US Acts Against Movement Of Venezuelan Oil To Cuba
(US Department of State, 3.Dec.2019) — On December 3, the United States identified six PDVSA-owned vessels, pursuant to E.O. 13884 or 13850, being used by the former Maduro regime to...
OFAC Adds Six Vessels To List
(Piero Stewart, Energy Analytics Institute, 3.Dec.2019) — The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) add six vessels to its SDN list as of 3 Dec....
PdV Gets Curacao Reprieve
(Argus, Patricia Garip, 2.Dec.2019) — Venezuela's state-owned PdV struck a preliminary agreement with Curacao to hang on to the Isla refinery and Bullen Bay terminal for a transition period of...
Venezuela Offers Suppliers Payment In Yuan
(Reuters, Mayela Armas, Corina Pons, 28.Nov.2019) — Venezuela’s government and its oil company PDVSA have offered to pay suppliers and contractors into accounts in China using the yuan currency, five...
Maduro Sent $900mn In Oil To Cuba, U.S. Official Said
(El Nuevo Herald, Nora Gámez Torres, 27.Nov.2019) — Embattled leader Nicolás Maduro sent about $900 million in oil to Cuba this year despite the humanitarian crisis in Venezuela, a U.S....
Venezuela-linked Sanctions Put Floor Under Oil Spreads
(S&P Global Platts, 27.Nov.2019) — The benchmark Dubai crude futures market structure moved higher in mid-morning trade in Asia Wednesday as new sanctions imposed on a Cuban company over its...
Guaido Sacks Colombia Envoy, Oil Boss Freites Quits
(Argus, 27.Nov.2019) — Another prominent figure in Venezuela's US-backed parallel administration has abruptly departed and an oil union leader has quit the main opposition political party in the latest signs...
Conoco Seeks Seizure Of Citgo Parent
(Reuters, 26.Nov.2019) — U.S. oil company ConocoPhillips on Tuesday filed a motion in a Delaware court seeking to seize shares in the parent of U.S. refiner Citgo Petroleum to collect...
Unpaid Bills Add To Pemex Woes
(Bloomberg, Amy Stillman, Peter Millard and Justin Villamil, 26.Nov.2019) — Companies that help keep Mexico’s faltering oil wells operating are waiting months to get paid and the debts are building...
Venezuela Ships Petcoke Cargo To Cuba
(Energy Analytics Institute, Piero Stewart, 25.Nov.2019) — OPEC member country Venezuela reportedly shipped a cargo of petroleum coke to Cuba valued at an estimated $1.7 million, according to sources in...
Third Circuit Rejects Citgo Rehearing
(Argus, Elliott Blackburn, 21.Nov.2019) — Federal appeals court judges have denied Venezuela's request to rehear a July decision upholding the pursuit of the country's US refining subsidiary Citgo to satisfy...
Maduro Pledges 30 MMbbls To Back Cryptocurrency
(Oilprice.com, Irina Slav, 21.Nov.2019) — Venezuela will use some 30 million barrels of oil it has in storage as backing for its national cryptocurrency, the petro, Reuters reports, citing a...
US Court Denies Citgo Rehearing
(S&P Global Platts, 21.Nov.2019) — A US appeals court Thursday denied Venezuela's request for it to reconsider its ruling allowing a PDVSA creditor to go after US refiner Citgo, its...
Venezuela Opposition In Citgo Deal
(Reuters, 19.Nov.2019) — Venezuela’s opposition has reached a deal with the custodians of a bond issued by state oil company PDVSA to prevent bondholders from seizing U.S. refining subsidiary Citgo,...
Rosneft Grapples With Unsold Venezuelan Oil
(Michelle Wiese Bockmann, 12.Nov.2019) — Rosneft’s trading arm is vital to Venezuelan crude sales as Chinese refiners shun direct purchases since the US administration tightened sanctions in August. Instead Venezuela...
