• 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
  • 46 mins Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 51 mins Theresa May to Step Down
  • 4 hours Old - New Kim: Nuclear Negotiations With U. S. Will Never Resume Unless Washington Changes Its Position
  • 13 mins IMO 2020 could create fierce competition for scarce water resources
  • 34 mins Is $60/Bbl WTI still considered a break even for Shale Oil
  • 3 hours India After Elections: Economy And Hindu Are The First Modi’s Challenges
  • 19 mins IMO2020 To scrub or not to scrub
  • 5 hours Total nonsense in climate debate
  • 2 hours Apple Boycott in China
  • 6 mins Devastating Sanctions: Iran and Venezuela hurting
  • 11 hours Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 13 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 227 days Epic Fail as Solar Crashes and Wind Refuses to Blow
  • 2 hours Compensation For A Trade War: Argentina’s Financial Crisis Creates An Opportunity For China
The Single Most Bullish Indicator For Oil

The Single Most Bullish Indicator For Oil

Crude futures saw some headwinds…

Can The Bull Run In Oil Markets Continue?

Can The Bull Run In Oil Markets Continue?

The market is currently trading…

Maduro Says U.S. Infiltrated Venezuela’s Oil Industry

Maduro PDVSA

Venezuela’s President Nicolas Maduro has accused the United States of infiltrating senior positions at the Venezuelan oil industry.

“There was a process of penetration and infiltration in key positions of the petroleum industry, to control strategic information,” Maduro was quoted as saying at a meeting with workers at the struggling state oil firm PDVSA on Tuesday.

The embattled president, who has just won a presidential election deemed illegitimate by other nations, also called for an “economic counteroffensive” against what he described as a U.S. economic war on Venezuela.

“Now we will continue with an economic counteroffensive, the most difficult thing... we are going to win this battle for economic peace, for stability, for prosperity, and we are going to go the length in the fight against the criminal economy,” Maduro was quoted as saying.

Maduro’s claims against the U.S. come just as the Organization of American States (OAS) said in a resolution on Tuesday that it decided to “declare that the electoral process as implemented in Venezuela, which concluded on May 20, 2018, lacks legitimacy, for not complying with international standards, for not having met the participation of all Venezuelan political actors, and for being carried out without the necessary guarantees for a free, fair, transparent and democratic process.”

Earlier this week, U.S. Secretary of State Mike Pompeo asked the OAS to suspend Venezuela from the organization.

Related: Will Saudi Arabia Listen To U.S. Demands For More Oil?

While attacking the U.S. for infiltrating the oil industry, Maduro told PDVSA workers to start a production “revolution” at the state oil company.

PDVSA’s oil production has been plummeting and it is currently around 1.4 million bpd, according to estimates.

PDVSA has recently told eight foreign clients that it would be unable to supply the contracted volumes of crude oil, a company employee told S&P Platts earlier this week. The affected clients due to the low availability of crude oil to export include Nynas, Tipco, Chevron, CNPC, Reliance, Conoco, Valero, and Lukoil, which will partially receive the volumes established by the contracts, according to the PDVSA official.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • Lee James on June 07 2018 said:
    Venezuela is one-horse oil economy. As if that's not bad enough, it's tried to be the gift-horse for everybody, including Cuba. It's sad to the point that I don't think the U.S. needs to pile-on with further sanctions. There's a lot of suffering down there.
  • John Brown on June 06 2018 said:
    I'd say Maduro was nuts, but he's too stupid to be nuts. Chavez and Maduro managed to rip off and damage the national oil company all by themselves. He should wish that the USA did infiltrate some competent people into the company because Chavez and then Maduro put all their worthless thieving cronies in the oil company and drove it into the ground. Even the military bought off as they are with what's left of the oil they Maduro can still sell has to see this is not going to work, and at some point has to stop the damage to the country? Take a hard look at the Socialist Paradise of Chavez/Maduro folks. Its ended up like every other socialist country in history. I guess you can say its achieved income equality. Everybody is poor except for Maduro and his cronies. Everybody!
  • Sammy on June 06 2018 said:
    PDVSA official oil production is 700,000 bpd if you believe Venezuela. The truth would be much less. Oil workers have not been fed for a month. Chavez and Maduro replaced all educated PDVSA managers with bus drivers and military corporals. That's why production plunged from 3.5 million bpd. Any time you vote Democrat you get the same poverty as Detroit, Baltimore, and Venezuela. China stopped lending to Venezuela one year ago.

    Nationalizing oil is theft of lawful property and investment. Mexico nationalized oil one hundred years ago. Oil companies never come back after the theft. Mexico like Venezuela lacked the intellectual resources to maintain the oil business. Now that the business is bankrupt there is no way to recover with mental midgets at the helm.

Leave a comment

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