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Oil and Gas

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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The Limits of Changes – Venezuela: Terminal Crisis of the Rentier Petro-State?

Caracas, Venezuela (archive)

Venezuelan author Edgardo Landar reviews recent and long term developments in the country’s politics and economy, and argues that the Bolivarian project must move beyond the “petro-state” in order to make further progress toward its transformative goals.

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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 Voices, Part II: An Inflammatory Question

A PDVSA [state] truck transporting gasoline in Caracas (AVN)

As Venezuelan president Nicolas Maduro combats corruption, reassigns half of ministry positions, launches “a new stage of the revolution,” and even hints at a minimum wage increase for November, the question remains what economic steps will be taken to reverse the high inflation that critics are quick to associate with his leadership.

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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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