Business Venezuela

  • *OPEC ready for "forceful" deal to cut output- Maduro. *But markets oversupplied as OPEC production surges. LONDON, Nov 17- Oil prices steadied on Thursday as expectations of an OPEC deal to limit production were balanced by growing evidence of heavy oversupply and rising stocks, particularly in the United States.

  • *OPEC signals inching closer to agreement, but scepticism remains. Crude inventories in the United States rose by 5.3 million barrels in the week to Nov. 11, compared with expectations for an increase of 1.5 million barrels. U.S. benchmark WTI crude was down 25 cents, or 0.5 percent, at $45.34 a barrel at 0750 GMT.

  • *OPEC signals inching closer to output freeze agreement. Crude inventories in the United States rose by 5.3 million barrels in the week to Nov. 11, compared with expectations for an increase of 1.5 million barrels. U.S. benchmark WTI crude was down 10 cents, or 0.22 percent, at $45.47 a barrel at 0555 GMT.

  • *OPEC signals inching closer to output freeze agreement. Crude inventories in the United States rose by 5.3 million barrels in the week to Nov. 11, compared with expectations for an increase of 1.5 million barrels. U.S. benchmark WTI crude was down 11 cents, or 0.24 percent, at $45.46 a barrel at 0040 GMT.

  • CARACAS, Nov 16- OPEC countries are ready to reach a "forceful" agreement on cutting oil output, Venezuelan President Nicolas Maduro said on Wednesday, following a meeting with OPEC Secretary-General Mohammed Barkindo in Caracas. OPEC agreed in Algeria on Sept. 28 to limit supply, with special conditions given to Libya, Nigeria and Iran, whose output has been hit by...

  • CARACAS, Nov 16- Venezuela's opposition-led National Assembly on Wednesday declared former PDVSA President Rafael Ramirez "politically responsible" for what it says was flagrant corruption at the state oil company during his decade-long tenure. Last month, a report by Venezuela's congressional comptroller's commission said some $11 billion in funds...

  • CARACAS, Nov 16- OPEC countries are ready to reach a "forceful" agreement on cutting oil output, Venezuelan President Nicolas Maduro said on Wednesday, following a meeting with OPEC Secretary-General Mohammed Barkindo in Caracas. OPEC agreed in Algeria on Sept. 28 to limit supply, with special conditions given to Libya, Nigeria and Iran, whose output has been hit by...

  • *Russia ready to support OPEC decision on output freeze. *OPEC sec-gen to meet Venezuelan president Wednesday. Russia said it was ready to support OPEC's decision on an output freeze and sees big chances that the oil producers' group can agree on the terms of the freeze by Nov. 30, Russian Energy Minister Alexander Novak said.

  • *Russia ready to support OPEC decision on output freeze. *OPEC sec-gen to meet Venezuelan president Wednesday. Russia said it was ready to support OPEC's decision on an output freeze and sees big chances that the oil producers' group can agree on the terms of the freeze by Nov. 30, Russian Energy Minister Alexander Novak said.

  • CARACAS/ HOUSTON, Nov 16- Two consortia including Japanese engineering firm JGC Corp and French oil services company Technip have been shortlisted to undertake a roughly $680 million overhaul of Aruba's refinery, according to three sources close to the deal. The contract is expected to be awarded in coming days, the sources in Caracas and Houston said.

  • *Russia ready to support OPEC decision on output freeze. *OPEC sec-gen to meet Venezuela president Wednesday. NEW YORK, Nov 16- Oil prices edged higher in volatile trading as the market weighed Russia's comments about a possible meeting with Saudi Arabia on possible output cuts against a bigger-than-expected U.S. crude storage build.

  • A woman holds a sign reading 'Hunger' during a demo against the government of Venezuelan President Nicolas Maduro in Caracas on May 14, 2016.

    Without basic goods like food and medicine, the country is facing drawn-out humanitarian and financial crises.

  • CARACAS, Nov 15- Venezuelan President Nicolas Maduro said on Tuesday he will meet with OPEC secretary-general Mohammed Barkindo in Caracas to discuss a potential agreement to limit global oil production. "Tomorrow I have a meeting with Mohammed Barkindo to continue working on an agreement that should be signed between OPEC and non- OPEC producers at the end of...

  • CARACAS, Nov 15- Venezuelan President Nicolas Maduro said on Tuesday he will meet with OPEC secretary-general Mohammed Barkindo in Caracas to discuss a potential agreement to limit global oil production.

  • CARACAS, Nov 15- Multinational companies are selling their Venezuelan operations at hefty discounts- or even giving them away- as they to seek to escape the OPEC nation's soaring inflation and chronic supply shortages. One company, U.S. autoparts-maker Dana, last year sold its debt-laden Venezuela operations to a local buyer for no cash compensation.

  • WASHINGTON, Nov 4- Vatican- convened talks between Venezuela's government and opposition are the last, best chance to find a peaceful solution to the country's political impasse, U.S. In his first remarks since visiting Caracas on Monday, Shannon said Washington would support the talks "as long as it remains viable." He has spearheaded efforts by the Obama...

  • WASHINGTON, Nov 4- Vatican- convened talks between Venezuela's government and opposition is the last, best chance to find a peaceful solution to end the country's political impasse, U.S. "Absent this dialogue process, Venezuela will find itself in a state in which both the government and the opposition will have to measure themselves through their ability to put...

  • It's time to do something for a higher oil price: Eni CEO

    Claudio Descalzi, CEO of Eni, says that an OPEC deal is necessary.

  • Venezuela crisis seems to deepen

    Thousands of Venezuelans demand a referendum to oust sitting President Nicolas Maduro.

  • Mark II Unitorque electric pumping unit at a crude oil well site outside South Heart, North Dakota.

    The oil market is up against this vicious cycle and breaking out will be hard, says trader Anthony Grisanti.