Business News Venezuela

  • CARACAS, June 10- Venezuela's annual inflation dropped below 1 million percent in May for the first time since 2018, the opposition-run congress said on Monday, the result of the central bank restricting the domestic money supply. The result is that the banking system has less capacity to lend, said legislator Angel Alvarado in an interview, which will further...

  • Mexico typically buys as much as $1 billion worth of financial positions to protect its revenues from oil sales for the coming year against price fluctuation. By early May, Mexico is usually at least sounding out banks, attempting to discreetly secure the best price using financial instruments such as put options, which give the holder the right to sell oil at a...

  • HOUSTON/ MEXICO CITY, June 7- The Trump administration's clashes with Mexico could further squeeze U.S. imports of critical heavy crude oil from Latin America, which have fallen to their lowest in nearly three decades following sanctions on Venezuela, U.S. government and Refinitiv Eikon data shows. The United States relies on heavy crude to blend with lighter...

  • NEW YORK, June 7- Oil prices rose on Friday, climbing further from five-month lows hit this week, after Saudi Arabia said OPEC was close to agreeing to extend an output production cut beyond June. Saudi Energy Minister Khalid al-Falih told a conference in Russia that the Organization of the Petroleum Exporting Countries and its allies should extend oil...

  • June 7- Norwegian Cruise Line Holdings Ltd said on Friday the Trump administration's ban on cruises to Cuba would hit its full year earnings. The new restrictions on U.S. travel to the Caribbean island are aimed at pressuring the country's Communist government to reform and stop supporting Venezuelan President Nicolas Maduro. Norwegian said, among other...

  • An offshore oil rig off the coast of Norway.

    Oil prices rose on Friday, climbing further from five-month lows hit this week, after Saudi Arabia said OPEC was close to agreeing to extend an output production cut beyond June.

  • Venezuela is in the midst of a years-long economic and humanitarian crisis that has deepened since the United States imposed sanctions on the country's oil industry in January as part of an effort to oust Socialist President Nicolas Maduro in favor of opposition leader Juan Guaido. At the end of May, nearly 47,000 65- kg bags of cocoa from Venezuela worth an...

  • CARACAS, June 6- Citibank and Deutsche Bank have taken control of around $1.4 billion of Venezuelan government gold, which they received as guarantees for loans, as a result of U.S. sanctions on the Venezuelan Central Bank, according to five sources. Five sources with knowledge of the deals said the BCV had agreed with Citibank and Deutsche Bank to buy back the gold...

  • ST PETERSBURG, June 6- President Vladimir Putin said on Thursday Russia had differences with OPEC over what constituted a fair price for oil, but that Moscow would take a joint decision on output with OPEC colleagues at a policy meeting in the coming weeks. Russia joined the efforts with the OPEC in 2016 and their cooperation has helped to stabilise oil pieces and...

  • MOSCOW, June 6- President Vladimir Putin said on Thursday Russia had differences with OPEC over what constituted a fair price for oil, but that Moscow would take a joint decision on output with OPEC colleagues at a policy meeting in the coming weeks. Putin said a price of $60- $65 a barrel suited Moscow, while Saudi Arabia wanted a higher price. He added that the...

  • NEW YORK, June 6- The United States may now be the world's biggest crude producer, but the oil being produced in its prolific Permian basin is increasingly too light in density for domestic refiners or for exports, eroding prices for these orphan barrels. Over the past year, production from the Permian in West Texas and New Mexico has changed, with more super-light...

  • ST PETERSBURG, Russia, June 6- Lukoil, Russia's second-biggest oil producer, plans to propose that Moscow extend its participation in a global oil production-cutting deal at existing terms to the end of this year, its chief executive Vagit Alekperov told Reuters. Russia and some other non- OPEC members along with OPEC countries plan to meet in June or July to...

  • NEW YORK, June 5- U.S. refiners warned the Trump administration that tariffs on imports from Mexico could deliver a punishing blow to refiners and raise the cost of gasoline just as the U.S. driving season kicks into high gear, according to sources familiar with the discussions. Trump surprised Mexico last week with a threat to impose 5% tariffs on all its exports...

  • June 5- Carnival Corp said on Wednesday it will no longer sail to Cuba following the Trump administration's ban on cruises to the Caribbean island. The new restrictions on U.S. travel to Cuba are aimed at pressuring the country's Communist government to reform and stop supporting Venezuelan President Nicolas Maduro. Royal Caribbean Cruises said on Tuesday...

  • HAVANA, June 4- The Trump administration banned cruises to Cuba under new restrictions on U.S. travel to the Caribbean island imposed on Tuesday to pressure its Communist government to reform and stop supporting Venezuelan President Nicolas Maduro. The State Department said the United States will no longer permit visits to Cuba via passenger and...

  • BOGOTA, June 4- Seven companies have put in bids for 11 oil exploration contracts in Colombia, the government said on Tuesday, as the Andean country seeks to revitalize its oil sector. "For the first time in the history of Colombia an offer of blocks has obtained 55% success," said agency head Luis Miguel Morelli. Other qualified bidders include CNE Oil and Gas,...

  • HAVANA, June 4- The Trump administration on Tuesday imposed heavy new restrictions on U.S. travel to Cuba, including a ban on cruises, in a further bid to pressure the island's Communist government to reform and end its support for Venezuela's embattled President Nicolas Maduro. The State Department said the United States will no longer permit visits to Cuba via...

  • BOGOTA, June 4- Seven companies have put in bids for 11 oil exploration contracts in Colombia, the government said on Tuesday, as the Andean country seeks to revitalize its oil sector. "For the first time in the history of Colombia an offer of blocks has obtained 55% success," said agency head Luis Miguel Morelli. Colombia expects to receive some $1.5 billion in oil...

  • HAVANA, June 4- The Trump administration on Tuesday imposed heavy new restrictions on U.S. travel to Cuba, including a ban on cruises, in a further bid to pressure the island's Communist government to reform and end its support for Venezuela's embattled President Nicolas Maduro. The State Department said the United States will no longer permit visits to Cuba via...

  • HAVANA, June 4- The Trump administration on Tuesday imposed heavy new restrictions on travel to Cuba by U.S. citizens, including a ban on cruises, in a bid to further pressure the Communist island over its support for Venezuelan President Nicolas Maduro. The tightening of the decades-old U.S. embargo on the Caribbean's largest island will further wound its...