The Daily Journal.- Venezuela increased its oil production to 1.15 million barrels per day in September, according to the monthly report that the Organization of the Petroleum Exporting Countries (OPEC) released on Tuesday. OPEC data show steady growth over the past three months. Production rose from 1.125 million barrels per day in July to 1.133 […]
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The Daily Journal.- Heavy crude and other grades of oil have accumulated across the Americas in recent weeks as historically high maritime freight rates have hindered exports to Asia and Europe. This market paradox has left Asian and European buyers scrambling to secure supplies, with Brent crude prices exceeding $100 per barrel. Consumers in Asia […]
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The French oil company holds a stake in the Urdaneta Oeste field in Lake Maracaibo and continues its well rehabilitation program. Julio A. López, Editor-in-Chief.- French oil company Maurel & Prom (M&P) maintains its presence in Venezuela’s oil sector through its 40% stake in Petroregional del Lago. This joint venture operates the Urdaneta Oeste field […]
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The state-owned oil company took advantage of eased U.S. sanctions to add heavy Merey crude to its refining mix The Daily Journal.- In a strategic move to secure energy supplies and reduce costs, state-owned Indian Oil Corporation (IOC) has advanced an industrial modernization plan aimed at increasing the complex’s capacity to 18 million metric tons […]
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Exports fell to 1.08 million barrels per day in September The Daily Journal.- Venezuela’s oil exports fell nearly 9% in September to 1.08 million barrels per day, down from 1.19 million barrels per day the previous month. According to Reuters, rising maritime freight costs and traders’ demands for steeper discounts weighed on the country’s shipments. […]
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The Daily Journal.- Venezuelan oil exports to the United States averaged 451,000 barrels per day through the week ending September 18, marking a 228% increase compared with the same period in 2025. According to preliminary data from the U.S. Energy Information Administration (EIA), Venezuela exported an estimated 117 million barrels of crude oil to the […]
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The Daily Journal.- Major international oil trading companies Vitol and Trafigura are pushing for steeper discounts on Venezuelan crude oil as rising freight rates erode both companies’ profit margins. According to sources consulted by Reuters, the companies are seeking more favorable prices per barrel after maritime transportation costs surged in recent weeks. Higher shipping costs […]
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Neirlay Andrade.— The historic oil agreement signed by Acting President Delcy Rodríguez’s administration and the White House has left a trail of doubts and questions in its wake. It could hardly be otherwise: the document committing the fate of one-fifth of Venezuela’s proven crude oil reserves remains secret. This detail has cooled the optimism that […]
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The Daily Journal.- Polish state-owned oil company Orlen lost at least US$424 million in a failed deal to acquire six million barrels of Venezuelan crude, in a transaction that involved a US$230 million advance payment, cryptocurrency and a network of intermediaries in Dubai and Venezuela, according to an investigation published by the Financial Times. Orlen’s […]
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The Daily Journal.- North American Blue Energy Partners (NABEP), the oil company backed by the Donald Trump administration to develop oil fields in Venezuela, expects to increase its crude production to 500,000 barrels per day (bpd) by the end of 2028, more than double the approximately 200,000 bpd it currently produces, according to a Bloomberg […]
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