Venezuela ///

Venezuela can’t find vessels to ship its oil as sanctions bite

Exports of sanction-hit Venezuelan oil now face a new concern: a shortage of vessels willing to transport crude produced by the regime of President Nicolas Maduro.

Venezuela’s oil woes deepen as Chinese contractor halts work

A Chinese oil contractor halted work on an expansion project in Venezuela because it hasn’t been paid, underscoring the difficulties for the Nicolas Maduro regime even at energy ventures backed by allies.

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 to extend a waiver allowing it to continue operating in the country.

New Citgo chief won’t sell out, making debt reduction a top priority

Citgo Petroleum isn’t for sale, says the man named the company’s new leader by the opposition to Venezuelan President Nicolas Maduro. His priority moving forward is to prepare for a return to normalcy.

Half of Venezuela’s oil rigs may vanish if U.S. sanctions waivers lapse

Almost half the rigs operating in Venezuela will shut down by Oct. 25 if the Trump administration doesn’t extend a 90-day waiver from its sanctions, according to data compiled from consultancy Caracas Capital Markets.

China’s biggest energy company shuns Venezuela oil on tighter U.S. sanctions

China’s biggest energy company is backing away from direct purchases of Venezuelan crude as the Trump administration tightens sanctions against the South American nation.

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 and cut off its main supply of foreign gasoline.

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 nation could hurt its earnings.

Chevron wins U.S. extension to keep producing oil in Venezuela

Chevron and four oil services companies won U.S. government approval to continue producing oil in Venezuela despite sanctions placed on the crisis-stricken country.

Pressure mounts on Trump to end Chevron’s Venezuela presence

Pressure is mounting on President Trump to end Chevron’s 100-year presence in Venezuela as he seeks to exert pressure on Nicolas Maduro's regime.

Vessels sailing under the radar to ship Venezuelan crude to Cuba

Stopping the flow of Venezuelan oil to its ally Cuba might prove harder than the U.S. expected.

OPEC keen to extend cut, Russia is cautious

For an OPEC+ meeting in which the key decision over an output-cut extension is supposedly “in the bag,” Monday’s gathering in Vienna could be as closely watched as any during the three-year coalition.

Russia squeezing embattled Venezuela for tax-free gas expansion

Russia’s state-controlled oil giant, Rosneft PJSC, is extracting concessions from crisis-ridden Venezuela to enter the offshore natural gas market on the cheap, a potential headache for the U.S. and Europe.

First oil

Kurt Abraham, World Oil

U.S. EIA sees continued woes for Venezuelan oil output

Chevron seeks relief from Trump's Venezuela oil sanctions

Chevron Corp. is lobbying the U.S. for sanctions relief so it can continue doing business in oil-rich Venezuela where President Donald Trump has been pushing for regime change.

Venezuela falls to fourth-largest oil producer in Latin America

Venezuela, which sits atop more oil than Saudi Arabia, has fallen behind three other Latin American countries as years of mismanagement and lack of investments take its toll.

Reliance rebukes reports of inappropriate payments for Venezuela oil

Claims of Reliance Industries Ltd.'s purchases of crude oil from Venezuela’s state-owned oil company, PDVSA, for payment in cash to third parties are false, according to the company.

Venezuela, Cuba-allied companies sanctioned by U.S. for 2019 oil shipments

The companies -- linked to the delivery of oil during February and March aboard the tanker Despina Andrianna -- are Ballito Bay Shipping Inc., based in Monrovia, Liberia and ProPer In Management Inc., based in Piraeus, Athens, the U.S. Treasury Department said in a statement.

Crude has surged >35% in 2018 as OPEC+ limit output

West Texas Intermediate futures were little changed, poised for a fifth weekly increase. OPEC cut production for a fourth month in March, while supply risks are mounting in member nations exempt from the strategy.

Venezuela's oil production drops by half during blackouts

Rolling blackouts across much of the country that started on March 7 paralyzed most of the country’s oil wells and rigs, which have slowly come back online.