• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 7 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 11 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 14 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 4 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 33 mins Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 2 hours Theresa May to Step Down
  • 9 hours Old - New Kim: Nuclear Negotiations With U. S. Will Never Resume Unless Washington Changes Its Position
  • 5 hours IMO 2020 could create fierce competition for scarce water resources
  • 8 hours India After Elections: Economy And Hindu Are The First Modi’s Challenges
  • 5 hours IMO2020 To scrub or not to scrub
  • 10 hours Total nonsense in climate debate
  • 5 hours Devastating Sanctions: Iran and Venezuela hurting
  • 14 hours 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.
  • 7 hours Apple Boycott in China
  • 3 hours Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 7 hours Compensation For A Trade War: Argentina’s Financial Crisis Creates An Opportunity For China
Oil Tanks On Worst Day In Six Months

Oil Tanks On Worst Day In Six Months

Oil prices plummeted on Thursday,…

Maduro Names Chavez’ Cousin As Citgo Boss

Maduro PDVSA

Venezuela’s President Nicolas Maduro appointed the cousin of late Hugo Chavez, Asdrubal Chavez, as the new head of PDVSA’s U.S. refining and marketing business, Citgo. The announcement comes in the wake of the arrest and removal of Citgo’s president and five senior executives earlier this week.

The arrests were part of a larger-scale corruption crackdown that also saw nine PDVSA executives and a deputy minister get detained on allegations of falsifying crude oil production numbers.

The arrests, and the appointment of Asdrubal Chavez who led the oil ministry of Venezuela between 2014 and 2015, are part of a stated “crusade” against organized crime that was initiated by Venezuela’s new attorney general, Tarek William Saab, who took office in August. Recently, Saab said he had unveiled a deal worth about US$4 billion, in which Citgo has been used as a guarantee. The deal, the AG said, would have been detrimental to Venezuela.

Embattled Venezuela stopped making payments on its debts earlier this month, and according to a growing number of sources is effectively in default. Its oil production is falling due to lack of funds to maintain fields and infrastructure. However, Venezuela may have found a replacement for at least part of its lost oil revenues: natural gas exports.

Related: Is This The Ultimate Fuel For Millennials?

Reuters reported earlier today that PDVSA was in talks with Colombia, Trinidad and Tobago, and Aruba, to ship natural gas to them. The country has substantial gas reserves offshore, but they have been neglected in favor of oil so far.

Until recently, Colombia was the one exporting gas to Venezuela, but now PDVSA has modified the pipeline that carried that gas so that it can flow in the opposite direction. The talks with Ecopetrol have taken a long time, a PDVSA official said, because of the weak gas prices, which have made it difficult to agree on the size of the export deal.

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