Rosneft Cool On Venezuela’s Sweeter Gas Terms, For Now
(Argus, 6.Nov.2019) — Venezuela is offering sweeter fiscal terms to Russia's state-controlled Rosneft for two offshore natural gas fields that are well-positioned to supply nearby Trinidad and Tobago, but the...
Don’t Count On Oil To Reignite Latin America
(Project Syndicate, Mauricio Cárdenas, 5.Nov.2019) — Some regard Latin America as the world’s new oil frontier, and think that the region could potentially add three million barrels per day to...
Repsol Lowers Venezuela Exposure
(Argus, 4.Nov.2019) — Spanish integrated firm Repsol further reduced its exposure to its upstream business in Venezuela in the third quarter thanks to a small provision and a rise in...
Maduro Pledges Funds For Shipyard In Argentina
(Reuters, Luc Cohen, 3.Nov.2019) — Venezuelan President Nicolas Maduro on Sunday pledged funds for a state-owned Argentine shipyard to finish building two long- overdue tankers for state oil company Petroleos...
Greek-flagged Tanker Blamed For Brazil Oil Spill
(BBC, 2.Nov.2019) — Brazilian officials suspect a Greek-flagged tanker was the source of an oil spill that has stained about 2,500km (1,553 miles) of Brazil's coastline. Federal police in the...
Brazil Says Oil Spill Traces Reached Marine Park
(AP, 2.Nov.2019) — Brazil says small amounts of oil from a spill along the northeast coast have reached a national marine park. Naval and environmental officials said Saturday that oil...
Brazil Targets Greek Tanker For Spill
(Argus, 1.Nov.2019) — Brazil is targeting a Greek-flagged tanker as the source of a catastrophic oil spill that has spread across the northeastern coast. Federal police say the Suezmax Bouboulina...
Nynas Suspends Imports Of Venezuelan Oil
(Reuters, Marianna Parraga, 21.Oct.2019) — European refiner Nynas AB will suspend imports of Venezuelan crude following changes to a license allowing it to operate under U.S. sanctions, the company said...
OFAC Gives Nynas AB Time
(Sputnik, 18.Oct.2019) — The United States has extended a license that allows certain transactions with PDVSA's joint venture Nynas AB despite US sanctions on the Venezuelan oil sector, the US...
Guaido Team Proposes Truce To PDVSA Bondholders
(Reuters, Marianna Parraga and Corina Pons, 18.Oct2019) — Venezuela's opposition last week sent holders of state oil company PDVSA's 2020 bond a proposal to suspend legal actions for 90 days,...
Chevron To Receive Venezuelan Oil Cargo
(Reuters, Marianna Parraga, 18.Oct.2019) — U.S. oil major Chevron Corp is scheduled this month to receive at least one cargo of crude oil from sanctioned Venezuelan state oil company PDVSA,...
Chevron Venezuela’s Exit To Aid Putin’s Russia
(S&P Global Platts, Brian Scheid and Rosemary Griffin, 17.Oct.2019) — Chevron is pushing back against the Trump administration's plans to let the company's Venezuela sanctions waiver expire, arguing such a...
Maduro Rivals Seek Break With Citgo
(Argus, 17.Oct.2019) — Venezuela's main political opposition is pressing for a deal with foreign bondholders to suspend a looming $914mn obligation that is tethered to coveted US refining assets. The...
Venezuela Readies Handover Of PDVSA To Rosneft
(Tass, 16.Oct.2019) — The government of Venezuela is ready to hand over full control over its state-run oil company PDVSA (Petroleos de Venezuela) to Russia’s Rosneft, El Nacional newspaper said...
Guaido Camp Declares PDVSA 2020 Bond Void
(venezuelanalysis.com, 16.Oct.2019) — Venezuela’s CITGO could be seized by creditors. Venezuela’s opposition-held National Assembly (AN) passed a resolution Tuesday branding the country’s 2020 PDVSA bond “invalid.” The move comes on...
