• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 6 mins Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 20 mins US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 3 mins Russia's Rosneft Oil is screwed if they have to shut down production as a result of glut.
  • 13 hours Mr
  • 22 hours While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 1 hour ‘If it saves a life’: Power cut to 1.5 million Californians
  • 10 hours Free market or Freeloading off the work of others?
  • 24 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 1 day How to Create a Pandemic
  • 12 hours Marine based energy generation
  • 17 hours Which producers will shut in first?
  • 1 day Real Death Toll In CCP Virus May Be 12X Official Toll

Breaking News:

WTI Slides On Huge Crude Inventory Build

Alt Text

Trade War Weighs On Western Automakers In China

Western automakers in China are…

Alt Text

Global Economy Throwing Up Red Flags For Oil

Investors are feeling increasingly gloomy…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Did Venezuela Just Default?

S&P Global Ratings declared Venezuela in default just as the country’s Vice President Tareck El Aissami met with creditors to discuss the restructuring of its debt. According to reports from the meeting, it only lasted about half an hour and did not result in any agreement on how to proceed.

The ratings agency said Caracas failed to make a US$200-million payment on a debt until the end of the 30-day grace period. This, according to S&P was the final drop, after which the ratings agency lowered Venezuela’s rating to SD. Moody’s and Fitch Ratings are of the same opinion when it comes to the troubled South American country—home to the world’s most abundant oil reserves.

It looks like the idea to restructure as much as US$60 billion worth of bonds would be unsuccessful. Fewer than 100 bondholders showed up for the Monday meeting and, reports say, at least one turned and left immediately upon seeing two government officials in the room who were subject to U.S. sanctions: El Aissami himself and Finance Minister Simon Zerpa, who also doubles as CFO of state-owned PDVSA. An earlier announcement had promised there would be no subjects of sanctions at the meeting. Related: Don’t Back U.S. Shale To Keep Oil Prices Down

According to an opposition media outlet, the meeting featured El Aissami admitting the borrowing situation was difficult for Caracas and suggesting Venezuela devise a “sustainable” payment schedule based on the UN Resolution of Sovereign Debt Crises, but nothing specific was offered. In line with the general remarks, the Vice President assured the bondholders present that Venezuela will continue to honor its dues.

Fitch Ratings, which on Monday declared PDVSA in default, said restructuring the huge debt pile will be a challenge in the context of sanctions. The challenge would be even greater if what Caracas Chronicles says is true: that the Maduro government lacks the expertise in debt renegotiation of this magnitude.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




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