📰 NEWS | Venezuelan Oil Production Recedes as PDVSA Finds New Partners
🇻🇪 Venezuela’s oil sector is under pressure from renewed US sanctions. OPEC reported May output at 896,000 bpd, down for the second month in a row, while PDVSA claimed 1.06 million bpd.
With Chevron scaling back operations, PDVSA signed deals with nine foreign firms to manage drilling and sales in Zulia and the Orinoco Belt. Meanwhile, crude exports to China rose to 584,000 bpd, despite discounts and reliance on intermediaries to bypass sanctions.
🔗 Read the full report here: https://shorturl.at/q3iGM
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📰NEWS | Venezuela: Oil Output Contracts as Foreign Partners Lobby for License Extensions
OPEC reported Venezuela’s April oil production at 888,000 bpd (a 34,000 bpd drop from March) while exports fell 20%, largely due to canceled Chevron cargoes. The U.S. oil giant, alongside other firms, faces a May 27 deadline to exit Venezuela unless license extensions are granted.
Chevron has urged Washington to modify its sanctions waiver, warning that a withdrawal could strengthen China’s role in the country’s energy sector. Venezuela has begun rerouting shipments to China and reiterated its call for foreign investment.
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📊 INFOGRAPHICS | US Sanctions Against the Venezuelan Oil Industry
In recent years, successive US administrations have levied wave after wave of unilateral sanctions against Venezuela’s oil industry. The goal is clear: to strangle the country’s most important economic sector.
The latests VA's infographic details the successive measures, the impact on output, and the revenue losses over time.
🔎 Follow this link to view the full infographic: https://shorturl.at/Br67t
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📰 NEWS | US Pushes Repsol, Eni and Maurel & Prom Out of Venezuela to Increase Economic Pressure
The US has ordered Repsol, Eni, and Maurel & Prom to exit Venezuela’s oil sector by May 27, intensifying economic pressure. The companies hold minority stakes in joint ventures with PDVSA, accounting for 83,000 bpd.
Repsol and Eni, co-owners of the Cardón IV natural gas project, are exploring ways to continue operations. The offshore venture produces 600 million cubic feet per day, supplying power plants and cooking gas networks.
The move follows Washington’s decision to withdraw Chevron’s license, reinforcing its sanctions strategy against Venezuela’s energy industry.
🔗 Read the report here 👉🏼https://venezuelanalysis.com/news/us-pushes-repsol-eni-and-maurel-prom-out-of-venezuela-to-increase-economic-pressure
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📰 NEWS | Venezuelan Government Appeals for Foreign Investment Ahead of Oil Sanctions Deadline
The Venezuelan government is appealing for foreign investment in its oil sector as Chevron prepares to exit by April 3 under US sanctions. President Maduro reaffirmed that Venezuela is open to international partnerships in oil, gas, petrochemicals, and refining.
Chevron’s departure could impact the country’s oil output, with its joint ventures currently producing over 200,000 bpd. However, analysts suggest the firm may still secure an extension or a new license.
🔗 Read the full report here: https://venezuelanalysis.com/news/venezuelan-government-appeals-for-foreign-investment-ahead-of-oil-sanctions-deadline/
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🆕 NEWS | Venezuelan Oil Output Recedes as India ‘Expects’ More Imports
Venezuela’s oil production saw a slight decline in February, with OPEC estimating 892,000 bpd—down 18,000 bpd from January—while PDVSA reported an increase to 1.03 million bpd.
Despite US sanctions hampering trade, Indian Oil Minister Hardeep Singh Puri stated that “all the signals” suggest an easing of constraints on Venezuelan crude exports. Reliance Industries remains the only Indian firm authorized for imports under current restrictions.
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Venezuela's oil production has continued to grow, with the latest figures from October showing 895,000 bpd, a 7,000 bpd increase from September. Oil exports also surged to 947,387 bpd, the highest in four years, leading to a 12.5% rise in revenue to $11.3 billion. Despite US sanctions, the country's oil sector shows signs of growth.
Tap here to read the full report 👉🏼https://shorturl.at/r1n6Y
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Venezuela’s oil industry continued to face challenges in September.
OPEC data shows a slight increase in production, reaching 877,000 barrels per day, but the price of the Merey blend, Venezuela’s main export to Asia, has fallen by 27% since April, dropping to $54.91 per barrel. The industry remains under pressure due to sanctions and price concerns.
Read the full report here 👉🏼https://shorturl.at/FC87h
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Venezuela’s oil industry saw steady growth in August, reaching a five-year production high of 874,000 barrels per day, according to OPEC. Exports also jumped 50%, setting a four-year high of 885,000 barrels per day, despite falling prices.
Read the full report here: https://shorturl.at/J12bo
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Venezuela's PDVSA is set to resume oil exports to India's Reliance Industries following a green light from the US Treasury. Meanwhile, Caracas approved a 20-year joint gas project with BP and Trinidad's NGC to explore the Cocuina-Manakin field.
More details on shorturl.at/jyPuG
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Venezuela's oil production experienced a consecutive decline amidst reimposed US sanctions, with April output at 809,000 bpd. US Treasury Department leans towards favoring corporations already entrenched in the Venezuelan energy sector.
Read the full story here: https://venezuelanalysis.com/news/venezuelan-oil-production-stutters-as-reimposed-us-sanctions-hamper-deals/
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Despite the challenges posed by sanctions, Venezuela's oil industry continues its recovery.
Venezuela's oil output has seen a gradual increase, reaching 820,000 barrels per day in February, as reported by OPEC. This uptick marks the highest output since February 2019, amid US-imposed sanctions. In parallel, Chevron has announced plans to drill 30 new wells in the Orinoco Oil Belt, targeting a production ceiling of 200,000 barrels per day by 2024, highlighting efforts to ramp up the nation's production capabilities.
Read more here 👉🏼https://bit.ly/49YR4mw
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