Tag Archives: Venezuela

The Venezuelan economy has been in recession for four years. where food shortages. the lack of U.S. dollars and the depreciation of its own currency. has sent inflation soaring.

PDVSA made an overdue $1.1 billion bond principal payment this week.

Argentina’s government in the meantime has been putting a lot of efforts into accelerating the exploitation of the country’s oil resources.

Venezuela lost the top spot to Brazil amid triple-digit inflation. unpaid debts to oil-service companies and lack of investment.

Schlumberger has about $700 million at risk. including receivables and a promissory note for past work.

Output is falling. cash is drying up and oil workers have fled the country because of food shortages and violence.

Halliburton said last year that it began scaling back operations in Venezuela as a result of delayed payments.

Iran’s Oil Minister Bijan Zanganeh told Reuters at the event that there is ``no objection`` to the proposal for deeper cuts.

PDVSA owes some US$3.5 billion to the U.S. in the next five or six weeks. according to Platts.

Chinese companies have moved into Venezuelan upstream activities as well. However. here the primary play has been to control oil export revenues.