• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 2 hours https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 50 mins The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 2 hours Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 2 days Pollster Frank Luntz released a poll today showing 90% of those that voted for Trump in November would vote for him again.
  • 3 hours JACK MA versus Xi Jinping
  • 2 days Do Republicans like Liz Cheney, Adam Kinzinger, Mitt Romney and now McConnell think voting for Impeachment can save the party ? Without Trump base what is the Republican constituency ? It's over.
  • 22 hours Tonight Twitter took down Trump's personal account permanently. Trump responded on the POTUS account.
  • 1 day A Message from President Donald J. Trump - 5 minutes from The White House directly
  • 1 hour Researchers Are Harvesting Precious Metals From Industrial Waste
  • 2 days Minerals, Mining and Industrial Ecology
  • 2 days a In 2020, we produced and delivered half a million cars.
  • 2 days Trump Supporters Just Handed a Huge Propaganda Victory to China
  • 2 days ICE Engines Hear to Stay Regardless of War Against
OPEC Predicts A Rebound In U.S. Shale

OPEC Predicts A Rebound In U.S. Shale

While oil prices fell back…

Maduro Appoints One Of America's Most Wanted As New Oil Minister

Amid a worsening gasoline shortage and Chevron and Halliburton's imminent exit from Venezuela, the Nicolas Maduro government is looking to reverse the radical decline in its oil industry with two new appointments--one which involves putting a fugitive drug trafficker at the helm of its troubled oil industry.

Tareck El Aissami, previously Minister of Industries and National Production--and a current member of America's 10 Most Wanted--will replace Manuel Quevedo as Oil Minister. The second appointment places the cousin of late president Hugo Chavez at the helm of state oil company PDVSA.

El Aissami was recently added to the United States' list of 10 most wanted fugitives on charges of drug-trafficking after three years ago he was sanctioned for drug trafficking. He was later accused of violating the sanctions by receiving payments for facilitating the transportation of drugs, Reuters reports.

Venezuela has been fighting hyperinflation and persistent basic goods shortages as well as inexorably declining oil production brought about by a combination of underinvestment, mismanagement, and U.S. sanctions. 

From more than 2 million bpd, its output has fallen to just 700,000 bpd.

It may fall further now that the United States is pressuring Chevron and Halliburton into leaving the country. The U.S. Office of Foreign Asset Control tightened Venezuelan oil sanctions earlier this month that pretty much prohibit both U.S. companies from doing business in the country. Chevron's joint venture with PDVSA produces about 200,000 bpd of heavy crude.

In February, Maduro declared an energy emergency that also aimed to overhaul the country's struggling oil industry. It seems it hasn't worked so far, with gasoline shortages worsening so much that the government began to shut down fuel stations across the country. 

Venezuela produces little gasoline because its refinery network is in the same state of disrepair as its oil industry as a whole. It also imports little after imports from the United States stopped. Venezuela was the one that suspended imports from the U.S. amid the escalating row between the two.

Venezuelan oil, meanwhile, has fallen to below $10 per barrel. This is the lowest in more than twenty years.

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