Venezuela, Once An Oil Giant, Reaches The End Of An Era
(NYT, 7.Oct.2020) — Wells that once tapped the world’s largest crude reserves are abandoned or left to flare toxic gases that cast an orange glow over depressed oil towns. Refineries...
Proposed Changes To Venezuela’s Organic Oil Law
(Energy Analytics Institute, 7.Oct.2020) — Venezuela’s National Assembly has submitted proposed changes to the country’s Organic Hydrocarbons Law, which it views as fundamental legislation and extremely important in any recovery...
PdV Pins Gasoline Hopes On CRP Complex
(Argus, 6.Oct.2020) — Venezuelan state-owned PdV is focusing on repairs to its 940,000 b/d CRP refining complex to address a severe gasoline shortage that has been temporarily alleviated by Iranian...
Three Iranian Tankers Make It To Venezuela
(Energy Analytics Institute, 5.Oct.2020) — The third and final Iranian tanker, part of a three-tanker flotilla, docked in Venezuela over the weekend with much needed gasoline supplies for the struggling...
Venezuela Aims To Reopen Some 1,571 Petrol Stations
(Energy Analytics Institute, 5.Oct.2020) — Venezuela plans to initiate activities at 1,571 petrol stations across the country starting 5 October 2020 as part of a plan to normalize fuel distribution...
Maduro Drafts Bill To Expand Powers For Oil Deals
(Reuters, 1.Oct.2020) — Venezuelan President Nicolas Maduro has drafted legislation to grant his government expanded powers to confidentially sign new oil deals with private firms and foreign nations as a...
Reliance Buys Canadian Oil To Offset Venezuelan Oil
(Reuters, 1.Oct.2020) — Reliance Industries has agreed to purchase 2 million barrels of Canadian heavy crude per month, three industry sources said, as a substitute for dwindling Venezuelan supply. The...
First Iranian Tanker Enters Venezuelan Waters
(Reuters, 28.Sep.2020) — The first of a group of three tankers carrying Iranian fuel for gasoline-starved Venezuela entered the waters of the South American nation on Monday, according to Refinitiv...
US Pressed For Firm Stance In Venezuelan Bond Case
(Law360, 25.Sep.2020) — A New York federal judge on Friday grilled a lawyer representing the U.S. government on whether she should defer to Venezuelan's denunciation of the some $1.68 billion...
US Updates On Iran And Venezuela Designations
(US Department of Treasury, 24.Sep.2020) — The state department updates on Iran-related and Venezuela-related designations in today’s press release. SPECIALLY DESIGNATED NATIONALS LIST UPDATE The following individuals have been added...
Venezuela Producing 345,000 B/D: Oil Official Freites Says
(Energy Analytics Institute, 23.Sep.2020) — Crude oil production in Venezuela, home to arguably the world’s largest oil reserves, has fallen to around 345,000 barrels per day (b/d), according to comments...
US Treasury Updates Venezuela, Iran Designations
(Energy Analytics Institute, 22.Sep.2020) — The US Department of Treasury released details regarding Venezuela-related designations as well as providing a designation update. Treasury also provided an Iran-related designation update. The...
Elliott Abrams Briefing On Iran And Venezuela
(US Department of State, 16.Sep.2020) — Special teleconference briefing with special representative for Iran and Venezuela Elliott Abrams on developments in Iran and Venezuela. MS ORTAGUS: Thank you so much...
PDVSA Prepares To Boost Oil Blending With Condensates
(Reuters, 15.Sep.2020) — Venezuela’s state-run PDVSA is preparing to recover a portion of the oil output lost in recent months by boosting crude blending operations at its main producing region,...
Venezuela’s PDVSA Looks To Lift Oil Blending
(Reuters, 15.Sep.2020) — Venezuela’s state-run PDVSA is preparing to recover a portion of the oil output lost in recent months by boosting crude blending operations at its main producing region,...
