Home Venezuela

Tag: Venezuela

Post
Russia’s energy minister says OPEC+ cuts can’t last forever

Russia’s energy minister says OPEC+ cuts can’t last forever

OPEC+ output cuts have stabilized the global oil market but can’t last forever. OPEC+ will adjust its output target and redistribute production cuts between its members under pressure. Oil production in the US has continued to expand and now stands at a record level of 12.9 million barrels a day. The uncertainty persists over the...

Post
Saudi Arabia, Kuwait agree to resume oil output at shared fields

Saudi Arabia, Kuwait agree to resume oil output at shared fields

Saudi Arabia and Kuwait agreed to resume oil production in a shared border region more than four years after halting output. Kuwait has said it is ready to host Yemen’s opposing factions for UN-sponsored talks. Former Kuwaiti lawmaker Walid Al Tabtabaie, convicted for storming parliament in 2011. The government submitted its resignation to Kuwait’s Emir...

Post
Venezuela using ‘dark ships’ to secretly export millions of barrels of oil

Venezuela using ‘dark ships’ to secretly export millions of barrels of oil

The Dragon, a massive oil tanker flying the Liberian flag, is supposed to be floating somewhere off the coast of France. Venezuela has expelled El Salvador’s diplomats in a tit-for-tat response after El Salvador. Venezuela has won a seat on the United Nations Human Rights Council. Instead, it’s currently thousands of miles away in Venezuela....

Post
Chevron wins 90-day Venezuela sanction waiver extension

Chevron wins 90-day Venezuela sanction waiver extension

The Trump administration extended Chevron’s waiver to operate in Venezuela, allowing the second-largest U.S. oil explorer. Company has established new goals to reduce net greenhouse gas (GHG) emission intensity. Chevron U.S.A. Inc. announced it will donate $500,000 to help support local public schools. Company announced the sanction of a waterflood project in the St. Malo...

Post
Venezuela’s oil woes deepen as Chinese contractor halts work

Venezuela’s oil woes deepen as Chinese contractor halts work

A Chinese oil contractor halted work on an expansion project in Venezuela. Venezuelan President Nicolas Maduro says an investigation will begin immediately regarding an explosion. Venezuela’s oil output continued its downward trend in July. It underscoring the difficulties for the Nicolas Maduro regime even at energy ventures backed by allies. One of Venezuela’s extra-heavy crude...

Post
Chevron lays groundwork for Venezuela exit before waiver expires

Chevron lays groundwork for Venezuela exit before waiver expires

Chevron appears to be laying the groundwork to leave Venezuela in the event that the U.S. declines. Chevron Corporation announced that its 50 percent owned affiliate, Tengizchevroil (TCO), will proceed with the development. It extend a waiver allowing it to continue operating in the country. The record annual net oil-equivalent production of 2.93 million barrels...

Post
Putin’s budget has lowest break-even oil price in over a decade

Putin’s budget has lowest break-even oil price in over a decade

Oil prices may be recovering, but Russian President Vladimir Putin isn’t taking any chances. On August 10, opposition supporters held a mass protests in the Russian capital. Russia’s President Vladimir Putin has urged the United States to begin new arms talks. Russian President Vladimir Putin has taken a step towards cooling tensions with Georgia. It’s...

Post
Venezuela importing the most fuel since U.S. sanctions started

Venezuela importing the most fuel since U.S. sanctions started

Venezuela is importing fuel at a rate not seen since the U.S. imposed crippling sanctions on the country. A Chinese contractor has agreed to shore up Venezuela’s derelict refining network to ease fuel shortages. US imposed sanctions on Venezuelan individuals linked to Maduro’s government. US President Donald Trump has signed an executive order imposing an...

Post
Chevron warns future Venezuela events may hurt earnings

Chevron warns future Venezuela events may hurt earnings

The last major U.S. oil producer in Venezuela is warning that developments in the crisis-torn South American. Chevron U.S.A. Inc. has awarded Schlumberger subsidiary OneSubsea a 20-year subsea equipment. Chevron Corp. is seeking approval to modify its plans for a liquefied natural gas export facility. Chevron U.S.A. Inc. has completed its $350 million acquisition of...

Post
Putin to meet with Saudi Prince just days before OPEC+ gathers

Putin to meet with Saudi Prince just days before OPEC+ gathers

Russian President Vladimir Putin plans to meet Saudi Crown Prince Mohammed Bin Salman. Vladimir Putin evoked images of national unity, history. Vladimir Putin banged in eight goals during an exhibition ice hockey game in Sochi. Donald Trump has spoken to Vladimir Putin about Special Counsel Robert Mueller’s investigation. North Korea is willing to abandon its...