• 5 minutes Trump will capitulate on the trade war
  • 7 minutes China 2019 - Orwell was 35 years out
  • 12 minutes Glory to Hong Kong
  • 15 minutes ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 43 mins Here's your favourite girl, Tom!
  • 6 mins Peaceful demonstration in Hong Kong again thwarted by brutality of police
  • 2 mins Civil Unrest Is Erupting All Over The World, But Just Wait Until America Joins The Party...
  • 7 mins Australian Hydroelectric Plant Cost Overruns
  • 4 hours China's Blueprint For Global Power
  • 12 hours Brexit agreement
  • 4 hours Nigeria Demands $62B from Oil Majors
  • 19 hours IMO 2020:
  • 21 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 17 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 13 hours 5 Tweets That Change The World?
  • 12 hours Bloomberg: shale slowing. Third wave of shale coming.
  • 15 hours The Problem Is The Economy, Not The Climate

Breaking News:

Russia Replacing Oil Workers With Robots

Oil Prices Jump On A Lone Piece Of Bullish News

Oil Prices Jump On A Lone Piece Of Bullish News

Oil prices rose on Wednesday…

The Oil Rig Count Collapse Continues

The Oil Rig Count Collapse Continues

U.S. oil and gas rigs…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Venezuela Calls For Renegotiation Of OPEC Deal

Venezuela

High global oil inventories necessitate a renegotiation of the OPEC production cut deal from last November, according to Venezuelan oil minister Eulogio Del Pino.

Del Pino told reporters at an energy conference in Kazakhstan that inventories remained roughly 300 million barrels higher than normal levels.

“Those 300 million barrels are going to impact speculation in the market,” he said. “It (the level of inventories) is still very high.”

Libya and Nigeria, two African countries that received exemptions from the OPEC agreement due to long periods of civil strife, should be put under quotas as well, the minister said. Meetings with ministers from the Middle East and Russia are planned for the near future, he added. Moscow and Riyadh agree that the cuts should continue till June 2018, but the current measures only extend until March.

Low oil revenues from three years of depressed oil markets have made it difficult for Caracas to import goods for its citizens, who are facing mass shortages in food and medical supplies. In the meantime, the United States is toughening its stance against President Nicolas Maduro’s regime.

The White House approved new sanctions against Caracas last week, making it harder for Venezuela’s embattled government to secure funds as Venezuela spirals towards a default. U.S. President Donald Trump signed the executive order, which prevents American financial institutions from offering new funds to Venezuela or to its state oil company, PDVSA. Citgo will also be barred from repatriating profits – further isolating Caracas from international financial markets.

Trump’s White House will block attempts by the Kremlin to acquire large portions of Venezuela’s Citgo. Prior to this announcement, Rosneft had agreed to acquire half of Citgo’s shares in exchange for a $1.5 billion loan in 2016. Cash-hungry PDVSA approved the deal, leaving American lawmakers concerned that a Russian firm would control roughly five percent of U.S. refining capacity via the buyouts.

By Zainab Calcuttawala 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