(Bloomberg, Sheela Tobben, 20.May.2019) — Petroleum exports from Russia to the U.S. are growing rapidly as the supplier takes advantage of lost deliveries from sanctions-hit Venezuela and supply cuts by OPEC members. In the first half of May, 13 ships from Russia delivered almost 5 million barrels of crude and […]
Tag: Caracas Capital Markets
Venezuela Doubles Down on Chinese Money to Reverse Crisis
(AP, 20.Sep.2018) — Venezuelan President Nicolas Maduro said Tuesday that new investments from China will help his country dramatically boost its oil production, doubling down on financing from the Asian nation to turn around its crashing economy. Already a major economic partner, China has agreed to invest US$5 billion more […]
Venezuela Oil Production Continues to Collapse
(Energy Analytics Institute, Jared Yamin, 12.Sep.2018) — The decline is consistent and constant as well as consistently and constantly bad, writes Caracas Capital Market in a research note emailed to clients. Summary details from the research note follow: OPEC released the production counts for its member states today and while […]
Crystallex Wins Right To Tap Citgo For Compensation
(OilPrice.com, Irina Slav, 10.Aug.2018) – Canadian gold miner Crystallex was ruled the winner in a long-running case against Venezuela, which it has sued for the forced nationalization of its assets by the Hugo Chavez government. A U.S. federal judge this week awarded the miner the right to approach Venezuela’s U.S. […]
Helmerich & Payne Wins Right to Sue Venezuela
(Energy Analytics Institute, Piero Stewart, 8.Aug2018) – U.S. drilling company Helmerich & Payne won a judgment from the U.S. Court of Appeal to sue Venezuela for the expropriation of the company’s investments in Venezuela. This was only a preliminary jurisdictional issue, not a money judgment, mind you — just the […]
Venezuela Waiving All Taxes on Profits from PDVSA
(Energy Analytics Institute, Piero Stewart, 7.Aug2018) – Aside from wasting paper, more importantly, the recent Gaceta Oficial in Venezuela also has a decree from President Nicolas Maduro waiving all taxes on profits from state oil company PDVSA and the joint ventures for all of 2018. Interestingly, the decree seeks to […]
Venezuela Oil Output Down to 1949 Levels
(Energy Analytics Institute, Aaron Simonsky, 18.May.2018) – Venezuela’s oil production continues to fall, and further declines are anticipated due to a number of problems at state oil company PDVSA, according to a report by Caracas Capital Markets. “Venezuela’s oil production has now fallen from 3.5 million barrels per day when […]