Under Military Rule, PDVSA Workers Quit in Stampede
Chauffeured around in a sleek black pick-up, the head of Venezuela's oil industry, Major General Manuel Quevedo, last month toured a joint venture with U.S. major Chevron. Flanked by other trucks carrying security guards, Quevedo passed a handful of workers waiting by an oil well cluster. They wanted a word with the OPEC nation's oil minister and president of its state-run oil firm…
Oil Rises on Saudi Purge, Tighter Markets
Saudi crown prince cements power with high-level arrests; U.S. rig count falls to lowest level since May 2016. Oil prices hit their highest since July 2015 on Monday as Saudi Arabia's crown prince cemented his power over the weekend through an anti-corruption crackdown, while markets continued to tighten. Brent crude futures were trading 26 cents higher at $62.33 a barrel by 1012 GMT…
Harvey Drenches Louisiana, Sparks Blast at Texas Chemical Plant
The remnants of Tropical Storm Harvey drenched northern Louisiana on Thursday as it moved inland, leaving behind record flooding that paralyzed the U.S. energy hub of Houston, killed at least 35 people and drove tens of thousands from their homes. Two explosions were reported at a flood-hit chemical plant in Crosby, Texas…
U.S. Sanctions Vens as Pressure Builds on Maduro
The Trump administration imposed sanctions on 13 senior Venezuelan officials as the country's opposition launched a two-day strike on Wednesday, heaping pressure on unpopular President Nicolas Maduro to scrap plans for a controversial new congress. Venezuela's long-time ideological foe the United States targeted the country's army and police chiefs…
Saudis Will Struggle to Kick Oil Addiction: Kemp
"King Abdulaziz and the men who worked with him for the establishment of the state did not depend on oil and they established the kingdom without oil, and they ran this state without oil, and they lived in this state without oil," Saudi Deputy Crown Prince Mohammed bin Salman said in an televised interview on Monday. The…
Pirates and Hold-ups: Crime Strikes Venezuela's Oil Industry
When night falls over western Venezuela, armed gangs known as "pirates" sometimes ride boats into muggy Lake Maracaibo to steal equipment from oil wells. In the country's Paraguana peninsula, opposite the Caribbean island of Aruba, slum dwellers at times break through a perimeter wall into Venezuela's biggest refinery and rob machinery, construction tools, and cables to sell as scrap.
Crime Paralyzes Venezuela's oil industry
When night falls over western Venezuela, armed gangs known as "pirates" sometimes ride boats into muggy Lake Maracaibo to steal equipment from oil wells. In the country's Paraguana peninsula, opposite the Caribbean island of Aruba, slum dwellers at times break through a perimeter wall into Venezuela's biggest refinery and rob machinery, construction tools, and cables to sell as scrap.
Kemp: U.S. Crude Oil Stocks Return to 1930s Crisis Levels
U.S. commercial crude oil stocks last week hit their highest level since 1931 - when the opening of giant oil fields in the United States coincided with the Great Depression to create an enormous glut and sent prices tumbling to just 13 cents per barrel. Commercial crude stocks at refineries and tank farms across the country rose to almost 407 million barrels on Jan 23…
Putin set on defusing Ukraine crisis
Foreign ministers from East and West will try to defuse the Ukraine crisis on Thursday in Geneva, once frequently the scene of Cold War negotiations, but will risk being upstaged by Russian President Vladimir Putin. With Russian troops massed on the border with Ukraine, prospects of significant progress at the four-way talks appear slim.
