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(Reuters) - A 650,000-barrel-cargo of Venezuela's oil chartered by Italy's Eni (ENI.MI) is about to set sail carrying the first export of crude from the U.S.-sanctioned country to Europe in two years, Refinitiv Eikon data showed on Friday. The U.S. State Department sent letters to Eni and Spain's Repsol (REP.MC) in May authorizing them to resume taking Venezuelan crude... Continue Reading →
(Reuters) - Venezuela's state-run PDVSA last month began switching most oil sales to prepayment, requiring spot cargo buyers pay in full before tankers can set sail after several recent defaults, three people close to the decision said. The new payment terms, first communicated in April to companies intermediating in the oil sales, sharply reduced May... Continue Reading →
(Reuters) - EIG Global Energy Partners is in early discussions with Repsol (REP.MC) to buy a slice of the Spanish company's oil and gas exploration and production business, three sources with knowledge of the matter told Reuters. The U.S. fund is seeking to purchase up to 25% of Repsol's so-called upstream business, the sources said, in a... Continue Reading →
(Reuters) - Italian oil company Eni SpA and Spain's Repsol SA could begin shipping Venezuelan oil to Europe as soon as next month to make up for Russian crude, five people familiar with the matter said, resuming oil-for-debt swaps halted two years ago when Washington stepped up sanctions on Venezuela. The volume of oil Eni... Continue Reading →
(Reuters) - Venezuela's state-run PDVSA has ordered over a hundred stations to begin selling diesel in dollars, reducing a subsidy that had allowed truckers and public transportation drivers to fill their tanks almost for free, according to documents and sources. Venezuela had set a diesel retail price of $0.50 per liter in late 2021 for... Continue Reading →
(Reuters) - The U.S. Treasury Department is getting ready to renew in the coming days Chevron Corp's (CVX.N) license to operate in Venezuela, but likely without the greatly expanded terms the U.S. oil major sought, four people close to the talks said. The last U.S. energy producer in Venezuela asked President Joe Biden's government in March for... Continue Reading →
(Reuters) - Iranian state firms have started preparations to revamp Venezuela's largest oil refinery, the 955,000-barrel-per-day Paraguana Refining Center, four people close to the talks said, following a contract to repair its smallest facility. A deal would deepen an energy relationship that has become a lifeline for Venezuela's dilapidated oil industry amid a crisis caused... Continue Reading →
The Biden administration plans to ease sanctions on Venezuelan oil in a bid to bring more of the country’s crude to Europe. The U.S. will allow European companies still operating in Venezuela to divert more oil to the continent immediately while Chevron will be allowed to negotiate a resumption of operations in the country, according... Continue Reading →
(Reuters) - Venezuela has begun importing Iranian heavy crude to feed its domestic refineries, documents from the state-run oil company PDVSA showed, a deal that widens a swap agreement signed last year by the U.S. sanctioned countries. The two last year initially agreed to a swap deal, with PDVSA importing Iranian condensate to dilute and... Continue Reading →
(Reuters) - Venezuela's oil exports fell 8% in April from the previous month amid continued delays linked to poor-quality crude grades and insufficient oil upgrading capacity available, according to documents and vessel monitoring data on Thursday. U.S.-sanctioned Venezuela recovered a portion of lost production last year, but crude shipments have been volatile, bouncing some 200,000... Continue Reading →
Brazil Energy Insight 