Attack On Venezuela Refineries A Playbook US Regime Change Scenario
(Sputnik, 14.Sep.2020) — In the last two years, Venezuela has thwarted a coup attempt organised by opposition leader Juan Guaido, one attempt to kidnap President Nicolas Maduro, and energy outages...
Venezuela Defies Sanction Tripwires, Imports Oil
(Bloomberg, 13.Sep.2020) — An oil tanker is discharging Iranian condensate for Venezuela as both countries continue to avoid U.S. sanction tripwires. The ship, identified as Honey, turned off its satellite...
Venezuela Tears Apart Oil Pipelines To Sell As Scrap
(Bloomberg, 11.Sep.2020) — Venezuela’s capacity to produce some much-needed gasoline and diesel of its own hinges on a single oil play. To tap it, the Nicolas Maduro regime is willing...
Venezuela Captures Suspected US Spy Near CRP
(Energy Analytics Institute, 11.Sep.2020) — Venezuela captured an alleged American spy near its Amuay refinery located in Falcón state. “We have captured an American in Falcón, spying on the Amuay...
Venezuela Oil Collapse Stops Gas Smuggling In Colombia
(Wbur, 9.Sep.2020) — The economic hardship in Venezuela has been a huge burden for neighboring Colombia. Finally, a silver lining: the collapse of Venezuela's oil industry has stopped gas smuggling...
PdV Ad Hoc Chairman Joins Opposition Flight
(Argus, 9.Sep.2020) — The chairman of the Venezuelan opposition's "ad hoc" board of national oil company PdV has joined a flight of exiled technocrats from the ranks of a struggling...
Rafael Ramirez: Venezuela Can Fix Its Own Oil Industry
(Argus, 8.Sep.2020) — Rafael Ramirez served as Venezuela's oil minister from 2002-2013 and concurrent chief executive of state-owned PdV from 2004-2013, a tumultuous period marked by an oil strike and...
What Oil Spill In Venezuela Tells Us About Its Politics
(Javier Corrales, 7.Sep.2020) — The largest oil reserves and one of the world’s most incompetent governments have brought authoritarianism, economic collapse and environmental disaster to the country. It has been...
Iranian Shipments Of Oil To Venezuela
(Dryad Global, 7.Sep.2020) — Reporting from TankerTrackers.com indicates that three Iranian tankers have departed Iran, with a suggested routing to Venezuela, via the Suez Canal. The three vessels in question...
PDVSA Says Nabarima No Threat To Ecosystem
(Energy Analytics Institute, 5.Sep.2020) — Venezuela’s state oil company Petroleos de Venezuela (PDVSA) says the Nabarima floating crude storage unit located off the country's Gulf of Paria doesn’t “constitute in...
Maduro Assigns Oil Sector Workers Three Special Tasks
(Energy Analytics Institute, 3.Sep.2020) — Venezuela’s President Nicolas Maduro announced three areas of focus for petroleum sector workers as well as others working directly within the state oil giant Petroleos...
Damaged Venezuelan Oil Tanker Drawing Concern
(AP, 2.Sep.2020) — The sight of a huge oil tanker that has taken on water and is leaning to one side off a remote stretch of Venezuela’s coast has triggered...
PDVSA, Eni Weigh Options To Transfer Idled Oil
(Reuters, 2.Sep.2020) — Venezuelan state oil company PDVSA and Italy's Eni are looking at options to safely offload crude from a floating storage facility on Venezuela's eastern coast that has...
Venezuelan Opposition Politician Backs Elections
(Wall Street Journal, 2.Sep.2020) — A prominent Venezuelan opposition figure on Wednesday said he is supporting congressional elections in December that Juan Guaidó, the opposition leader backed by the U.S.,...
