Tag Archives: Venezuela

With Venezuelan oil sanctions set to be reimposed and state-run PDVSA oil company buyers and suppliers under orders to close out transactions in line with sanctions by the end of May, the country is now working to shift its oil sales to digital currency. Using Tether, pegged to the U.S. …

PetroChina is welcoming this weekend a cargo of Venezuela’s Merey crude for use at a new huge refinery after the U.S. eased sanctions on Venezuelan oil exports a few months ago. A cargo of Merey is due to arrive in China for the state Chinese energy giant on Saturday, according …

Venezuela is sending troops to its border with Guyana in an escalation of tensions over Guyana’s recent oil boom, according to reports citing satellite images and videos posted by Venezuela’s military. Venezuela is attempting to annex an area known as Essequibo, in which Venezuela’s President Nicolas Maduro in December said …

The recent easing of sanctions between the United States and Venezuela, marked by pivotal legal settlements and new commercial arrangements, represents a significant turning point for the global energy industry. These developments, particularly the resolution of disputes involving Petróleos de Venezuela S.A. (PDVSA), signal the reinvigoration of Venezuela’s oil and …

India is resuming imports of crude oil from Venezuela for the first purchases since 2020 as the U.S. lifted most of the sanctions on Venezuela’s oil industry in October. The easing of the sanctions now allows the production, lifting, sale, and exportation of oil or gas from Venezuela, and the …

The United States has eased its sanctions on Venezuela following an election deal. This follows four years of sanctions on its oil and gas industry, restricting the South American oil giant’s production and export levels. Despite the tough restrictions on the country’s energy industry, Venezuela continued to produce and export …

Venezuela’s oil shipments plummeted in August by 38% compared to the three-year high reached in July as state oil firm PDVSA was unable to maintain production at the upgraders that convert the extra heavy oil into grades suitable for shipping, Reuters reported on Monday, quoting PDVSA internal documents and tanker-tracking …

Venezuela’s state oil company PDVSA has got new management that plans to boost production of crude to 1.17 million barrels daily by the end of the year, Reuters has reported, citing an internal document. As of April, PDVSA was producing over 800,000 bpd – the first time it had topped …

Venezuela has signed an agreement with European energy giants Eni and Repsol that allows for the export of natural gas liquids -or condensates- to other markets, according to Pedro Tellechea, the country’s oil minister and Petroleos de Venezuela head. The deal comes after years of discussions with Italy’s Eni and …

According to the 2022 BP Statistical Review of World Energy, Venezuela has more proved oil reserves than any other country in the world. Venezuela’s 304 billion barrels of proved reserves just edges out Saudi Arabia’s 298 billion barrels. Both are far ahead of U.S. proved reserves of 69 billion barrels. …