• 3 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 5 minutes Can LNG Kill Oil?
  • 8 minutes Question: Why are oil futures so low through 2020?
  • 11 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 39 mins “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 12 mins CoV-19: China, WHO, myth vs fact
  • 8 hours Question - What if there are no buyers for Chevron's Appalachia Assets?
  • 2 hours Blowout videos
  • 1 day OIL trades as if the virus is a 1 quarter event. As if it's Containable, Reversible and Temporary. Is it ?
  • 22 hours Energy from thin air?
  • 2 days Hey NYC - Mayor De Blasio declares you must say goodbye to fossil fuels. Get ready to freeze your Virtue Signaling butts off.
  • 4 hours Natural Gas
  • 2 days Fast-charging, long-running, bendy energy storage breakthrough
  • 2 days Foxconn cancelled the reopening of their mfg plants scheduled for tomorrow. Rescheduled to March 3rd. . . . if they're lucky.
  • 2 days "For the Public's Interest"
  • 7 hours Cheap natural gas is making it very hard to go green
Goldman Slashes Oil Price Forecast By $10

Goldman Slashes Oil Price Forecast By $10

Goldman has doubled down on…

Maduro Spent $5 Billion On Oil Deals As Venezuelans Went Hungry

Maduro Spent

Nicolas Maduro’s regime in Venezuela has spent US$5 billion worth of oil to reduce its debt to Russia and China and to send oil to Cuba, while leaving Venezuelans without basic food and medicines, U.S. Special Representative for Venezuela, Elliott Abrams, said this week.

The Maduro regime is not buying enough food and medicines for the ordinary people, despite the fact that food and medicines are exempted from sanctions, and Venezuela is allowed to buy necessities even from America, Abrams said at a special briefing.

“The regime paid the Russian oil company Rosneft over a billion and a half dollars to reduce debt,” he said.

Venezuela’s state-held oil firm PDVSA has cut its outstanding debt to the largest Russian oil producer, Rosneft, to below US$1 billion, Russia’s oil giant, one of the few companies still dealing with Venezuela, said earlier this month.

Speaking about the Maduro regime’s oil dealings with Russia, China, and Cuba, Mr Abrams said:

“It has sent China just under $3 billion worth of oil, much of it to reduce debts. It has sent about $900 million worth of oil to Cuba. That’s about $5 billion that could have been spent on food and medicine but was not. And the regime steals more and more money.”

Earlier this week, the U.S. slapped sanctions on Corporacion Panamericana, a Cuban firm that helped the already sanctioned company Cubametalesevade sanctions.

“Today’s action will further squeeze the illegal, profitmaking scheme Cuba carries out to help the illegitimate dictator Nicolas Maduro and his unraveling network of corrupt advisors,” U.S. Secretary of State Mike Pompeo said on Tuesday.

Faced with increasingly tightening U.S. sanctions, Venezuela and PDVSA are reportedly offering contractors and suppliers to pay them in yuan in Chinese accounts, five people with knowledge of the matter told Reuters this week. At least four companies have been approached with such proposals, and they are still evaluating them, Reuters’ sources say, while it’s unclear if any payments in yuan have already been made.

By Tsvetana Paraskova 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