• 4 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 7 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 10 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 13 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 7 hours The 5 Scary New Rules Of Upside-Down Capitalism
  • 2 hours Hydrogen Hurdles in Japan
  • 3 hours Winter Storms Hitting Continental US
  • 16 hours More dumbed down? re Hong Kong Act of Congress
  • 8 hours U.S. Shale To Break Records Despite Bearish Rhetoric
  • 8 hours PennEast Appealing Wacky 3rd Circuit Decision to Supreme Court
  • 11 hours Impeachment S**te
  • 6 hours Aramco IPO magic trick
  • 9 hours Contaminated Oil
  • 21 hours U.S. Shale Output may Start Dropping Next Year
  • 9 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 18 hours Petroleum Industry Domain Names
  • 23 hours Crazy Stories From Round The World
  • 9 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 8 hours Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
The Next Gold Rush Could Be About To Happen Here

The Next Gold Rush Could Be About To Happen Here

Gold miners are thriving as…

36 Dead Following Fuel Protests In Iran

36 Dead Following Fuel Protests In Iran

As many as 36 people…

Maduro Fires Electricity Minister After Devastating Blackouts

Maduro PDVSA

Venezuela’s President Nicolas Maduro announced that he had replaced the country’s electricity minister amid a string of three nationwide blackouts that sparked protests against the lack of basic services including water supply.

Reuters quoted Maduro as saying the new minister is an electrical engineer. This, however, is unlikely to help much with the root causes of the crisis, which some observers have attributed to years of underinvestment in power plants and the grid. Maduro himself blamed the first blackout on the United States, calling it sabotage.

The news about the new appointment follows an announcement from earlier this week that electricity will be rationed for at least a month following the third blackout in a month. The rationing, Maduro said, will help the authorities deal with the consequences of the power outages.

The blackouts are the latest in a host of woes for the sanction-stricken country. The first one crippled the already ailing economy and paralyzed Venezuela’s oil industry. So did the second one, which shut down the country’s most important oil export terminal, the port of Jose, temporarily suspending vital shipments of oil amid a shrinking client base.

This may shrink further as reports emerged last week that Washington was pressuring commodity traders to stop buying Venezuelan crude even if the deals were not in violation of the U.S. sanctions against Venezuela.

The country’s oil industry has also suffered from the power outages just when Venezuela needs to export more of its falling production. The blackouts extended from the port of Jose to the four upgraders that process Venezuela’s superheavy crude into a liquid making it fit for exporting.

According to a recent Reuters survey, Venezuela’s production fell by 150,000 bpd as a result of the blackouts, adding to an ongoing decline resulting from a lack of maintenance and seriously aggravated by the U.S. sanctions targeting Venezuela’s oil industry specifically as the main revenue generator for the Maduro government.

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
Download on the App Store Get it on Google Play