Venezuela’s Prize Oil Asset May Soon Be Up For Grabs
(Oilprice.com, Tsvetana Paraskova, 16.Oct.2019) — Venezuela’s opposition is getting ready to file within days a lawsuit in the United States seeking to prevent bond holders of Venezuelan state oil firm...
Drivers Pass Nearly A Week To Buy Fuel In Venezuela
(Reuters, Mariela Nava and Anggy Polanco, 15.Oct.2019) — Venezuelans in border areas are waiting up to six days to fill their cars and some report paying bribes to jump ahead...
Nayara Supplies Fuel To Rosneft For Venezuelan Oil
(Reuters, Nidhi Verma and Marianna Parraga, 15.Oct.2019) — India's Nayara Energy has been using Russian giant Rosneft as an intermediary to acquire Venezuelan oil, paying it in fuel rather than...
Venezuela’s Opposition Snubs PDVSA Bondholders
(Argus, 15.Oct.2019) — Venezuela's opposition-controlled National Assembly signaled to bondholders today that it will not honor a $914mn principal and interest obligation because it says the debt issuance is unconstitutional....
Venezuelan Oil Output Could Be Halved Without Chevron Waiver
(S&P Global Platts, Brian Scheid, 14.Oct.2019) — Venezuelan oil production, already averaging a historic low near 600,000 b/d, could quickly plummet below 300,000 b/d if the Trump administration allows a...
Aruba Ends Citgo Deal
(Reuters, 9.Oct.2019) — Aruba on Wednesday reached an agreement with U.S. based Citgo Petroleum Corp to end its contract to refurbish and operate the island's refinery, a statement from the...
CITGO Key To Trump’s Venezuela Strategy
(Forbes, Ariel Cohen, 8.Oct.2019) — At last month’s United Nations General Assembly, the Lima Group, the U.S.-led coalition of 14 countries in the Americas seeking a solution to the Venezuela...
Citgo Bolsters Legal Defenses With Former BP Lawyer
(Reuters, 8.Oct.2019) — Citgo Petroleum Corp this week named a former BP lawyer to take on the company’s top legal job as it faces creditors seeking to seize shares in...
PdV-CNPC JV Managers Arrested
(Argus, 7.Oct.2019) — Senior managers of Venezuelan state-owned PdV's heavy crude-blending joint venture with Chinese state-owned CNPC were arrested late last week, days after the blending plant halted operations. PetroSinovensa...
Exxon Mobil Bars Use Of Oil Tankers Linked To Venezuela
(Reuters, Jonathan Saul and Collin Eaton, 4.Oct.2019) — Exxon Mobil Corp this week banned the use of vessels linked to oil flows from Venezuela in the last year, according to...
PdV Floods Cuba With Stranded Oil
(Argus, 3.Oct.2019) — At least three Venezuelan fuel tankers are heading towards Cuba today, part of a flotilla meant to free up domestic storage space while defying a US campaign...
Venezuela Oil Sector May Take 8 Years To Recover
(Yahoo Finance, Akiko Fujita, Anchor/Reporter, 27.Sep.2019) — A top aide to Venezuelan opposition leader Juan Guaido said on Friday it could take up to eight years to restore oil production...
Venezuela Oil Exports To Cuba Rising: Sources
(Reuters, Mircely Guanipa and Marianna Parraga, 25.Sep.2019) — Venezuelan state oil company PDVSA ordered an increase in exports to ally Cuba to ease fuel shortages on the island this month,...
US Targets Entities, Vessels Moving Venezuelan Oil To Cuba
(US Treasury, 24.Sep.2019) — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated four entities that operate in the oil sector of the Venezuelan economy...
US Actions Against Entities Assisting Venezuela
(US Treasury, 24.Sep.2019) — On September 24, the United States designated four companies that operate in Venezuela’s oil sector as sanctioned, and identified as blocked property four vessels associated with...
Cuba Won’t negotiate On Venezuela, But Russia Might
(Miami Herald, Nora Gámez Torres and Michael Wilner, 24.Sep.2019) — Moscow has maintained communication with members of the Venezuelan opposition even as the Cuban government plans on “going down with...
