Tag: OPEC

Stock to Watch: ExxonMobil in Guyana

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(OilPrice.com, Meredith Taylor, 10.Jul.2018) – American energy dominance is on the rise. In March 2018, the U.S. beat its all-time record and pumped more than 10.4 million barrels per day (bpd). Energy stocks are way up on strong forecasts of future demand. Mentioned in today’s commentary includes: Exxon-Mobil Corp. (NYSE:XOM), […]

Ecuador Looks to Avoid Issuing More Debt

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(Energy Analytics Institute, Jared Yamin, 4.Jul.2018) – The South America country will explore other financial options to cover its deficit of some $9.5 billion. “We don’t believe it’s the best time for Ecuador to issue bonds,” reported the daily newspaper El Universo, citing announcements made by Ecuador’s Finance Minister Richard […]

OPEC Deal Implies 1.972 MMb/d from Venezuela

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(Energy Analytics Institute, Piero Stewart, 27.Jun.2018) – OPEC’s recent agreement in Vienna implies Venezuela’s commitment to comply with oil production of 1.972 million barrels per day for the second semester of 2018. The agreement was announced at the recent meeting – the 4th Ministerial Meeting of Oil Exporting Countries Organization […]

Venezuela’s Quevedo Speaks of Oil War, OPEC

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(Energy Analytics Institute, Piero Stewart, 22.Jun.2018) – Venezuela’s Oil Minister Manuel Quevedo spoke out in Europe against U.S. sanctions against Venezuela. “[These sanctions] represent a direct attack against the oil market stability, due to a non-conventional war undertaken by the largest world oil crude consumer,” reported PDVSA in an official […]

OPEC Planning to Boost Output by 1 MMb/d

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(Energy Analytics Institute, Jared Yamin, 22.Jun.2018) – OPEC is looking to boost crude oil output by 1 million barrels per day (MMb/d). The production agreement goes into effect in July 2018, the Organization of Petroleum Exporting Countries (OPEC) announced today in Vienna, Austria. Ecuador’s Hydrocarbon Ministry later published the details […]

Venezuelan Oil Output Charting New Lows

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(UPI, Daniel J. Graeber, 19.Jun.2018) – Ahead of what could be pivotal talks among OPEC members, production from founding member Venezuela could hit new lows soon, an industry report found. State-backed oil company PetrĂłleos de Venezuela, known commonly as PDVSA, notified 11 of its international customers earlier this month that […]

Oil Prices Expected to Rise

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(FinancialBuzz.com, 19.Jun.2018) – Despite the recent downturn in oil prices, Goldman Sachs remains optimistic. According to Reuters, Goldman Sachs forecast a tighter oil market for a longer duration due to strong demand growth and the probability that rising supply disruptions could counter any increase in OPEC production. “Our updated global […]

Venezuela Oil Output May Sink To 1 MMb/d

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(OilPrice.com, Tsvetana Paraskova, 15.Jun.2018) – Venezuela’s plummeting oil production is nearing the psychological threshold of just 1 million bpd as early as this year, analysts and industry experts tell Platts. Venezuela’s production plummeted again in May, by 42,500 bpd from April to below 1.4 million bpd—1.392 million bpd, according to […]

PetroAmazonas Production Costs Below $20/bbl

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(Energy Analytics Institute, Aaron Simonsky, 15.Jun.2018) – Production costs at the state entity remain below the $20 per barrel mark. PetroAmazonas EP’s production costs rose slightly to $17.01/bbl in May 2018, up sequentially from $16.46/bbl in April 2018. For the first five months of 2018, the company’s production costs have […]

G20 Energy Heads Gather in Argentina

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(Xinhua, 14.Jun.2018) – Energy ministers from G20 countries met here on Thursday to discuss transitioning to renewable energy and other alternative green energy. The gathering in Argentina’s southwestern city of Bariloche is part of the fourth ministerial meeting of the G20 group of developed and emerging economies, which Argentina currently […]

Venezuela Says 23,319 Wells Have 1.4 MMb/d Recovery Potential

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(Energy Analytics Institute, Piero Stewart, 5.Jun.2018) – Venezuela’s Oil Minister Manuel Quevedo says the state oil company has identified 23,319 wells which have potential to recover Venezuela’s oil production by 1.426 million barrels per day (MMb/d). Quevedo, who also serves as the president of PDVSA, made the announcement in La […]

Venezuelan Oil Workers March With Maduro

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(Energy Analytics Institute, Ian Silverman, 23.May.2017) – Venezuelan petroleum sector workers accompanied Venezuelan President NicolĂĄs Maduro during a march for peace to the headquarters of the National Electoral Council (CNE by its Spanish acronym) in Caracas where he revealed details related to the upcoming Constituent Assembly, a process to rewrite […]

Venezuela, China Sign 8 Oil Deals

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(Energy Analytics Institute, Piero Stewart, 17.Feb.2017) – Venezuela signed 22 agreements with China, including eight (8) related to heavy and extra heavy oil ventures in the OPEC-member country, with an estimated value of $2.7 billion, announced Venezuelan President Nicolas Maduro during a signing ceremony in Caracas. ***

