Venezuela ///

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.

Maduro names new PDVSA leadership following “energy emergency”

Venezuela’s President Nicolas Maduro named new executives at PDVSA, a week after declaring an “energy emergency” and appointing a commission to revamp the state oil company.

Time running out for Chevron’s sanctions waivers in Venezuela

The Trump administration is ready to unleash the full impact of sanctions on Chevron Corp.’s operations in Venezuela as the U.S. seeks to further squeeze the Maduro regime.

Rosneft shifts exports to affiliate, skirting U.S. sanctions on Venezuela

There are already signs that the latest U.S. sanctions thrown at Venezuela are failing.

Maduro declares “energy emergency”, shakes up PDVSA leadership

Venezuela’s President Nicolas Maduro declared an “energy emergency” as he announced a commission to revamp state oil company Petroleos de Venezuela SA, redoubling efforts to shore up the nation’s crumbling oil industry.

U.S. sanctions on Rosneft crimp Venezuela’s main source of cash

Rosneft Trading, the main exporter of Venezuelan crude, was targeted by the U.S. for helping to sell the commodity that bankrolls Maduro.

U.S. sanctions Russian producer over links to PDVSA

The U.S. sanctioned a unit of Russia’s largest oil producer Rosneft PJSC for maintaining ties with Venezuela’s Nicolas Maduro and state-run oil company PDVSA.

Chevron’s Venezuela output jumps as U.S. considers more sanctions

Chevron has ramped up output at a key Venezuela oil project to levels not seen in almost a year, offering a thorny reminder of how U.S. sanctions are failing to deliver a knockout of Nicolas Maduro’s regime.

U.S. mulls sanctioning Rosneft over Maduro ties, but is wary of market chaos

The U.S. is weighing whether to sanction Russia’s biggest oil producer, Rosneft PJSC, for maintaining ties with Venezuela’s Nicolas Maduro, though American officials are wary that the move could cause chaos in global oil markets, according to people familiar with the matter.

Venezuela weighs privatizing oil as it faces economic freefall

Facing economic collapse and painful sanctions, the socialist government of Venezuelan President Nicolas Maduro has proposed giving majority shares and control of its oil industry to big international corporations, a move that would forsake decades of state monopoly.

Chevron gets another extension to continue Venezuela operations

Chevron and four oilfield service providers won U.S. government approval to continue working in Venezuela for 90 days, allowing the companies’ access to the world’s largest reserves of crude despite sanctions on the crisis-stricken country.