Oil prices rose on Wednesday after data from the US Energy Information Administration showed US crude stocks rose less than expected last week due to a decline in imports. Equinor photo. US oil prices up [Read more]
In response to the re-election of President Nicolas Maduro, the Trump administration is considering imposing sanctions against Venezuelan oil exports, however, refiners in the US are concerned it would be even harder to secure heavy [Read more] [Read more]
Venezuelan Oil Minister Manuel Quevedo said on Thursday that US sanctions against the OPEC country are an attack on the stability of the global oil market. PDVSA photo. US sanctions imposed on Venezuela following recent [Read more]
As of Wednesday, over 80 tankers were anchored off the Venezuelan coast waiting to load about 22 million barrels of crude and products for export. Earlier in the month, the backlog hit 24 million barrels. [Read more]
Greater GDP growth has potential to increase oil consumption beyond forecasted levels, putting upward pressure on crude oil prices EIA’s May Short-Term Energy Outlook (STEO) forecasts that Brent crude oil prices will average $71 per barrel (b) [Read more]
As part of its $2 billion arbitration award, US oil major ConocoPhillips has received court attachments freezing PDVSA Caribbean assets and can now move to sell them. Wikimapia photo. PDVSA Caribbean on Curaçao, Bonaire and [Read more]
As supplies from Mexico, Venezuela and other competitors wane, Canadian supply increasing share of refining runs in world’s largest heavy oil market Supplies of Canadian oil sands heavy crude are increasingly being refined on the [Read more]
Outages from wildfires in Alberta, Canada and militancy in Nigeria slowed the decline in Venezuela’s exports Venezuela’s crude oil production has been on a downward trend for two decades, but it has experienced significant decreases [Read more]
Luis Almagro, head of the Organization of American States, says Venezuelan sanctions targeting oil industry would be in response to the South American country’s repressive political climate. El Comercio photo. Proposed Venezuelan sanctions on oil [Read more]
Critics are concerned the sale of petro crytocurrency nothing more than a debt issuance by Venezuela. Venezuelan government hopes Petro Cryptocurrency will help relieve economic crisis Venezuelan President Nicolas Maduro said on Tuesday that next [Read more]
The United States says it is considering imposing Venezuelan oil sanctions in an effort to pressure President Nicolás Maduro to return the South American country to full constitutional order. AFP/Getty Images photo by Luis Robayo. Venezuelan oil [Read more]
OPEC producers continue to match and better pledges made to cut their crude output. CNBC photo. OPEC producers cut output by 1.8 million b/d to rebalance market OPEC producers are concerned rising US shale production [Read more]
Venezuelan oil output has fallen significantly and experts say the decline could continue. AFP/Getty Images photo. Venezuelan oil output down nearly 13 per cent last year OPEC data released on Thursday showed Venezuelan oil output [Read more]
Pipelines are full, which would mean more oil-by-rail to US Gulf Coast refineries Global heavy crude oil markets are already tight because of OPEC cutbacks and potential sanctions against Venezuela by the United States could [Read more]
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