Maduro Plots Assembly Grab, Oil-For-Food Floated
(Argus, 24.Sep.2019) — Venezuelan opposition leader Juan Guaido's constitutional claim to the Opec country's interim presidency could be undermined by today's tumultuous return of the governing United Socialist Party (PSUV)...
PDVSA Halts Blending At PetroPiar JV
(Argus, 16.Sep.2019) — Venezuela's national oil company PdV has suspended crude blending at its 210,000 b/d PetroPiar joint venture with Chevron because of storage constraints, according to multiple Venezuelan oil...
CNPC Skips Venezuelan oil Loading For Second Month
(Reuters, Chen Aizhu, 10.Sep.2019) — China National Petroleum Corp (CNPC), a leading buyer of Venezuelan oil, will skip cargo loadings for a second month in September as the state oil...
PdV Clings To Sliver Of Oil Refining Capacity
(Argus, 6.Sep.2019) — Venezuela's national oil company PdV has lost almost all capacity to refine crude, with only a sliver of the 635,000 b/d Amuay plant currently in operation, according...
Venezuelan Oil Exports At Lowest Level In 2019
(Reuters, Marianna Parraga, Mircely Guanipa, 3.Sep.2019) — Venezuela’s oil exports fell in August to their lowest level in 2019, internal reports and Refinitiv Eikon data showed, hurt by a halt...
Citgo Petroleum Announces 2Q:19 Results
(Citgo, 26.Aug.2019) — The Board of Directors of Citgo Petroleum Corporation is pleased to report significant progress on top company goals. Following its appointment in February 2019, the Citgo Board...
Citgo Profits Hit By Fallout From Split-CEO
(Reuters, Marianna Parraga, 22.Aug.2019) — The two new top executives at Citgo Petroleum disclosed this week that net income in the second quarter slid to less than half its level...
China Stays Venezuela Course
(Argus, 20.Aug.2019) — The Chinese government is so far showing no sign of curtailing its oil ties to Venezuela, despite state-owned PetroChina's rescheduling of Merey crude loadings in August. Argus...
China’s CNPC Suspends Venezuelan Oil Loading
(Reuters, Chen Aizhu and Marianna Parraga, 18.Aug.2019) — China National Petroleum Corp, a leading buyer of Venezuelan oil, has halted August loadings following the latest U.S. sanctions on the South...
US Set To Sanction Rosneft Oil, Fuel Trade With PDVSA
(S&P Global Platts, 15.Aug.2019) — The US is set to impose sanctions on Rosneft if it continues to trade crude oil and fuel with Venezuela's PDVSA in exchange for debt...
Venezuela’s Congress To Consider Scaled-back Reform
(Reuters, By Luc Cohen, 15.Aug.2019) — Venezuela's opposition-controlled congress is considering reforms to the country's oil law that would open up the sector to private investment but are scaled back...
Citgo Petroleum Corp. Names Carlos E. Jorda As CEO
(Citgo, 14.Aug.2019) — The Board of Directors of Citgo Petroleum Corporation has selected Carlos E. Jorda to occupy the Chief Executive Officer (CEO) position after a thorough and extensive search...
PDVSA Partners Fear Latest U.S. Sanctions: Sources
(Reuters, Luc Cohen, 14.Aug.2019) — Foreign joint venture partners with Venezuelan state-owned oil company PDVSA are concerned the latest set of U.S. sanctions on the South American country could disrupt...
Citgo To Name New CEO To Navigate Turmoil – Sources
(Reuters, Marianna Parraga, 13.Aug.2019) — Citgo Petroleum Corp has selected Carlos Jorda as its next chief executive, according to three people familiar with the matter, turning to a seasoned refinery...
U.S. Expands Sanctions Against Venezuela
(WSJ, Vivian Salama, 6.Aug.2019) — The Trump administration imposed a total economic embargo against the government of Venezuela, a significant escalation of pressure against the regime of President Nicolás Maduro...
