By 2008, the country was producing 3.2 million barrels of oil a day. Just 13 years later, it can only muster 500,000 to one million barrels per day amid a grinding economic crisis marked by years of recession and hyperinflation. Venezuela’s gross domestic product per capita is now similar to that of Haiti."

Chevron, Reliance request U.S. unwind some Venezuela oil sanctions
Jan. 29, 2021
Source: World oil

Chevron, Reliance request U.S. unwind some Venezuela oil sanctions

Chevron and Reliance Industries are meeting with U.S. State Department officials reinstating transactions known as oil swaps that would allow companies to receive Venezuelan crude in exchange for supplying diesel.The U.S. imposed sanctions on Petroleos de Venezuela SA in early 2019, in an effort to dislodge President Nicolas Maduro from power by depriving his government of oil revenue.

Brazil's Petrobras Will Not Hire Ships That Operated in Venezuela
June 15, 2020
Source: Reuters

Brazil's Petrobras Will Not Hire Ships That Operated in Venezuela

Brazil’s Petroleo Brasileiro SA has told shippers it will not hire any tankers that have visited Venezuela in the past 12 months, the state-controlled oil company said on Friday, signalling adherence to U.S. sanctions on the Latin American nation. Washington has said it could add to its sanctions list, a move that could disrupt sea-borne trade by sharply raising tanker rates.

U.S. Plans Oil Tanker Sanctions to Cut Iran-Venezuela Trade
June 10, 2020

U.S. Plans Oil Tanker Sanctions to Cut Iran-Venezuela Trade

The Trump administration is preparing sanctions on as many as 50 oil and fuel tankers as part of an effort to cut off trade between Iran and Venezuela, according to a person familiar with the matter.The sanctions would be imposed through the Treasury Department and are intended to avoid a U.S. military confrontation with the countries, the person said on the condition of anonymity.

Maduro seeks Iran's help to restart its old refinery
April 24, 2020

Maduro seeks Iran's help to restart its old refinery

Venezuela is seeking help from Iran to start an ageing refinery. The increase in pressure from Trump administration has left the South American country with no choice. In the preparation to prevent gasoline shortage, Maduro appreciated Iran on sending key chemical components used for producing gasoline. The package was sent through the flight on Thursday and according to the sources 14 more flights are expected in the coming day.

US warns energy companies over their ties with Venezuelan government
Feb. 6, 2020

US warns energy companies over their ties with Venezuelan government

US has been constantly pressurizing the Venezuelan government of Nicolas Maduro over ties with other energy companies and vice-versa. From Russia's Rosneft to Chevron and Reliance, everyone has been warned to "tread cautiously". These comments have come in response to the question on about possible sanctions against Rosneft. I would tread cautiously towards their activities in Venezuela that are in support, directly or indirectly, of the Maduro dictatorship because ... we're halfway through our maximum pressure campaign", said US official.

PDVSA commences gasoline delivery across Venezuela
Jan. 2, 2020
Source: Reuters

PDVSA commences gasoline delivery across Venezuela

State-owned PDVSA has restarted supplying gasoline to fuel-deprived Venezuela on Tuesday. The company has announced delivery to six different regions from country’s large crude producing state Anzoategui. Costly and complicated fuel exports and refinery underinvestments had caused fuel shortages in many regions including country's capital Caracas. Shortages increased after there was a sharp decline in fuel exports from 210,000 BOPD in October to 135,000 BOPD in November.

Citgo registers 76% jump in 3Q profits
Dec. 7, 2019
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.

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