PDVSA Ex-exec Admits Taking Bribes
A former finance executive of Venezuelan state oil company PDVSA accepted $17 million in bribes as part of a broad embezzlement scheme, U.S. federal prosecutors said on Wednesday, in a case that implicates a French oil firm and a Russian bank.The former executive, Abraham Ortega, admitted to taking the bribes as part of a guilty plea to one count of attempting to launder $12 million of the illegal payments, the U.S.
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, the state prosecutor's office announced on Friday. Prosecutor Tarek Saab said Ramirez and at least four other oil executives from the South American OPEC nation sold crude oil at below market prices in exchange for bribes.
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 also seen as a power play by leftist President Nicolas Maduro. In the highest-profile arrests to date, engineer Eulogio Del Pino and chemist Nelson Martinez were detained early…
Venezuela Arrests Top Oil Exec, 8 Other PDVSA Employees
Venezuela has arrested the state oil company's boss for the western region and eight other executives at PDVSA, according to an internal company memo and a half-dozen sources in the OPEC member's oil industry. It was not immediately clear why Gustavo Malave and the other employees were apprehended, though a series of corruption probes are under way at PDVSA and have entangled other employees.
Former PDVSA Boss Denies $11 Bln Corruption Allegations
Former PDVSA President Rafael Ramirez denied as "irresponsible lies" a Venezuelan congressional investigation accusing the state oil company of corruption to the tune of $11 billion during his decade-long tenure. The National Assembly's comptroller commission on Wednesday accused PDVSA of failing to account for the money, lost it says between 2004 and 2014 when Ramirez was at the helm.
How Russia Was Warned Against Oil Output Cut as Prices Dived
As Russia prepares to meet OPEC next week, a briefing paper from a Moscow think tank has shed light on how the government was warned against cutting oil output late last year even though global prices were plummeting. Speculation was rife that Russia and the oil exporters' cartel might strike a production deal to arrest the slide when Energy Minister Alexander Novak met his Saudi Arabian counterpart last November.
Financial Pressure Forces PDVSA to Embraces Pragmatism
CARACAS/HOUSTON, March 13 (Reuters) - A subtle change in office attire may be the most telling symbol of a quiet revolution taking place inside Venezuela's troubled economic engine, giant oil firm PDVSA. For years, PDVSA employees were encouraged to wear red shirts in support of late President Hugo Chavez's socialist movement. Rafael Ramirez,…
Naimi Declares Price War on U.S. Shale Oil
Saudi Arabia's oil minister told fellow OPEC members they must combat the U.S. shale oil boom, arguing against cutting crude output in order to depress prices and undermine the profitability of North American producers. Ali al-Naimi won the argument at Thursday's meeting, against the wishes of ministers from OPEC's poorer members such as Venezuela…
Oil Tumbles after OPEC, Russia, Mexico Fail to Agree on Cuts
Oil prices tumbled by more than $1 a barrel on Tuesday to near four-year lows, reversing early gains after a meeting between Saudi Arabia, Venezuela and major non-OPEC oil exporters ended with no deal on curbing output. Saudi Oil Minister Ali al-Naimi met with officials from Venezuela, Russia and Mexico in Vienna before Thursday's summit of the…
Vens, Saudi, Mexico, & Russia All to Meet on Market
Venezuela will meet with OPEC heavyweight Saudi Arabia and major non-OPEC oil producers Russia and Mexico to discuss "coordination" in the oil market, Venezuelan Foreign Minister Rafael Ramirez said on Tuesday. "We are going to discuss the market situation and some coordination," Ramirez told reporters in Vienna ahead of OPEC's crucial production meeting on Thursday…
Venezuela Ships First Crude Mixed with Algerian Oil to China
Venezuela is sending its first shipment of crude mixed with Algerian light oil to China, according to state oil company PDVSA and traders. Venezuela recently started importing Saharan Blend from Algerian state-run Sonatrach to dilute its extra heavy crude from the Orinoco oil belt. PDVSA had previously imported costlier naphtha to use as a diluent.
