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News: Oil and Gas

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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Venezuela Declares Victory over Transnational in Response to Exxon-Mobile Settlement Ruling

The International Center for Settlement of Investment Disputes (ICSID) stated that Venezuela's compensation payment to Exxo

On Thursday, The International Center for Settlement of Investment Disputes (ICSID) stated that Venezuela's compensation payment to Exxon Mobile Corp for the 2007 nationalization of the oil company’s holdings in the country should only be 13% of the amount that the transnational company claimed that it was owed. 

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Venezuelan Experts, Union Leaders Debate Increase in Gasoline Prices

The forum included presentations by each of the five speakers – two economists and three transportation sector representatives

In a public forum on Thursday organized by Caracas newspaper Últimas Noticias, experts and union leaders expressed tentative approval for an increase in Venezuela’s gasoline prices.

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Venezuelan President Maduro Proposes to Increase World’s Cheapest Gasoline Price

President Maduro made the proposal at the close of the governing United Socialist Party of Venezuela (PSUV)’s congress last Th

Venezuelan president Nicolas Maduro has proposed to create a consensus around the need to increase the price of gasoline in the South American OPEC nation.

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