(Bloomberg, 16.Jan.2020) — Some buyers of Venezuelan crude oil have halted purchases after the country started demanding payment of port fees in its failed cryptocurrency. Exports of at least 1 million barrels of oil were put on hold after the government announced this week that certain maritime fees, currently paid […]
Tag: Petro
Maduro Authorizes Sale Of 4.5 MMbbls In Petros
(Energy Analytics Institute, Piero Stewart, 14.Jan.2020) — Venezuela’s President Nicolás Maduro signed a decree for the mandatory and immediate fulfillment of the sale of 4.5 million barrels of crude oil in Petros from the certified physical reserve stock of 30 million barrels currently held by state oil company PetrĂłleos de […]
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 speech by President Nicolas Maduro. “I will deliver these 30 million of barrels as a liquid, physical, material backing for […]
Bolivia Launches New 87 Octane Gasoline In Cochabamba
(Energy Analytics Institute, Ian Silverman, 7.May.2019) — Bolivia sold a total 180,000 liters of its new gasoline — which has as a special anhydrous additive alcohol — through 35 petrol stations located in the department of Cochabamba, Bolivia’s Information Agency (ABI by its Spanish acronym) reported on 7 May 2019. […]
Is Your Gasoline Burning Out Faster?
(Trinidad Express, Sandhya Santoo, 7.Nov.2018) — Is super gasoline burning faster? This is the claim by some motorists who are insisting that the fuel is burning faster, leading to lower mileage per litre and higher costs. And many taxi drivers say that the Super gasoline is causing economic hardship. Some […]
Venezuela’s Oil Exports Are Falling Even Faster Than Expected
(OilPrice.com, Irina Slav, 3.Oct.2018) — A delay in port repairs following a tanker collision is putting additional pressure on already pressured Venezuelan crude oil exports, Reuters quoted anonymous sources close to PDVSA as saying this week. It seems that Venezuela’s woes are only multiplying as time goes by, although news […]
Kamla Floats Guyana Help for Trinidad Refinery
(Stabroek News, 2.Sep.2018) — Trinidad Opposition Leader Kamla Persad Bissessar has raised the prospect of Guyana oil being used to rescue the beleaguered Petrotrin refinery but Prime Minister Keith Rowley last evening said the aged facility had no reasonable prospect. Defending the decision by his government to close the over […]
Scorch Earth Suicide in Venezuela
(EnergyNomics de Venezuela, Carlos A Rossi, 1.Sep.2018) — Nicolas Maduro has drawn the line in the sand: “Either you are with me and stay here living precariously with Chavism, or you are against me and get out. If you choose none of the above: Starve.” Cornered by a hyperinflation over […]
Venezuela’s Oil-linked Cryptocurrency Leaves Heads Spinning
(Bloomberg, Andrew Rosati & Fabiola Zerpa, 21.Aug.2018) — Beaten-down Venezuela on Tuesday began confronting a 95 percent currency devaluation and a regimen of economic controls that, after years of hunger and hyperinflation, landed like a hassle rather than a cataclysm. Caracas returned to work after a holiday weekend that saw […]
India Says No Plans for Tade with Venezuela’s ‘petro’
(Reuters, 28.May.2018) — India said on Monday it had no plans to use Venezuela’s local cryptocurrency ‘petro’ in oil trade with the Latin American nation, which is facing sanctions from the United States. Responding to a question at a news conference, Foreign Minister Sushma Swaraj cited an order by the […]
Venezuela Tries To Pay Russian Debt With Cryptocurrency
(Tsvetana Paraskova, OilPrice.com, 28.Mar.2018) – If crisis-hit Venezuela was hoping to pay off its US$3.15-billion debt to Russia with its new cryptocurrency, those hopes have been shattered as the Russian Finance Ministry announces that it won’t be accepting digital coin. Venezuela will not be paying any part of its debt […]