• 4 minutes End of Sanction Waivers
  • 8 minutes Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 14 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 3 hours ..
  • 15 mins New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 4 hours Summit: Kim, Putin To Meet Thursday in Russia’s Far East
  • 14 hours Deep Analysis: How China Is Replacing America As Asia’s Military Titan
  • 12 hours Don't Climb Onto the $80+ Oil Price Greed Roller Coaster, Please.
  • 4 hours Iran Sabre Rattles Over the Straights of Hormuz
  • 20 hours Populist Surge Coming in Europe's May Election
  • 1 hour China To Promote Using Wind Energy To Power Heating
  • 3 hours Nothing Better than Li-Ion on the Horizon
  • 24 hours Liberal Heads Explode as U.S. Senate Confirms Oil Lobbyist David Bernhardt as Interior Secretary
  • 6 hours How many drilling sites are left in the Permian?
  • 6 hours "Undeniable" Shale Slowdown?

Venezuela Could Push Oil To $80

Venezuela Could Push Oil To $80

Friday August 4, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Venezuela crisis deepens

(Click to enlarge)

- Venezuela proceeded with a highly controversial vote to rewrite the constitution last weekend, granting more power to the President in what many are calling a step towards dictatorship.

- The U.S. slapped sanctions on President Nicolas Maduro and hinted at forthcoming sanctions on Venezuela’s oil sector.

- The country is in a full-blown crisis, with many expecting a default as soon as this year.

- The implied probability of a default over the next year has climbed to nearly 70 percent.

- The value of Venezuela’s bonds have plunged.

2. Venezuela’s importers at risk

(Click to enlarge)

- The U.S. government is mulling harsher measures against Venezuela, which could disrupt oil imports from the South American nation into the Gulf Coast.

- Several refiners are major importers of Venezuela’s heavy oil. The largest – Citgo – is obvious because it is a subsidiary of Venezuela’s state-owned PDVSA. Citgo imported 66 million barrels last year. But it wasn’t alone. Valero (NYSE: VLO) imported 57.5 million…




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