Citgo-6 Surpasses 1,000 Days Of Wrongful Detention
(Energy Analytics Institute, 1.Sep.2020) — More than 1,000 days have passed since Tomeu Vadell, José Luis Zambrano, Alirio Zambrano, Jorge Toledo, Gustavo Cardenas and José Pereira — known as the...
Venezuela Faces Possibility Oil Output Drops To Zero
(Oilprice.com, 1.Sep.2020) — Venezuela once considered one of Latin America’s prosperous countries has plunged into the abyss. Years of economic mismanagement, cronyism and corruption have sparked a monumental economic collapse...
US’ Abrams Eyes Tighter Sanctions On Venezuela
(Reuters, 31.Aug.2020) — The Trump administration is looking to tighten oil sanctions on Venezuela in the near future, top U.S. envoy for the country told Reuters on Monday, by potentially...
Maduro Pardons Political Prisoners Ahead Of Vote
(Bloomberg, 31.Aug.2020) — Venezuela’s President Nicolas Maduro issued a surprise decree pardoning more than 100 of his opponents as a concession ahead of upcoming congressional elections. Former National Assembly Vice...
US Targets Websites Tied To Iran-Venezuela Oil Deal
(Al-Monitor, 31.Aug.2020) — The seizure follows the US interception of fuel tankers from Iran en route to Venezuela this month amid increased US pressure on both countries. The US government...
Harvest Drops Suit Against Ex Venezuela Oil Czar
(AP, 26.Aug.2020) — A Houston energy firm has dropped a lawsuit against Venezuela’s former oil czar, who it had accused of orchestrating demands for a $10 million bribe to approve...
Faulty Heat Exchangers Spill Venezuelan Oil
(Argus, 26.Aug.2020) — An estimated 25,000 bl of oil spilled along western Venezuela's coastline in recent weeks came from faulty heat exchangers at state-owned PdV's El Palito refinery, three officials...
Russia Is Winning The Battle For Venezuela’s Oil
(Oilprice.com, 24.Aug.2020) — In just over a year Venezuela, and the push to oust socialist leader President Nicolas Maduro, has gone from being one of the world’s hottest news headlines...
How Venezuela’s Oil Industry Collapsed: FT.com
(FT.com, 23.Aug.2020) — The country's oil industry was once the envy of the region, but after decades of mismanagement and corruption the sector is facing ruin. The FT's Andean correspondent...
Venezuela Restarts Gasoline Output At Cardon Unit
(Reuters, 23.Aug.2020) — Venezuela’s state-run oil company, Petroleos de Venezuela, has restarted gasoline output at the 310,000-barrel-per-day (bpd) Cardon refinery, according to five people familiar with the matter. The move...
Maduro Thanks Iran For Help Overcoming Sanctions
(Reuters, 23.Aug.2020) — Venezuelan President Nicolas Maduro on Sunday thanked ally Iran for helping the South American country overcome U.S. sanctions on its oil industry and floated the idea of...
Trump Seeks To Slap More Sanctions On Venezuela
(Oilprice.com, 19.Aug.2020) — The U.S. federal government is considering more sanctions to add to a list aimed at severing the lifeline between the Venezuelan government and oil revenues that, according...
Venezuela Coast Could Take 50 Years To Recover
(Reuters, 19.Aug.2020) — A strip of Venezuela’s western coastline boasting pristine beaches and fragile ecosystems like mangroves and coral reefs could take more than half a century to fully recover...
US Eyes October To End Exemptions On Venezuela
(Reuters, 19.Aug.2020) — The United States is considering an October deadline for ending exemptions to Venezuelan sanctions that allow some companies and refiners to still receive the South American producer's...
Trump Govt Weighs Tighter Sanctions On Venezuelan Oil
(Bloomberg, 18.Aug.2020) — The Trump administration is considering additional sanctions on Venezuela aimed at halting the remaining fuel transactions permitted with the South American nation, according to people familiar with...
