• 1 min Surprise! Aramco Scraps International Listing Plans
  • 1 hour EU Proposes Online Turnover Tax For Big Tech Firms
  • 18 hours API Inventory Data (Tuesdays)
  • 38 mins McDonald's Sets Greenhouse Gas Reduction Targets
  • 24 mins Getting out of oil .. now
  • 33 mins Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 44 mins The Facebook/Cambridge Analytica Scandal
  • 3 hours Step forward or blackmail? DJT: Tariffs On Steel and Aluminum Will Only Come Off If New Fair NAFTA Agreement Is Signed.
  • 16 hours Why Are Investors Ignoring China's Oil Giant?
  • 13 hours 2020 - Electricity From Renewables Will Be Cheaper Than From Most Fossil Fuels?
  • 17 hours G20 Rejects Calls for Cryptocurrency Regulation
  • 20 hours Self-Driving Cars' First Fatality
  • 18 hours New Rules to Phase Out Coal and Reduce Natural Gas in Canada
  • 20 hours Why Is The EU Spending Billions On A Gas Pipeline If It Wants To Fight Climate Change?
  • 13 hours CERAweek Meeting
  • 13 hours Russian influence on energy markets-Report
Alt Text

Venezuela Rakes In $735 Million From El Petro Proceeds

Venezuela claims to have generated…

Alt Text

Maduro Tightens Grip On PDVSA As Production Plunges

Venezuelan President Nicolas Maduro has…

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: Venezuela Could Stop Crude Oil Sales To U.S.

Maduro PDVSA

True to his ‘anti-imperialistic’ rhetoric, Venezuela’s embattled President Nicolas Maduro now says that his country could stop selling its crude oil to the United States.

“The day that they don’t want us to sell them our oil, we are just picking up our stuff [and] we’ll sell all our oil in Asia. No big deal,” AFP quoted Maduro as saying on Tuesday, while he was formally installing General Manuel Quevedo to lead debt-stricken state oil producer PDVSA.

According to OPEC’s secondary sources, Venezuela’s crude oil production was 1.863 million bpd in October, down by 43,600 bpd from September. While Venezuela has been desperately trying to stave off what most see as an inevitable default, its production has been progressively dropping every month this year. U.S. imports of crude oil from Venezuela have also been dropping in recent weeks, according to EIA data—in many weeks to below 500,000 bpd from some 700,000-800,000 bpd earlier this year. In January and February 2017, shipments to the US even topped 1 million bpd.

“Mr President Donald Trump: you decide, dude,” Maduro said, as quoted by AFP.

“If you want us to keep selling oil, we’ll sell oil. But if you start listening to far-right extremists, Venezuela is grabbing its little boats and taking its oil around the world, and we’ll sell it just the very same,” Maduro said. Related: U.S. Oil Has One Fatal Weakness

At the end of August, the U.S. stepped up its sanctions on Venezuela, prohibiting dealings in new debt or equity issued by PDVSA or the government. Maduro claims that the string of U.S. sanctions imposed this year on Venezuela amount to “financial persecution”.

In a surprise move over the weekend, Maduro named a National Guard major general as the new head of PDVSA and the country’s oil ministry— Manuel Quevedo.

Quevedo vowed on Tuesday to end corruption at PDVSA, but didn’t mention how he would approach the company’s huge foreign debt. Analysts and bond investors will be closely following Quevedo’s statements and moves to try to figure if the new chief will continue Maduro’s policy to try to service debt at all costs—even if payments are late—despite cash reserves quickly running out.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Back to homepage

Trending Discussions

Leave a comment
  • Scott Leach on November 29 2017 said:
    Everyone is selling to Asia. They are burning so much crap that their quality is killing them.

    Selling oil to Asia is like selling heroin to a junkie.
  • Bill Simpson on November 29 2017 said:
    Music to Canadian ears, and Canadian heavy oil producers. There is a LOT of oil in Canada. Natural gas too.

Leave a comment

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