• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 2 hours One Last Warning For The U.S. Shale Patch
  • 9 hours Once Upon A Time... North Korea Abruptly Withdraws Staff From Liaison Office
  • 10 hours Oil Slips Further From 2019 Highs On Trade Worries
  • 1 hour Modular Nuclear Reactors
  • 1 day Chile Tests Floating Solar Farm
  • 10 hours Poll: Will Renewables Save the World?
  • 3 hours Climate change's fingerprints are on U.S. Midwest floods
  • 5 hours Read: OPEC THREATENED TO KILL US SHALE
  • 2 days China's E-Buses Killing Diesel Demand
  • 2 days China's Expansion: Italy Leads Europe Into China’s Embrace
  • 2 days Trump Tariffs On China Working
  • 2 days Biomass, Ethanol No Longer Green
  • 1 day US-backed coup in Venezuela not so smooth
  • 2 days New Rebate For EVs in Canada
Canada’s Natural Gas Crisis Is Going Under The Radar

Canada’s Natural Gas Crisis Is Going Under The Radar

Canadian natural gas producers continue…

Why No One Is Interested In Building EV Infrastructure

Why No One Is Interested In Building EV Infrastructure

Nowadays, it seems like everyone…

Gazprombank Reportedly Freezes PDVSA Accounts

PDVSA

Gazprombank has reportedly frozen accounts held by Venezuela’s state oil company PDVSA and has stopped conducting transactions involving these accounts on concern of getting penalized under the latest round of U.S. sanctions against PDVSA, Reuters wrote, quoting an unnamed source from the bank.

The report follows another one from last week, which said PDVSA was telling the buyers of oil produced by its joint ventures to deposit the money for purchases in a new bank account recently opened at Russia’s Gazprombank.

The report, by Reuters, which said it had seen an internal document pointing in that direction, followed statements from the Venezuelan opposition—whose leader and President of the National Assembly declared himself interim president last month—that a special fund will be set up in the United States where proceeds from the sale of Venezuelan crude would go.

However, to make matters more interesting, Gazprombank was quick to deny the Reuters report. RT quoted the bank as saying, “No new accounts have been opened,” adding that the Reuters report “does not reflect the actual situation.” Yet the bank also said PDVSA had several accounts in it, although all of them were opened several years ago.

This time, Gazprombank has not replied to a Reuters request for comment while PDVSA was quick to call the report “fake news” on Twitter. Yet Reuters’ reporters note Russian companies are wary of falling under secondary sanctions for doing direct business with PDVSA, despite the Kremlin’s official support for the Maduro government.

Venezuela is still producing over a million barrels of crude daily, but finding buyers for the oil is becoming harder. Since the sanctions went into effect, exports to the U.S. effectively stopped but shipments to India increased: imports there went up by 66 percent to 620,000 bpd, making India the biggest importer of Venezuelan crude.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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