Houston Refiner Citgo Reports 2Q:20 Results
(Citgo, 17.Aug.2020) — Citgo Petroleum Corporation reported a net loss of $5 million for the second quarter of 2020, which includes the benefit from the reversal of a previously recorded...
Joint Support Declaration For Change In Venezuela
(US State Department, 14.Aug.2020) — The text of the following declaration was released by several members of the Lima Group, the International Contact Group, the European Union, the United States,...
US Seizes 4 Iranian Tankers Destined For Venezuela
(US Dept. of Justice, 14.Aug.2020) — The Justice Department today announced the successful disruption of a multimillion dollar fuel shipment by the Islamic Revolutionary Guard Corps (IRGC), a designated foreign...
Quality Issues Add Delays To Venezuela’s Oil Exports
(Reuters, 13.Aug.2020) — Crude exports from Venezuela are facing growing delays due to excess water and other impurities in cargoes loaded at state-run PDVSA’s main terminal, according to internal company...
Maduro Doubling Down On Earnings From Illicit Means
(Energy Analytics Institute, 13.Aug.2020) — Venezuela’s President Nicolas Maduro is doubling down on earning money through illicit means where sanctions have less of an impact while also doubling down on...
Venezuela Is Boosting Oil Exports As Output Plummets
(Bloomberg, 13.Aug.2020) — Exports of crude oil, the commodity that bankrolls the regime of President Nicolas Maduro, are set to reach a four-month high of at least 325,000 barrels a...
PDVSA Takes Another Stab At Replenishing Gasoline
(Argus, 12.Aug.2020) — Venezuelan state-owned PdV plans to restart gasoline production in 10-15 days at its 940,000 b/d CRP refining complex after restarting two crude distillation units yesterday, according to...
Oil Spill In Venezuela Stains Caribbean Beaches
(AP, 12.Aug.2020) — An oil spill in Venezuela has coated a stretch of the crisis-wracked nation's Caribbean coastline, treasured for its white sand beaches, clusters of small islands and wildlife....
How Venezuela Lost Three Oil Supertankers
(Reuters, 11.Aug.2020) — A shipping joint venture between Venezuela and China has fallen apart in the wake of U.S. sanctions, resulting in the South American nation losing three supertankers at...
Venezuela Oil Spill Reaches Morrocoy Beaches
(Energy Analytics Institute, 11.Aug.2020) — An oil spill said to have occurred at El Palito refinery, owned and operated by Venezuela’s state oil company Petroleos de Venezuela (PDVSA), has reportedly...
PDVSA Changes Deals To Add Shipping Amid Sanctions
(Reuters, 7.Aug.2020) — Venezuelan state-run oil firm PDVSA has begun offering to ship its own oil, figuring in the costs in crude supply deals to help customers who have struggled...
US Charges Ex-Citgo Exec In Bribery Probe
(Reuters, 6.Aug.2020) — U.S. prosecutors charged a former Citgo Petroleum manager with accepting $2.5 million as part of a scheme to bribe officials with the U.S. refiner and its Venezuelan...
Venezuela’s July Oil Shipments Below 400 Mb/d
(Reuters, 3.Aug.2020) — Venezuela exported about 388,100 barrels per day of crude and fuel in July, almost unchanged versus the previous month, as U.S. sanctions on PDVSA continued limiting sales,...
Metor Pauses Venezuela Methanol Output
(Argus, 31.Jul.2020) — Mitsubishi-operated Metanol de Oriente (Metor) in eastern Venezuela has suspended methanol production as a health precaution. The 750,000 t/yr Metor 1 plant will close from today through...
Two US Execs Go From Prison To House Arrest
(CNN, 31.Jul.2020) — Two American oil executives held in an overcrowded Venezuelan prison for almost three years have been placed in house arrest, a sign that the embattled government of...
Man Fatally Shot In Venezuela Gasoline Protest
(Reuters, 26.Jul.2020) — A man was shot and killed during a protest over gasoline shortages in eastern Venezuela on Saturday, officials and a local human rights group said, less than...