Venezuela, Algeria Officials Discuss Bilateral Coop

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(PDVSA, 13.Feb.2017) – Venezuela’s Foreign Minister Delcy RodrĂ­guez and Oil Minister Nelson MartĂ­nez visited the People’s Democratic Republic of Algeria to continue working visits to member a and non-member countries of the OPEC. The officials discussed bilateral cooperation issues during their meeting with Algerian Foreign Minister Ramtane Lamamra, and Energy […]

Ecuador Announces $1 Billion Bond Placement

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(Energy Analytics Institute, Ian Silverman, 16.Jan.2017) – Ecuador, the only other Latin American country to belong to the Organization of Petroleum Exporting Countries (OPEC), successfully completed a $1 billion bond placement, announced President Rafael Correa in an official Twitter post. The bonds, placed on January 10, 2017, have an annual […]

Venezuela Implements Oil Cut Agreement

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(PDVSA, 27.Dec.2016) – PDVSA announced implementation of an agreement to reduce production reached by member and non member countries of the Organization of the Petroleum Exporting Countries (OPEC). Under the agreement, Venezuela must implement a production cut of 95,000 barrels per day. As of January 1, 2017 PDVSA and /or […]

Venezuela Oil Output to Near 2 MMb/d

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(Energy Analytics Institute, Piero Stewart, 27.Dec.2016) – OPEC member nation Venezuela, which produced 2.097 million barrels per day (MMb/d) in November, according to the December 2016 Monthly Oil Market Report published by the Organization of Petroleum Exporting Countries (OPEC), which cited secondary sources, could see its crude oil production reach […]

Maduro Seeks Price Strategy Closure

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(Energy Analytics Institute, Piero Stewart, 23.Dec.2016) – Venezuela’s relentless search for a fair oil price continues as President Nicolas Maduro prepares to travel to various oil producing countries to finalize a strategy reached last month to stabilize oil prices, announced the official during his weekly radio and television program En […]

Ecuador’s SOTE Pipeline Spans 503 Kms

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(Energy Analytics Institute, 27.Jun.2016, Clifford Fingers III) – Ecuador’s SOTE pipeline spans 503 kilometers from the pumping station Lago Agrio No. 1 in the Amazon to the Balao Maritime Terminal in the province of Esmeraldas, announced EP PetroEcuador in an official statement on its website. ***

Ecuador Oil Output 556 Mb/d in May 2016

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(Energy Analytics Institute, 21.Jun.2016, Clifford Fingers III) – Ecuador’s oil output reached 556,000 barrels per day in May of 2016, up sequentially from 555,000 barrels per day in April of 2016, reported the Organization of Petroleum Exporting Countries (OPEC) in its June 2016 Monthly Oil Market Report (MOMR), citing data […]

Schlumberger Rigs to Operate Under Different Scheme

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(Energy Analytics Institute, Jared Yamin, 11.Jun.2016) — Schlumberger’s fourteen drilling rigs in Venezuela will soon commence to operate under a different financial scheme, reported PDVSA in an official statement on its website. “There are fourteen Schlumberger rigs that will soon operate under different financing schemes,” reported PDVSA, citing its president […]

Venezuela Proposes Production Band Again to OPEC

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(Energy Analytics Institute, Jared Yamin, 2.Jun.2016) — Venezuela again proposed establishment of a production band during the 169th OPEC meeting in Vienna. The band system consists of minimum and maximum production levels for each country, which will allow the organization to balance the market when certain countries have problems and […]

PetroEcuador Provides Infrastructure Update

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(Energy Analytics Institute, 1.Jun.2016, Clifford Fingers III) – At year-end 2015, EP PetroEcuador had the following infrastructure in Ecuador: 10 product pipelines, 8 fuel terminals and 5 maritime terminals, reported the state company in an official statement. Table: Ecuador Products Pipelines Shushufindi – Quito Esmeraldas – Quito – Pascuales Quito […]

Ecuador Seeks Foreign Investors for Pacific Refinery

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(Energy Analytics Institute, 1.Jun.2016, Clifford Fingers III) – Ecuador’s President Rafael Correa named Horacio YĂ©pez Maldonado as the country’s new ambassador to seek financing for the Pacific Refinery with the assistance of foreign investors. Correa signed Decree 1063 on May 31, 2016 which stipulated that Maldonado seek financing for the […]

PDVSA Reports 46% Drop in Hydrocarbon Income

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(Energy Analytics Institute, Pietro D. Pitts, 31.May.2016) — Venezuela’s state oil company PetrĂłleos de Venezuela (PDVSA) reported disappointing financial data for 2015 as oil and gas revenues fell 46 percent and integral net income fell 80 percent. Caracas-based PDVSA reported hydrocarbon revenues of $55.3 billion in 2015, down 46 percent […]