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News: Oil and Gas

Oil Provokes Diplomatic Spat Between Venezuela and Guyana

Venezuelan Foreign Minister Delcy Rodriguez responds to the government of Guyana over disputed territory, Caracas, Venezuela Jun

Tensions between Venezuela and Guyana rose this week following a Guyanese statement rejecting Venezuelan claims to a disputed maritime territory where Exxon Mobil has discovered oil. 

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Obama Visits Jamaica, Urges Caribbean Nations to Break from PetroCaribe

St. Kitts and Nevis' prime minister (L) and Venezuela's ambassador to the country shake hands after sealing a $16M dea

US President Barack Obama arrived today in Jamaica as part of an ongoing effort to persuade the island and its neighbors to reduce dependency on Venezuela’s bilateral PetroCaribe program.

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Armed Militants Attack Main Government Gas Plant

The El Tejero plant is the country’s main source of gas (abrebrecha)

Operations at one of the state’s principal gas and oil production plants in Eastern Venezuela are up and running again after an attack by armed militants left installations temporarily out of action over the weekend.

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UPDATED: Guyana Warns Venezuela Not to Interfere in Offshore Drilling Project in Disputed Waters

Map of Venezuela, the disputed Essequibo region is the Eastern leg, colored with red and white stripes. The area is considered b

According to Guyanese officials, Venezuelan foreign minister Delcy Rodriguez sent a letter to ExxonMobil’s Guyana office last month to oppose an offshore drilling project, as Venezuela claims jurisdiction over the maritime zone in question.

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Venezuelan President Congratulates Syriza on Election Victory

Photo President Nicolas Maduro arrived at the oil producing country on Sunday (PHOTO: Hoy Venezuela)

Venezuelan President, Nicolas Maduro, has described the triumph of the leftwing coalition, Syriza, in the presidential elections in Greece as a "new wave of hope for Europe" after the party was elected with 36.3% of the vote on Sunday night.

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Maduro Entertains Raising Gas Prices But Rejects Devaluation of Venezuela´s Currency

President Nicolas Maduro addressing to the Venezuelan legislature, he announced slight changes to monetary policies and the need

On Thursday, Venezuelan President Nicolas Maduro made a much-anticipated address to the Venezuelan legislature in which he announced slight changes to monetary policies and the need to raise the extremely low cost of gasoline in the country.  He also announced a 15% increase in the minimum wage and increased investment in education and housing.

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Venezuela’s Maduro Secures Support from Iran & Qatar in the Face of Oil Glut

Venezuelan president Nicolas Maduro (right) and Iranian president Hassan Rouhani met in Tehran on Saturday. (TeleSUR)

While visiting with Iranian president Hassan Rouhani in Tehran, Venezuelan president Nicolas Maduro said Saturday that plummeting oil prices are the product of a “geopolitical war.”

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Maduro Signs Major Deals in China as Venezuela Strives to Meet Heightened Consumer Demands

Nicolas Maduro and Xi Jinping in Beijing on Monday. (AVN)

Venezuelan president Nicolas Maduro shared “good news” from Chinese capital Beijing yesterday, after meeting with Chinese leaders and business owners to forge further pacts meant to mutually benefit both countries’ economies.

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Venezuela’s Maduro Cuts Spending in Face of Oil Glut, Starting with his Own Salary

President Maduro meets with Uruguayan leader Pepe Mujica in Caracas, on December 3rd. (AFP)

In an announcement made on Friday, Venezuelan president Nicolas Maduro pledged to slash spending in certain areas, such as senior government officials’ salaries, while swearing “we will never cut one bolivar of what we spend on education, food, housing... on our people.”

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OPEC Rejects Production Cut, Venezuela Looks to Budget

Rafael Ramirez in Vienna (VTV screenshot)

As was expected beforehand, the Organisation of Petroleum Exporting Countries (OPEC) decided not to cut production to increase oil prices at the Vienna summit yesterday. Saudi Arabia and other Gulf states indicated their willingness to endure low prices in order to maintain market share.

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OPEC Unlikely to Cut Oil Production, Venezuela’s PDVSA Predicts “Difficult Times Ahead”

The price of Venezuelan heavy crude dove from $99 per barrel in June to about $69 last week. (AVN)

According to Venezuelan foreign minister Rafael Ramirez, negotiations with Mexico, Russia and Saudi Arabia have failed to reach a joint pledge for OPEC nations to cut oil production.

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Venezuela Puts $4 Billion China Loan in Foreign Reserves, Signs Major Oil Deal with Russia

Russian president Vladimir Putin (center) watches as Venezuelan Foreign Minister Rafael Ramirez (left) greets Rosneft president

In a television address yesterday evening, Venezuelan president Nicolas Maduro indicated that a $4 billion loan from China would be added to the country’s international reserves. Meanwhile, as oil prices to continue to slide and with eight days to go to the next OPEC meeting, Venezuela has signed a major deal with the largest exporting non-OPEC member, Russia.

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Venezuela’s Foreign Minister Embarks on Tour to “Stabilise” Oil Prices

Earlier today Ramirez met with Qatar’s prime minister, Abdullah Bin Nasser Bin Khalifa Al Thani, where Ramirez said, “We sho

Venezuela’s foreign minister Rafael Ramirez is touring a number of oil producing nations in a bid to prevent a further fall in oil prices that could squeeze the South American country’s finances.

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Venezuela Rules Out Sale of Citgo to the US

A Citgo refinery in Romeoville, Illinois, near Chicago (Photo: Reuters).

In an interview published Sunday, Venezuelan Finance Minister Rodolfo Marco said will South American country will not sell Citgo Petroleum Corporation to the United States. Citgo is the U.S. subsidiary of the Venezuelan state owned oil company, Petroleos de Venezuela, S.A. (PDVSA).

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Venezuelan Calls for OPEC to Respond to Sliding Oil Prices

Oil rigs in the Orinoco Delta, home to the world's largest oil reserves. (AVN)

Venezuelan foreign minister Rafael Ramirez alerted press Friday that his cabinet has “received instructions from the president to request an extraordinary OPEC meeting.” Ramirez was the head of state-owned petroleum corporation PDVSA until a September cabinet shakeup.

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