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 Daily Journal.— President Donald Trump’s administration seeks greater U.S. access to Venezuela’s mineral resources, including gold, after securing control over 65 billion barrels of the South American country’s proven oil reserves. In that regard, the U.S. administration has expanded its efforts to gain influence over the Caribbean nation’s vast natural resources beyond hydrocarbons, according […]
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The Daily Journal. — U.S. President Donald Trump announced Friday that Washington had reached an energy agreement with the Venezuelan government that he described as “the largest oil deal in world history,” under which U.S. companies will assume majority control over more than 65 billion barrels of proven crude oil reserves. In a message posted […]
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The Daily Journal. — A group of legal and financial advisers has created a committee to bring together and represent Venezuela’s commercial creditors, aiming to coordinate their participation in the debt restructuring process announced by the government, Reuters reported. The committee, formed in early August and scheduled for an official launch this Thursday, seeks to […]
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The Daily Journal.— Venezuelan-owned U.S. refiner Citgo Petroleum reported a net profit of $936 million in the second quarter of the year, sharply higher than the $100 million it reported during the same period a year earlier, according to Reuters. Developments in the international energy market drove the company’s stronger financial results, “amid stronger refining […]
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The Daily Journal. — Ballard Partners, one of the leading lobbying firms in the United States and one that has seen its revenue surge during President Donald Trump’s second term, announced Wednesday that it will open an office in Caracas, as U.S. companies and multinational corporations show renewed interest in investing in Venezuela. Scott Wagner, […]
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The Daily Journal. — Italian energy company ENI is negotiating new contracts with Venezuela and Petróleos de Venezuela (Pdvsa) to align its operations with the country’s new legal framework for the oil sector. At the same time, the company expects to accelerate development of the Junín 5 project in the Orinoco Oil Belt, Reuters reported. […]
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Reuters — Venezuela’s Paraguaná Refining Complex, in the country’s west, once symbolized the nation’s oil wealth and its ambition to transform vast crude reserves into fuels and export revenue. Today, however, the complex in Falcón state, with the capacity to process 955,000 barrels of crude per day (bpd), operates at only a fraction of its […]
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Reuters — Venezuela’s Ministry of Hydrocarbons has informed PDVSA’s partners that it intends to keep the July 28 deadline for migrating oil and gas contracts to the country’s new legal framework. The ministry has urged company executives to complete negotiations before that date, according to four sources. At the end of January, Venezuela’s National Assembly […]
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The Daily Journal — Major refineries and energy companies in the United States, Europe, and Asia are increasing their direct purchases of Venezuelan crude from Petróleos de Venezuela S.A. (PDVSA). According to a Reuters investigation, this strategy is beginning to reduce the role of the large trading houses that dominated the country’s oil exports during […]
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