WorldOil Venezuelan oil output falls 32% in June as foreign buyers cancel cargoes Crude production in Venezuela tumbled for a sixth straight month in June, underscoring the dismal state of the nation’s oil industry as U.S. sanctions batter exports and the coronavirus pummels demand. Chinese traders trying their luck with sanctioned Venezuelan oil Officially, China hasn’t imported any Venezuelan crude since September after Washington sanctioned state entities including PDVSA. Information from data intelligence firm Kpler, however, signals the Asian nation is still buying, with as much as 3.3 MMbbl waiting off the Chinese coast as of June 15 and another 5 MMbbl en route to the port of Qingdao. Venezuela’s fall leaves world’s richest oil reserves tapped by a single rig As fields across the nation shut amid a relentless U.S. campaign to cut Venezuela off from global oil markets, the number of rigs drilling for crude fell to just one in May, according to data from Baker Hughes. Another lone rig was drilling for gas. U.S. to cut off Iran-Venezuela trade by sanctioning oil tankers The Trump administration is preparing sanctions on as many as 50 oil and fuel tankers as part of an effort to cut off trade between Iran and Venezuela, according to a person familiar with the matter. Petrostates forced to consider life without oil revenues as prices stay low From Nigeria to Venezuela and Iraq, petrostates are facing the same challenge -- maintaining their economies while their prized commodity is worth a much less than it was, and where private companies often still want their cut. PDVSA considers dramatic changes to revive Venezuelan oil production New leadership at Petroleos de Venezuela SA is considering a major overhaul that could see the company streamlining its oil business and even forsaking decades of state monopoly, according to people familiar with the matter. U.S. halts Chevron in Venezuela with end to sanctions waivers Chevron will be forced to effectively wind down its operations in Venezuela, dealing the Maduro regime’s crumbling oil industry another blow as U.S. President Donald Trump maneuvers for regime change in the Latin American nation. Russia nationalizes Venezuelan assets to skirt U.S. sanctions Russian oil giant Rosneft PJSC sold its assets in Venezuela to the Russian government, in what may be a maneuver to avoid any U.S. sanctions in an escalating fight between Caracas, Washington and Moscow. Venezuela’s output plunges, may be shutting in wells High inventories of oil and low prices are forcing Venezuela to consider shutting wells, adding a dire context for Nicolas Maduro’s handling of an economy already under stress from the coronavirus crisis. U.S. sanctions second Rosneft subsidiary for shipping Venezuelan crude TNK Trading International SA, a Geneva-based Rosneft subsidiary, was sanctioned for helping transport Venezuelan crude oil, the Treasury Department said Thursday in a statement.