• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 4 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 34 mins The Inconvenient Truth Of Electric Cars
  • 3 hours Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 3 hours Oil Demand Needs to Halve: Equinor
  • 7 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 5 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 8 hours NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 2 hours Solar Panels at 26 cents per watt
  • 7 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 8 hours Wonders of Shale - Gas, bringing investments and jobs to the US
  • 4 hours Hydrogen FTW... Some Day
  • 3 hours Section 232 Uranium
  • 40 mins Huge UK Gas Discovery
  • 4 hours The Plastics Problem
  • 39 mins Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
Alt Text

Canada’s Natural Gas Crisis Is Being Ignored

While Canadian crude has been…

Alt Text

Canada’s Natural Gas Crisis Is Going Under The Radar

Canadian natural gas producers continue…

MINING.com

MINING.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

More Info

Trending Discussions

Oil-Rich Venezuela Is Out Of Gasoline

After lining up for an entire day to get a plane ticket to visit her relatives in the western city of Mérida, Josefina García did not know if she and her octogenarian mother were going to reach their final destination on time for Christmas.

The airport is located 76 kilometers away from the city and when they tried to book a cab in advance to take them to the place where they were going to stay, the taxi company said they could not make bookings because there is a shortage of gas and management did not know if they were going to have enough fuel on the day of Josefina’s arrival.

Once they landed, the 61-year-old and her mother found a cab that had enough gas to take them to a certain part of the city where a cousin would pick them up. In the meantime, another cousin was lining up for gas. He was able to fill his sedan’s tank after waiting for more than six hours.

According to the Organization of the Petroleum Exporting Countries, the highest proven oil reserves in the world, including non-conventional oil deposits, are in Venezuela.

“Gentlemen: There is no more gasoline in Venezuela. In Venezuela, we are out of gas. In Venezuela, there is no gas oil. In Venezuela, there are no lube oils,” said Iván Freites in a televised press conference. Freites is the secretary of the professional and technician division of the United Federation of Venezuelan Petroleum Workers.

In his address, Freites said that poor management led to the stoppage of 80 per cent of the country’s refineries. “Only Amuay and Cardón refineries are operative and that is nothing. They produce 40,000 barrels per day and the national demand is over 200,000 barrels of gas per day,” he said.

Related: How China Is Killing India’s Solar Industry

Venezuela’s oil production has fallen to levels not seeing since the late-1980s. According to the latest OPEC report, which is based on information provided by the Nicolás Maduro government, the country is producing about 2.3 million barrels of oil per day. In October, it experienced the steepest fall in production of 2017, as only 1.9 million barrels were extracted, 130,000 barrels less than the previous month. The oil industry, however, is still the major source of income as it generates about 96 per cent of the foreign exchange.

“Can you imagine how much it would be to bring our refineries back to operation? To recover production in the Eastern Coast of the Lake (of Maracaibo)?” Iván Freites asked during the media brief. He blamed corrupt government officials for the fuel crisis and dismissed the theory that it is all due to the sanctions that Donald Trump imposed on some key figures in the Venezuelan cabinet.

He also expressed concern about the fact that Maduro’s administration pulled out of a partnership with Cuba in its Cienfuegos oil refinery, taking into account that all of Venezuela’s oil products have been unloaded on the island for the past 15 years before making their way to other markets.

By Mining.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Weezy J on December 31 2017 said:
    How fortunate that only a small percentage of Venezuelan's can afford cars since it could be much worse. If Americans couldn't travel to work, it would shut down the economy and collapse our currency. Can't anyone else see the obvious advantages in keeping everyone equally poor? Progressivism wins!
  • charles Davis on December 31 2017 said:
    Very sad, it will take billions to restore their oil industry. The Venezuelan government kicked all the international companies out that originally built and maintained the oil infrastructure. It takes about 1/4 to 1/3 of production to maintain everything properly. Venezuela has spent now money on maintenance for years. Maduro also now wants investment in Venezuela, no international company will ever invest in Venezuela as long as the Socialist Government is in place. It is a corrupt government at the top and it will totally fail soon. The sooner the better in my view.
  • Mongo on January 03 2018 said:
    They voted for stupidity, now they are getting it.
  • RobertoDelpopolo on February 22 2018 said:
    That's why people pay more for gasoline, it's the socialist turkey, the man that likes Nanny State regulations and all that crap. We also pay the price in Europe with a Europe that is driven by socialists that have a University degree of toilet paper. They don't even know how drugs invade a country. They know nothing of how the society works and teach only economic crap into universities. We should never travel in places where gasoline has a high cost. The socialist nazi wants to conquer the USA and even Russia. They are crazy. When they want to control the oil price you know that a socialist turkey is around.

Leave a comment




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