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(OM) The global energy market continues to shift dynamically, from being oversupplied in 2020 to presently having a deficit, a trend which has been exacerbated by the ongoing Russian-Ukrainian conflict. Additionally, years of underinvestment in hydrocarbon projects has only amplified this deficit. The result: elevating the stature of nations with hydrocarbon reserves that can be... Continue Reading →
(WO) From Saudi Arabia to West Texas, drillers are pumping more oil to cash in on a scorching price rally. But a region that’s home to a fifth of the world’s crude reserves is mostly missing out. All over Latin America, the upside of $100 crude has been blunted by nationalist policies that tightened government control of... Continue Reading →
(Reuters) - More shipments of fuel oil, methanol and petroleum coke boosted Venezuela's August oil exports to the second highest level this year, a recovery from weak volumes amid outages, documents and tanker tracking data showed on Friday. Venezuela's oil production and exports have ebbed and flowed this year as frequent power and gas disruptions... Continue Reading →
(Reuters) - Chevron Corp has asked the U.S. government to expand its license to operate in Venezuela after the oil major agreed with state-run PDVSA to revamp joint ventures in the sanctioned country, six people close to the matter said. Chevron's authorization request is the California-based company's latest attempt to have a greater say in... Continue Reading →
(Reuters) - Progress to relaunch oil major Chevron Corp's (CVX.N) operations in Venezuela under U.S. sanctions on the country depends on licenses from Washington, Venezuelan oil minister Tareck El Aissami said on Tuesday. The U.S. Treasury Department in May renewed a license that allows Chevron to operate in Venezuela under very restrictive terms. The company had requested... Continue Reading →
(Reuters) - A Venezuelan man has been indicted for allegedly laundering the proceeds of inflated procurement contracts obtained via millions of dollars in bribes to officials at Venezuelan oil venture Petropiar, the U.S. Department of Justice said on Wednesday. Rixon Moreno, 46, allegedly received benefits including over $30 million in payments on contracts from Petropiar... Continue Reading →
(Reuters) - A U.S. court upheld a tribunal's $8.75 billion award to U.S. oil producer ConocoPhillips over the expropriation of its Venezuelan oil assets, granting a default judgment in the case on Friday. The decision gives the U.S. company new authority to collect on a 2019 award by a World Bank tribunal. The award includes... Continue Reading →
(Reuters) - Venezuela has suspended new crude shipments to Europe under an oil-for-debt deal and has asked Italy's Eni and Spain's Repsol to provide it with fuel in exchange for future cargoes, three people familiar with the matter said. Venezuela's oil company PDVSA no longer is interested in the oil-for-debt deals that the U.S. State... Continue Reading →
(Reuters) - Outages disrupting Venezuela's power and gas supplies to state-run energy firm PDVSA hit July oil exports, contributing to a 27% fall from the previous month, according to Refinitiv Eikon vessel tracking data and the company's internal documents. Oil sales from the OPEC-member country have zigzagged this year despite receiving supplies of diluents from... Continue Reading →
(Reuters) Crude oil spilling from one of state-run PDVSA's joint ventures has hit an environmentally sensitive area at Venezuela's eastern region, three sources close to the operations said on Tuesday. Oil spills and gas leaks have become frequent in recent years in Venezuela, where lack of investment and delayed maintenance have contributed to the deterioration... Continue Reading →
Brazil Energy Insight 