• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 2 hours UK, Stay in EU, Says Tusk
  • 12 mins Socialists want to exorcise the O&G demon by 2030
  • 10 hours Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 3 hours Nuclear Power Can Be Green – But At A Price
  • 35 mins Chevron to Boost Spend on Quick-Return Projects
  • 6 hours Venezuela continues to sink in misery
  • 5 mins What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 19 hours How Is Greenland Dealing With Climate Change?
  • 4 hours Maritime Act of 2020 and pending carbon tax effects
  • 22 hours WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 19 hours German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 1 day Solid-State Batteries
  • 1 day Orphan Wells
  • 23 hours Trump inclined to declare national emergency if talks continue to stall - Twitter hides this as "sensitive material"
Alt Text

Can Mozambique Avoid The ‘Resource Curse’?

Mozambique, like many other resource…

Alt Text

What’s Holding Back Argentina’s Shale Revolution?

The long-term prospects of Argentina’s…

Alt Text

Oil Posts Longest Rally In 17 Months

Oil prices continued their rebound…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Maduro Seeks New Funding On Visit To China

Venezuela’s President Nicolas Maduro is meeting with the top Chinese officials, including President Xi Jinping, as the socialist leader of the troubled Latin American oil producer is looking to convince China to provide new loans to plug some of the widening gaps in Venezuelan finances.

In one of many tweets on Thursday praising China and its communist founder Mao Zedong, Maduro said that the two countries will boost economic, trade, energy, financial, political, and cultural ties.

Over the past decade, China has reportedly lent around US$60 billion to Venezuela, most of which constitutes loans up front in exchange for future Venezuelan oil deliveries.

But Venezuela’s economic and oil industry demise was expected to result in its crude oil exports to China plummeting this summer to their lowest level in almost eight years.

In July, China’s Development Bank was said to have approved a US$5-billion loan for Venezuela’s oil industry, Bloomberg reported, quoting the troubled South American country’s Finance Minister Simon Zerpa.

“We’ve received the authorization for a direct investment of more than $250 million from China Development Bank to increase PDVSA production, and we’re already putting together financing for a special loan that China’s government is granting Venezuela for $5 billion for direct investments in production,” the official said.

The loan was a lifeline for PDVSA, which has been unable to stop an accelerating production decline resulting from years of mismanagement and a cash crunch brought about by the tightening grip of U.S. sanctions.

Over the past month, Maduro has been touting a new plan for economic recovery, which includes a new policy on gasoline pricing that would raise Venezuela’s ultra-cheap gas prices for the first time in two decades. The plan to ease the severe economic crisis also featured a devaluation of the currency and pegging the new bolivars to the government’s cryptocurrency El Petro, which Venezuela claims is backed by its oil reserves and which analysts think is just a scam.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • Sheikh Jerboutii on September 14 2018 said:
    Lots and lots of strings attached, like all the money must be spent in China with favored vendors. Maduro does not have the money in his suitcase.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News