Oil Rises to $81 on Hopes for OPEC Move
China cuts interest rates to help sagging economy; Venezuela willing to cut oil production, minister says. Brent crude oil rose more than $2 to above $81 a barrel on Friday after China cut interest rates and on speculation that OPEC could agree next week to reduce oil production. China's central bank cut its benchmark interest rates for the first…
Venezuela Willing to Cut Oil Output Along with OPEC
Venezuela would be willing to cut its own oil production if OPEC decides to limit output when it meets on Nov. 27, Foreign Minister Rafael Ramirez said on Thursday. Ramirez, who was until recently oil minister and president of state oil company PDVSA, declined to say what specific proposal Venezuela planned to take to the Organization of the Petroleum Exporting Countries meeting in Vienna.
Oil Steady Above $79 on OPEC Hopes
Venezuela, Russia discuss actions to defend oil prices. Brent crude oil steadied on Tuesday, holding above $79 a barrel after hitting a four-year low last week, as speculation intensified that OPEC could cut output at its meeting on Nov. 27 in Vienna. Talk about OPEC's response to a 30-percent drop in global oil prices since late-June intensified…
Venezuela, Russia Discuss Defending Oil Prices
Venezuela said on Monday Foreign Minister Rafael Ramirez and Russian Energy Minister Alexander Novak discussed the oil market and "the need to coordinate actions in defense" of prices during a meeting in Moscow. Ramirez has been on a global tour of OPEC and non-OPEC nations in the run-up to OPEC's Nov. 27 meeting in Vienna. (Reporting by Alexandra Ulmer; Editing by Chizu Nomiyama)
Faststream Adds Eight Recruiting Staff
Recruiting hires reflect demand for talent in the oil and gas and maritime sectors, across the U.S. Faststream, an oil and gas and maritime recruiting and staffing services company, hired eight recruiters in its Houston and Fort Lauderdale offices to focus solely on placing talent within the oil and gas and maritime sectors, reflecting the market needs and industry demands for qualified, experienced and well-trained talent.
Oil Swoons 3% to New Lows; Eyes on Saudi US Discount
Oil dived more than 3 percent on Tuedsay to multi-year lows, as Saudi Arabia's sharp cut in export prices to the United States looked likely to deepen a global supply glut that has already driven prices down 30 percent since June. On Monday, Saudi Arabia surprised the market by raising prices for Asia and Europe but cutting prices for U.S. customers.
Saudis Cuts U.S. Price, Oil Sags to $82
Saudi Arabia cuts oil prices for U.S. customers; Brent and WTI touch respective 4-year and 3-year lows. Brent crude oil fell more than 3 percent to its lowest in over four years near $82 a barrel on Tuesday, after top oil exporter Saudi Arabia cut sales prices to the United States. Front-month Brent touched a low of $82.08, its weakest since October 2010, and was down $2.60 at $82.18 a barrel by 1305 GMT. U.S.
Venezuela, Ecuador to Defend Oil Prices
Venezuela and Ecuador are working on a joint proposal to defend oil prices that the two countries will present at the next OPEC meeting, Venezuelan President Nicolas Maduro said on Friday. Venezuela was the first country to request an extraordinary meeting of Organization of the Petroleum Exporting Countries to discuss the sharp drop in crude prices that began in October, but the idea got little support.
Saudi's, PDVSA to Hash Out Price Question
Saudi Oil Minister Ali al-Naimi and Venezuelan Foreign Minister Rafael Ramirez will meet on Wednesday on the sidelines of a climate conference, according to a person close to the Saudi delegation. Though recently appointed foreign minister, Ramirez, the former energy minister and head of state oil company PDVSA, remains Venezuela's OPEC delegation head and has led calls for an emergency meeting due to global price declines.
