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Venezuela Orders PDVSA Offices Relocate To Moscow; Putin Affirms Support To “Friend” Maduro
Venezuela Orders PDVSA Offices Relocate To Moscow; Putin Affirms Support To “Friend” Maduro A top Venezuelan official has announced that President Nicolas Maduro has ordered national oil and gas company PDVSA to close its current European headquarters in Lisbon, Portugal and move it to Moscow. The announcement came from Venezuelan Vice President Delcy Rodriguez during a press conference standing alongside Russian […]
Moscow Will Do “Whatever It Takes” To Defend Its Interests In Venezuela
Moscow Will Do “Whatever It Takes” To Defend Its Interests In Venezuela After decrying US sanctions against Venezuela’s state-run oil company PDVSA as “illegal” and enforcing “unfair competition”, a Kremlin spokesman has reiterated that Russia is prepared to use “all mechanisms available to us” to defend its economic interests in Venezuela – interests that are closely tied […]
Venezuela’s Glaring Gasoline Crisis
Venezuela’s Glaring Gasoline Crisis Iran has dominated the headlines over the last few weeks, but Venezuela’s oil sector continues to meltdown. Venezuela’s oil production fell to just 1.197 million barrels per day in September, down 42,000 bpd from a month earlier. However, because things are moving so quickly, that figure is now woefully out of […]
Ex-Venezuela Oil Boss: PDVSA Is Collapsing
Ex-Venezuela Oil Boss: PDVSA Is Collapsing The man who ran Venezuela’s state oil company PDVSA for a decade after 2004 says that the country’s oil firm is on the cusp of total collapse and expects oil production to drop by 600,000 bpd each year amid lack of investment. Rafael Ramirez, who has long been a […]
Analysis: Venezuela’s oil production plummets amid chaos and industry defections
Analysis: Venezuela’s oil production plummets amid chaos and industry defections Staggering debt, crumbling equipment and infrastructure, and mass worker resignations, have set back Venezuela’s oil industry decades, with experts saying they see scant prospects of any turnaround. Crude output of 1.70 million b/d lowest since strike in 2003: Platts survey Lack of safety protocols could […]
Venezuela Could Lose A Lot More Oil Production
Venezuela Could Lose A Lot More Oil Production After defaulting on debt, Venezuela’s crisis continues to unfold, threatening to worsen the state-owned oil company’s production. PDVSA reportedly told employees that they needed to carry out an austerity campaign, looking for ways to cut costs by 50 percent. The internal memo said that savings needed to […]
Next up for Venezuela: PDVSA’s inevitable default — #SaxoStrats
Next up for Venezuela: PDVSA’s inevitable default — #SaxoStrats Venezuelan default a near-certainty National oil firm key to country’s financial future Production rise will require private sector involvement Caracas, Venezuela: As Venezuela’s finances teeter on the brink, its national oil firm looks to boost production. Photo: Shutterstock A Venezuelan default is only a matter of […]