Trump Imposes New Curbs In Bid To Pressure Maduro
(Bloomberg, 6.Aug.2019) — President Donald Trump imposed further sanctions on Venezuela, freezing the government’s assets in the U.S. and adding immigration restrictions in a move aimed at stepping up pressure...
US Escalates Venezuela Sanctions
(Platts, 6.Aug.2019) — The US escalated sanctions against Venezuela late Monday and may use the executive order to target crude flows to China and India, analysts said Tuesday. Highlights Analysts...
The ‘Citgo 6’ Remain Imprisoned In Venezuela
(Oilprice.com, Tsvetana Paraskova, 5.Aug.2019) — Six U.S. executives at Citgo, the U.S. subsidiary of Venezuela’s state-held oil firm PDVSA, were detained by Nicolas Maduro’s regime in Venezuela in November 2017...
Trump Freezes All Venezuelan Govt Assets
(Reuters, Matt Spetalnick and Roberta Rampton, 5.Aug.2019) — U.S. President Donald Trump imposed a freeze on all Venezuelan government assets in the United States on Monday, sharply escalating an economic...
Guaido Govt Authorized To Pick Citgo BOD, Court Says
(Energy Analytics Institute, Piero Stewart, 5.Aug.2019) — Court says National Assembly leader Juan Guaido authorized to appoint the directors of Houston-based refiner Citgo Petroleum, company spokesperson says. “Today’s decision is...
Citgo Petroleum Hails Legal Victory
(Citgo, 2.Aug.2019) — A Delaware court affirmed the authority of the Guaido Government to make appointments to the Citgo Petroleum Corporation Board of Directors (in Jiménez et al. v. Palacios et...
LatAmNRG Briefs and Heard On the Street: Guyana, Venezuela, Chile, Peru
(Energy Analytics Institute, Jared Yamin and Piero Stewart, 2.Aug.2019) — LatAmNRG briefs and heard on the street related to Sempra Energy's divestments in South America, Tullow Oil plc’s three well...
Venezuela Oil Exports Slid 17.5% In July-Data
(Reuters, Marianna Parraga, 1.Aug.2019) — Venezuela’s oil exports fell 17.5% in July to their second-lowest level since Washington imposed sanctions on the nation as state-run PDVSA finds fewer customers to...
The U.S.’ Plan To Rebuild Venezuela After Maduro
(WSJ, Paulo Trevisani, 1.Aug.2019) — U.S. Commerce Secretary Wilbur Ross laid out a plan including credit and investment to help rebuild Venezuela’s economy under democratic rule, as Washington continues to...
India Boosts Imports Of Venezuelan Oil In June
(Argus, 29.Jul.2019) — India's imports of Venezuelan crude jumped by 25pc year on year in June and by 37pc from May, reflecting the limited reach of US sanctions on the...
Petropiar JV With PDVSA And Chevron Starts Blending
(Reuters, 29.Jul.2019) — Venezuelan state-run oil company PDVSA said on Monday the Petropiar extra-heavy crude upgrader, part-owned by U.S. oil company Chevron Corp, had begun operations as a blending facility....
CITGO Foundation Holds Symposium On Venezuelan Health Crisis
(Citgo, 25.Jul.2019) — The Simón Bolívar Foundation, the 501(c)(3) non-profit, private foundation of CITGO Petroleum Corporation, held an educational and networking event last night for the Houston community regarding the...
Chevron Call To Chart Venezuela Sanctions
(Argus, 25.Jul.2019) — A US government decision over Chevron's expiring license to work in Venezuela is the first test of its willingness to ease sanctions that have so far failed...
Venezuela Opposition Divided Over Iraq-style ‘Oil-For-Food’ Program
(Reuters, Luc Cohen, 25.Jul.2019) — A proposal to modify U.S. oil sanctions on Venezuela to allow crude exports to be bartered for food has divided the country’s opposition between those...