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Oil and Gas

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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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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Venezuela Promises Reform amid Debate over Economic Direction

In a speech last week about the performance of state oil company PDVSA in 2013, Vice President for the Economy Rafael Ramirez (p

The Venezuelan government has confirmed that it is planning a series of macroeconomic reforms to confront ongoing problems, provoking diverse reactions over the country’s economic direction.

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Venezuela’s Economy Vice President Outlines Strategy for Stability

Venezuela’s Vice President for the Economy, Rafael Ramirez, outlined planned changes to the exchange rate system, oil exports

Venezuela’s Vice President for the Economy, Rafael Ramirez, has outlined planned changes to the exchange rate system, oil exports and gasoline subsidies as part of a strategy to achieve macroeconomic stability and overcome current economic problems.

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Major Airlines to Regulate Fares in Venezuela as Transport and Oil Costs Rise

Airline representatives in discussion in Venezuela. (@RMarcoTorres)

Yesterday Venezuelan Air and Maritime Transport Minister, Herbet Garcia Plaza, announced the government had reached an agreement with representatives of leading international airlines to regulate the cost of air travel to and from the country.

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El Salvador Enters Venezuela’s Petrocaribe Oil Alliance

A previous Petrocaribe Ministerial Council Meeting. (AVN)

El Salvador was confirmed this morning as an official member of Petrocaribe, an alliance forged by late Venezuelan leader Hugo Chavez with many Caribbean states to promote economic and social integration by trading oil at preferential prices.

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