Business News Venezuela

  • VENEZUELA'S STATE-RUN PDVSA CHANGED THE INTENDED BUYER OF AT LEAST 4 CRUDE CARGOES IN FEBRUARY FROM SANCTIONED ROSNEFT TRADING TO ANOTHER ROSNEFT AFFILIATE- DOCUMENTS.

  • Venezuela's socialist President Nicolas Maduro remains in power a year after Washington recognized opposition leader Juan Guaido as the legitimate president, and has worked to push Maduro out. Maduro has retained the support of Russia and China. Special Representative for Venezuela Elliott Abrams told Reuters in an interview that there will be more...

  • Feb 24- Venezuela's state oil company Petroleos de Venezuela named an army lieutenant colonel with no apparent industry experience as vice president of its supply and trading division, according to two people with knowledge of the appointment. The supply and trading role is set to present significant challenges for PDVSA after the United States last week...

  • CARACAS, Feb 19- Venezuelan President Nicolas Maduro said on Wednesday he would create a presidential commission to restructure the country's beleaguered oil industry, which will be led by Vice President for the Economy Tareck El Aissami. The announcement came a day after the United States sanctioned Rosneft Trading, a unit of Russian state oil company...

  • NEW YORK, Feb 19- Oil prices gained more than 2% on Wednesday as worries eased about demand declining due to the spread of coronavirus cases in China, while supplies tightened as the United States moved to cut off more Venezuelan crude from the market. Official data showed new coronavirus cases in China fell for a second day, although the World Health Organization...

  • LONDON, Feb 19- Benchmark Brent oil prices rose for a seventh consecutive day after demand worries eased with a slowing of new coronavirus cases in China and supply was curtailed by a U.S. move to cut more Venezuelan crude from the market. China, the world's second-largest economy, has imposed city lockdowns and travel restrictions to contain a virus that has now...

  • LONDON, Feb 19- Oil prices rose on Wednesday, with Brent gaining for a seventh straight day, after a slowing of new coronavirus cases in China eased demand worries and supply was curtailed by a U.S. move to cut more Venezuelan crude from the market. S&P Global Ratings said it expected coronavirus would deliver a "short-term blow" to economic growth in China in the...

  • WASHINGTON, Feb 18- The United States on Tuesday ramped up pressure on Venezuela by blacklisting a subsidiary of Russian state oil major Rosneft that President Donald Trump's administration said provides a financial lifeline to President Nicolas Maduro's government. The U.S. Treasury Department imposed sanctions on Rosneft Trading SA, the Geneva- based...

  • WASHINGTON, Feb 18- The United States on Tuesday tightened financial restrictions on Venezuela, blacklisting a subsidiary of Russian state oil major Rosneft that President Donald Trump's administration has said provides a lifeline to President Nicolas Maduro's government. The sanctions imposed by the U.S. Treasury Department increase pressure on...

  • WASHINGTON, Feb 18- The United States on Tuesday tightened financial restrictions on Venezuela, blacklisting a subsidiary of Russian state oil major Rosneft that President Donald Trump's administration has said provides a lifeline to President Nicolas Maduro's government. The sanctions announced by the U.S. Treasury Department increase the pressure on...

  • Russian President Vladimir Putin (R) shakes hands with his Venezuelan counterpart Nicolas Maduro during a meeting at the Novo-Ogaryovo state residence outside Moscow on December 5, 2018.

    On Tuesday, the US tightened financial restrictions on Venezuela, blacklisting a subsidiary of Russian oil firm Rosneft.

  • WASHINGTON, Feb 18- The United States on Tuesday tightened financial restrictions on Venezuela, blacklisting a subsidiary of Russian oil firm Rosneft that President Donald Trump's administration has said provides a lifeline to President Nicolas Maduro's government. The United States also issued a general license allowing companies 90 days to wind down...

  • CARACAS, Feb 14- Venezuelan President Nicolas Maduro said on Friday his decision to allow transactions in dollars in the crisis-torn South American country was "correct" and taken "in the midst of a war." Maduro, a socialist, accuses the United States of waging "economic war" on the OPEC nation through sanctions on its crucial oil sector. The economy is in its sixth year...

  • BUENOS AIRES, Feb 13- Argentine bonds took a beating on Thursday after the economy minister warned that a "deep debt restructuring" was on the way, and promised to take a tough stance with creditors while refusing to impose fiscal austerity on the shrinking economy. Late on Wednesday, Economy Minister Martin Guzman told Congress that while pushing out bond...

  • Over the counter bond prices fell an average 2% while Argentina's risk spread shot out 118 basis points to 2,068 over safe-haven U.S. Late on Wednesday, Economy Minister Martin Guzman told Congress that while pushing out bond maturities he would not try to cut the primary fiscal deficit this year. He said Argentina's debt load was unsustainable and warned that...

  • Riyadh has been working to convince OPEC producers and allies led by Russia, a group known as OPEC+, that they need to act sooner rather than later. Nearly all OPEC members have expressed support for the proposed cut in supply, including Venezuela and Iran, who have often in the past been out of step with de facto OPEC leader Saudi Arabia on supply policy.

  • CARACAS, Feb 11- Venezuela backs the recommendation of the OPEC+ technical committee to cut crude output by 600,000 barrels per day, the South American country's oil ministry and state oil company PDVSA said in a joint statement on Tuesday. A panel that advises the Organization of the Petroleum Exporting Countries and its allies, led by Russia, proposed the...

  • CARACAS, Feb 11- Venezuela backs the recommendation of the OPEC+ technical committee to cut crude output by 600,000 barrels per day, the South American country's oil ministry said in a statement on Tuesday.

  • CARACAS/ WASHINGTON Feb 11- Chevron Corp's share of oil output at its joint ventures in Venezuela with state oil company Petroleos de Venezuela SA dropped 16% in 2019 to 35,300 barrels per day, down from 42,000 bpd in 2018, a company spokesman said on Tuesday. The drop mirrored the decline in crude output across the South American country last year, according to...

  • CHEVRON'S SHARE OF OIL OUTPUT AT VENEZUELA JOINT VENTURES FELL 16% IN 2019 VS 2018 TO 35,300 BPD- COMPANY SPOKESMAN.