• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 10 hours Adsorbent natural gas tanks are revolutionary.
  • 33 mins Total nonsense in climate debate
  • 4 mins Visualizing How Much Oil Is In An Electric Vehicle (Hint: a heckuva lot)
  • 9 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 10 hours Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 12 hours IMO2020 To scrub or not to scrub
  • 6 hours Theresa May to Step Down
  • 1 day Look at the LONGER TERM bigger picture of international oil & gas. Ignore temporary hiccups.
  • 2 days Will Canada drop Liberals, vote in Conservatives?
  • 18 hours IMO 2020 could create fierce competition for scarce water resources
  • 2 hours Some Good News on Climate Change Maybe
  • 2 days Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 2 days Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.

Guaido Takes Strides To Topple Maduro

Guaido

The US-recognized interim president of Venezuela called on the country’s people to hold the “largest march in the history of Venezuela” to urge Nicolas Maduro to leave office as the country languishes in chaos.

“We call on all the people to join in the largest march in the history of Venezuela to demand the end to the usurpation so this tragedy can end,” Guaido said on Friday, according to Reuters.

The Venezuelan crisis has seen its oil industry reduced to a shadow of what it once was as the country’s oil production fell to new lows in March of 732,000 bpd—down from an average of 1.354 million bpd in 2018 and 1.911 million bpd in 2017, according to secondary sources provided by the latest edition of OPEC’s Monthly Oil Market Report.

Despite its reduced production levels, the country is experiencing a traffic jam offshore as US sanctions on the country stymie oil payments to the Latin American nation from would-be buyers, stranding already loaded cargo off the coast.

In addition to its oil industry woes, the country has suffered numerous blackouts in recent months—all while being managed by two opposing leaders in Maduro and Guaido. There are even two PDVSA boards—one for each party.

The US has steadily increased pressure on the troubled Latin nation, the latest round of which targeted Venezuela’s shipments to Cuba—an entrenched arrangement predating Maduro’s reign that provided Venezuela with much-needed skilled labor such as doctors and oil workers.

Guaido continues to try to wrest control of the country and its state-run oil company, and his National Assembly is expecting to vote on Monday on a $71 million interest payment on one of PDVSA’s bonds next week, Guaido’s appointed PDVSA board of directors announced today, according to Reuters. The payment would stave off potential creditors looking to get their due from PDVSA’s US-based refining arm, Citgo. The details of where that money would come from remains unknown.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Steven Conn on April 20 2019 said:
    Hm? Doesn't seem so. As each month passes, Venezuela is finding ways and means to bypass Washington's attempts to smother it. Betting on Guiado seems have been a mistake in Washington, one which many EU states followed. Russia, China, Turkey, Iran, India seems to have made a prudent choice to work with the government of Venezuela.
  • Robert Berke on April 20 2019 said:
    What give the US the right to depose a sitting President in a sovereign country and appoint his successor? No matter how many times Bolton calls Maduro a dictator, he won election to the Assembly twice, while overwhelmingly winning Presidential elections in ’08 and ’18.

    What gives the US the right to create cyber attacks on the computer systems controlling to Venezuela’s Gori Dam turbines that supply 80% of the country’s electric power, and to sustain the cyber attack for four days. No matter what the Monroe doctrine states, Venezuela, is not a province of the US.

    Elliott Abrams, the once imprisoned Bush new con, now an advisor to Trump, has stated the US intention to destroy the V’s banking and financial systems. Sec’y of State Pompeo tweeted, “the lights will come on when [President] Madero is gone…no food, no medicine, now now power, next no Maduro.”

    If Trump wants to wage economic warfare against Venezuela so US oil companies can take over Venezuela's, why was this issue not brought before the US Congress? Does the President now decide on his own to threaten any country that he finds offensive? Is there anyone in the US who believes that Venezuela is about to attack us?

    Question: why have the Democrats nothing to say about this new threat of a neo-con war.

Leave a comment

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