Business Venezuela

  • Iranian workers walk at a unit of South Pars Gas field in Asalouyeh Seaport, north of Persian Gulf, Iran November 19, 2015.

    Venezuela and Iran are continuing to seek consensus on ways to stabilize oil markets, Venezuelan President Nicolas Maduro says.

  • CARACAS/ HOUSTON, Aug 26- Venezuela's state oil company, PDVSA, has relaunched a large tender for the drilling of 600 oil wells in the world's largest crude reserves, sources with knowledge of the tender said this week, after a similar project collapsed last year amid concerns about transparency and political favoritism. Reuters reported last month that tiny...

  • Venezuela's President Nicolas Maduro gestures as he speaks during a meeting with representatives of pharmaceutical sector, in Caracas.

    President Nicolas Maduro has set a 48-hour deadline for ministers to dismiss some public workers who requested a recall referendum.

  • TORONTO, Aug 23- Canada's Rusoro Mining Ltd said on Tuesday it has been awarded more than $1.2 billion by a World Bank tribunal that ruled Venezuela had unlawfully seized the company's gold assets four years ago. Shares in the Vancouver- based mining firm, which is backed by Russia's Agapov family, more than doubled on Tuesday, trading for as much as 32 cents- their...

  •  Iran oil plant under construction with Iran Flag

    Iran is sending positive signals that it may support joint action to prop up the oil market.

  • CARACAS, Venezuela— President Nicolas Maduro is ordering retaliation against managers in government agencies who signed a petition to recall him from office. Socialist party leader Jorge Rodriguez said Monday that Maduro had set a 48- hour deadline for ministers to fire high-ranking public workers who added their names to a petition seeking a new...

  • Famed weather prognosticating groundhog Punxsutawney Phil. An early spring was predicted as Phil did not see his shadow.

    Though some predict oil will rise to $60 this year, consultant Andy Lipow says the market is acting more like the movie "Groundhog Day."

  • CARACAS/ HOUSTON, Aug 19- Venezuelan state oil company PDVSA has begun talks with Credit Suisse AG for a possible swap of bonds due in 2017, according to sources familiar with the conversations. The oil company is due to pay in November some $2.3 billion in amortization for bonds due in 2017, an amount representing more than half of what PDVSA owes in total...

  • A pump jack and pipes at an oil field near Bakersfield, California.

    Preliminary data from the American Petroleum Institute showed a surprise build in U.S. gasoline stocks.

  • BRASILIA/ MONTEVIDEO, Aug 16- Brazil summoned Uruguay's ambassador on Tuesday after the neighboring country's foreign minister accused Brazil of trying to "buy" its vote to block Venezuela from taking the rotating presidency of the Mercosur trade bloc. In comments to lawmakers last week that were made public on Tuesday, Uruguayan Foreign Minister Rodolfo Nin...

  • BRASILIA, Aug 16- Brazil's Foreign Ministry summoned Uruguay's ambassador on Tuesday to explain comments reportedly made by Uruguay Foreign Minister Rodolfo Nin Novoa, who accused Brazil of trying to block Venezuela from taking the presidency of the Mercosur trade bloc. Uruguayan media reported that Nin Novoa said the Brazilian government tried to "buy"...

  • CARACAS, Aug 15- Venezuela, which holds the world's largest crude reserves, is on track to suffer its steepest annual oil output drop in 14 years as it suffers the effects of an economic crisis and years of under investment and mismanagement, according to data seen by Reuters and interviews with company sources and workers. In the 12 months to June, Venezuela's...

  • CARACAS, Aug 15- Venezuela, which holds the world's largest crude reserves, is on track to suffer its steepest annual oil output drop in 14 years as it suffers the effects of an economic crisis and years of under investment and mismanagement, according to data seen by Reuters and interviews with company sources and workers. In the 12 months to June, Venezuela's...

  • Deputy Crown Prince of Saudi Arabia Mohammad bin Salman Al Saud

    Saudi Arabia just made it much more likely that OPEC and other oil producers will take action if crude prices weaken.

  • CARACAS, Aug 4- Facing a national food crisis, Venezuela's pumpkin-growing socialist president is exhorting compatriots to grow fruit and vegetables on balconies and roofs and in barracks across the country. His government's " Great Agro-Venezuela Mission" is promoting city farming to offset shortages which have led to lootings and riots as the OPEC country...

  • Workers ride on a pickup truck toward farm land in Santa Barbara de Zulia in Venezuela.

    Venezuela issued a decree that "effectively amounts to forced labor" in an attempt to stabilize a food shortage, says an Amnesty International report.

  • BOSTON, July 27- U.S. companies operating in Venezuela have escalated the use of an accounting maneuver to insulate themselves from a worsening economic crisis in the South American country that has erased more than $10 billion in profits over the past 18 months. Deconsolidation means that Venezuela operations can largely no longer hurt or benefit a U.S....

  • CARACAS/ BOGOTA, July 26- Even for Venezuela's notoriously opaque economy, it was a sweetheart deal that went too far. Last August, state oil company Petroleos de Venezuela SA issued one of its largest tenders in recent years: a multi-billion dollar project in the Orinoco Belt, the world's largest crude reserve. Trenaco, headquartered in Switzerland but largely...

  • MILAN, July 21- The United States will ship its first liquefied natural gas cargo through an expanded Panama Canal next week. A day later BP Plc's British Merchant will begin passing through the Panama Canal also carrying cargo from the United States to Manzanillo on Mexico's Pacific coast, Kpler LNG said. The Panama Canal Authority confirmed the Maran Gas...

  • July 21- Confidence in prospects for the global economy has been dented following Britain's vote to leave the European Union, with a growing view that monetary policy is a fading force and many governments now need to borrow and spend, Reuters polls showed. "Given how fragile the global economy is nearly eight years after the start of the global financial crisis,...