Ex-PDVSA oil czar Ramirez Probed in $4.8B Scandal
Venezuela is investigating Rafael Ramirez, a once powerful oil minister and former head of state oil company PDVSA, in connection with an alleged $4.8 billion Vienna-based corruption scheme…
Paralysis at PDVSA: Venezuela's Oil Purge Escalates
Decisions at some joint ventures with foreign firms are delayed. A growing number of oil tankers sit idle because no one authorizes payments. Employees struggle to get approval for routine expenses…
Venezuela Arrests Ex-oil Bosses
Venezuelan authorities on Thursday arrested two once-powerful officials who had run the oil ministry and state energy company PDVSA as part of a deepening industry purge…
Venezuela Oil Minister: Oil Market Has Found Balance
Venezuela's oil minister Eulogio Del Pino said Wednesday that the oil market has finally found balance, as inventories are declining. Del Pino was speaking in Santa Cruz…
Indian Oil Corp Mulls PDVSA Crude Buys
Crude orders could help Venezuela settle unpaid bills; but doubts remain as to whether PDVSA can supply more crude. Indian Oil Corp is considering buying Venezuelan…
Venezuela Discussing Citgo Collateral Swap with Rosneft
Reuters exclusively reported in July that Rosneft was negotiating to switch its collateral in the refiner for oilfield stakes and a fuel supply deal - a move to avoid complications from U.S.
Putin: Oil Cuts with OPEC Could Last to End of 2018
Russian President Vladimir Putin said on Wednesday a deal between OPEC and rival oil producers to reduce production could be extended to the end of 2018, a longer timeframe than others have suggested…
Oil Weakens on Fears Irma Could Dent U.S. Demand
Losses capped by talks over extension to production pact; Saudi Arabia, Venezuela, Kazakhstan discuss deal extension. Oil prices edged lower on Monday on concerns that…
Venezuela: Oil Inventories Still Too High
Venezuelan oil minister Eulogio Del Pino on Friday said global oil inventories remain too high and called on OPEC and other producers to review their global output reduction…
PDVSA Defends Relationship With Russia
Venezuela's alliance with Russia is "perfect," the president of state oil company PDVSA said on Friday, blasting what he said was a U.S.-led attempt to sully the growing ties between the two nations.
Sovcomflot Holds PDVSA Oil Hostage over Debts
Venezuela's state-run oil company, PDVSA, sent a tanker in October to the Caribbean with the expectation that its cargo of crude would fetch about $20 million - money…
PDVSA Starts Bank Transfers on April Bond Payments
Venezuela's state oil company, PDVSA, said on Thursday it had "started bank transfers" to make its first April bond payments, outlays that will further squeeze the already…
Venezuela to Cut 95,000 bpd Crude Output in OPEC Deal
Venezuela said on Tuesday it will cut 95,000 barrels per day of oil production in the New Year in fulfillment of a producers' deal to reduce global output and strengthen prices. Jan.
OPEC, U.S. Begin "cat and mouse" Oil Game
As far as one of the world's biggest commodities traders, Glencore's chief Ivan Glasenberg, is concerned, the oil market will be at the mercy of "a cat and mouse game" between OPEC and its U.S.
Venezuela Says Shell to Provide $400 mln Financing for Oil Venture
Royal Dutch Shell Plc will provide some $400 million in financing to boost oil output at Venezuela's Petroregional del Lago, a joint venture with state-run PDVSA, the…
Vens Tap China Credit Line for $2.2 bln
Venezuela said it would tap $2.2 billion from a Chinese credit line to boost oil output at joint ventures with China National Petroleum Corp, in a boost for the South…
Venezuela’s President meets OPEC Secretary General
OPEC Secretary General, HE Mohammad Sanusi Barkindo, yesterday (November 16) met in Caracas with the President of the Bolivarian Republic of Venezuela, Nicolas Maduro.
Multinational Firms Flee Venezuela
Multinational companies are selling their Venezuelan operations at hefty discounts - or even giving them away - as they to seek to escape the OPEC nation's soaring inflation and chronic supply shortages.
As Cracks Emerge in Global Oil Pact, Saudis May Need to Compromise
Tough negotiations await a group of OPEC experts as they meet their counterparts from other oil producers such as Russia on Oct. 28-29 to hammer out details of an output-capping agreement…
India's ONGC says Venezuela's PDVSA to Supply Oil
Venezuela's national oil company Petroleos de Venezuela has agreed to supply oil on a monthly basis to India to help settle dues which Venezuela owes to India's Oil and Natural Gas Corp.
