• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 1 day Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 16 mins Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 12 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 18 hours NordStream2
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 5 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 5 days Modest drop in oil price: SPRs vs US crude inventory build
  • 22 hours "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 5 days 2019 - Attack on Saudi Oil Facilities.
  • 5 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
Oil Prices Drop As Gasoline Inventories Build

Oil Prices Drop As Gasoline Inventories Build

Oil prices fell slightly on…

Germany Urges Congress Not To Sanction Nord Stream 2

Germany Urges Congress Not To Sanction Nord Stream 2

Germany has reportedly urged the…

Tanker Sabotage: Venezuela’s Crisis Worsens

Tankers carrying gasoline and ships transporting food for Venezuela were sabotaged last week to prevent them from reaching Venezuela, Nicolas Maduro said in a televised speech late on Monday.

“Last week, sabotage was committed against ten tankers [with gasoline] to prevent them from reaching the Venezuelan coast,” Russian news outlet Sputnik quoted Maduro as saying.

Amid political chaos and a raging economic crisis, Venezuela’s oil production has been crumbling, and most refineries and upgraders have stopped producing entirely, operating at zero capacity merely to keep the facilities from being damaged as its buyers look for alternate supplies in the face of US sanctions.

Venezuela, the country sitting on top of the world’s largest crude oil reserves, is now producing less than 1 million bpd of oil - just over 750,000 bpd in April, compared to average production of 1.9 million bpd for 2017, as per OPEC’s secondary sources.

While Maduro and opposition leader Juan Guaidó, recognized as the country’s interim president by the U.S. and many other countries, vie for Venezuela’s presidency, the tightened U.S. sanctions on Venezuela that began in February are constraining Venezuela’s ability to produce, refine, and export oil. Venezuela’s gasoline production has slumped as the second-largest refinery in the country stopped operating, and gasoline import shortages have caused lines at gas stations.

Related: Oil Majors Are Missing The Renewable Boom In Asia

The military is overseeing the rationing of fuel while shortages begin to bite deeper as crude oil production continues to fall, refineries idle, and the flow of diluents necessary to produce fuels from Venezuelan superheavy crude dries up.

Meanwhile, Norway’s government said on Saturday that representatives for Maduro and Guaidó would hold another round of talks mediated by Norway.

“We announce that the representatives of the main political actors in Venezuela have decided to return to Oslo next week to continue a process facilitated by Norway,” the Norwegian government said on May 25.

“We reiterate our commitment to continue supporting the search for an agreed-upon solution between the parties in Venezuela,” Norway said.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • andrew Nichols on May 29 2019 said:
    Probably the same miscreants that sabotaged the Saudi ones the other day in that false flag scam in the Persian Gulf...

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News