US Court Affirms Judgment Supporting CITGO Board
(Citgo, 22.Jul.2020) — PDV Holding, CITGO Holding, and CITGO Petroleum secured a swift and unanimous victory in the Delaware Supreme Court in the matter of Jimenez v. Palacios. The boards...
PDV Holdings Releases First-Ever Annual Report
(Citgo, 22.Jul.2020) — PDV Holding, Inc., the indirect sole stockholder of Citgo Petroleum Corporation, issued its first-ever annual report detailing financial and operational performance in calendar year 2019. Report highlights...
Global Gas Flaring At Levels Not Seen Since 2009
(World Bank, 21.Jul.2020) — Estimates from satellite data show global gas flaring increased to levels not seen in more than a decade, to 150 billion cubic meters (bcm), equivalent to...
Venezuela’s Oil And Gas Sector Sees Worst Crisis
(Tradearabia News Service, 20.Jul.2020) — Venezuela’s oil and gas sector was already caught in a vicious cycle well before the Covid-19 outbreak created a world economic crisis. Even though there...
CITGO Names Edgar Rincon COO, Executive VP
(Citgo, 17.Jul.2020) — The Board of Directors of CITGO Petroleum Corporation has appointed Edgar Rincon as Chief Operating Officer (COO) and Executive Vice President, reporting to CITGO President and CEO...
New Players Help Maduro Evade Tanker Sanctions
(AP, 13.Jul.2020) — As U.S. sanctions scare away the world's largest shippers from Venezuela's oil industry, new players are willing to brave the heightened risks and help keep socialist leader Nicolás...
US Ups Pressure To Push Venezuela Oil Exports To 0
(Oilprice.com, 13.Jul.2020) — The United States is pressing shippers, insurers, certification organizations, and flag states registering vessels not to work with Venezuela as the Trump Administration is looking to cut...
US Swaps Venezuelan Fuel Oil For Russian Products
(Oilprice.com, 13.Jul.2020) — The United States has been raising its imports of fuel oil from Russia over the past year and a half after the U.S. imposed sanctions on Venezuela’s...
New Players Emerge In Venezuela Amid Sanctions
(AP, 13.Jul.2020) — As U.S. sanctions scare away the world’s largest shippers from Venezuela’s oil industry, new players are willing to brave the heightened risks and help keep socialist leader...
Reliance To Load Venezuelan Oil Under Fuel Swap Deal
(Reuters, 9.Jul.2020) — India’s Reliance will load its first cargo of Venezuelan crude in three months this week in exchange for diesel under a swap deal the parties say is...
Venezuela’s Oil Production Sinks To 300,000 b/d
(Argus, 3.Jul.2020) — Venezuela kicked off July with only around 300,000 b/d of crude production and no oil rigs in operation, according to a series of internal operation reports from...
Venezuela Awaits New Products Cargo From Italy
(Argus, 3.Jul.2020) — Venezuela will receive another products cargo from Italy next week, highlighting the endurance of debt-related oil trade with EU companies that falls outside the scope of escalating...
Guaido Team Adds to PDVSA Ad Hoc Board
(Reuters, 1.Jul.2020) — Venezuela's opposition-held National Assembly on Tuesday named three new members to an ad hoc board of directors for state Petroleos de Venezuela (PDVSA), which controls some of...
Politics Entangling Exile PdV Board
(Argus, 1.Jul.2020) — An "ad hoc" board of state-owned PdV that is a key part of US-backed opposition leader Juan Guaido's parallel administration is running into political resistance in the...
Venezuelan Crude Arrives At Milazzo
(Argus, 1.Jul.2020) — A cargo of Venezuelan crude has arrived at the 235,000 b/d refinery run by Italy's integrated Eni and Kuwait's state-owned KPC at Milazzo, Sicily. Around 1mn bl...