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Venezuela News


Oil Bust Takes Its Toll On Latin-American Oil Output

EIA’s weekly estimates show a decline in U.S. shale output, going hand in hand with other declines around the around specifically in Latin America.  Being slated as the world’s most vulnerable oil region, as the major oil producers are having declines in their productions. by Nick Cunningham, Oilprice.com, April 2, 2016 U.S. shale continues to…

Outages in Latin America to help relieve global oil supply glut

Unplanned outages happening around the world at ports and pipelines is helping curb a supply glut that has inundated surpluses of oil and gas. Although short-lived it may still help certain oil producing countries but once it runs it course it will negatively affect several major Latin American countries. by Marianna Parraga, Reuters, April 1,…

Capitol Crude: The US Oil Policy Podcast – Considering the Future of Cuba’s Oil Imports in Light of US Exports

Listen to our very own Jorge Piñon as he discusses with Platt’s editors Herman Wang and Brian Sheid on the potential for U.S. crude to be exported to Cuba and how that depends on Venezuela’s current oil-producing situation as well as U.S. policy. by Herman Wang and Brian Scheid, Platts Editors, March 21, 2016 As President…

PDVSA to buy some 8 million barrels of U.S. or Nigerian light crude

According to Reuters, PDVSA is actively seeking to purchase about 8 million barrels of U.S. or Nigerian light crude.  Lately the Venezuelan state-run oil company has been purchasing larger and larger tenders of diluents in order to meet its own decline of diluent outputs. by Marianna Parraga, Reuters, via Petroleumworld.com, March 10, 2016 Venezuela’s state-run…

Deepening default fears cast shadow over Venezuela’s oil flows

A major concern of oil market participants is the unheard of possibility of a major oil producing company defaulting on its debts.  PDVSA will be hard-pressed to meet its 5.2 billion payments in Fall of 2016, considering that the Venezuelan government exhausted their majority of cash reserves.  Experts are closely watching how a company’s default…

America Supplies OPEC With Oil Freed From 40-Year Export Ban

Venezuela was the first South American country to purchase oil from the U.S since the oil bans were lifted. Last January, PDVSA refinery in Curacao received 548,000 barrels of light crude coming in from West Texas. by Sheela Tobben and Lucia Kassai, Bloomberg, Feb. 2, 2016 The U.S. is now supplying OPEC with crude oil,…

Venezuela Oil Group Seeks Incentives to Lure More Foreign Money

Hydrocarbon association in Venezuela is planning on making some changes to attract investors. The group intends to reduce royalties and taxes as well as granting more decision making power to its partners. by Pietro Pitts, Bloomberg, Jan. 26, 2016 Venezuela’s main hydrocarbon association has proposed measures aimed at attracting more investment from international oil companies…

Venezuela Delays Gas Exports to Colombia – Here’s Why

Venezuela has suspended nat gas supply to Colombia due to El Niño. Climate has brought drought and water shortages to Colombia and PDVSA has been notified that electrical generation might vary. The 2007 agreement between both countries states that Venezuela will supply Colombia with 39 million cubic feet of gas per day, which represents 3%…

Venezuela Oil Price Falls Below $30

Venezuela Oil Price Falls Below $30

Venezuelan oil hits an all time low by selling crude at $29.17, a fall of 6.6% and the lowest price it’s seen since February 2004. by Latin American Herald Tribune CARACAS — The price Venezuela receives for its mix of heavy oil continued tumbling this week, hitting an 11 year low as oil prices around…

U.S. warns that if Venezuela ends oil subsidy for Caribbean, it can’t step in

With the opposition party gaining popularity in Venezuela’s elections, the U.S. is worried about the future of Caribbean countries that depend on the Petrocaribe program. Deputy National Security Adviser Ben Rhoder points out that even though the U.S. would be able to contribute and provide some resources, it won’t be able to substitute Venezuelan oil. by Franco…

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