• 1 hour UK On Track To Approve Construction of “Mini” Nuclear Reactors
  • 5 hours LNG Glut To Continue Into 2020s, IEA Says
  • 7 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 10 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 12 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 14 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 4 days Shell Restarts Bonny Light Exports
  • 4 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 5 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 6 days Exxon Starts Production At New Refinery In Texas
  • 6 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 7 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 7 days OPEC Oil Deal Compliance Falls To 86%
Oil Shows Weakness, But Don’t Expect A Plunge

Oil Shows Weakness, But Don’t Expect A Plunge

Oil prices remained firm this…

Can Trump Drive A Wedge Between Saudi-Russian Alliance?

Can Trump Drive A Wedge Between Saudi-Russian Alliance?

Trump’s Iran deal decertification threatens…

Venezuela Oil Woes Cut Gasoline Exports to Cuba

Venezuela Cuba Flag

Venezuela’s problems are spreading to its trading partners: Cuba announced it will be cutting supplies of premium gasoline because of declines in imports from Venezuela. This puts Cuba in a difficult position as the Venezuelan fuel imports are subsidized, and replacing them will be a headache.

Although premium fuel is used by a minority of vehicles on the island – diplomats and businessmen working in joint ventures, as well as state officials – a shortage is always bad news and drivers of newer cars that use premium fuels have already been advised to stock up because starting on Saturday, premium will only be sold to tourists—and only until existing inventories run out.

Things are looking even worse in Venezuela. The country, home to the biggest crude oil reserves in the world, is sliding deeper into a recession, suffering various basic-good shortages, including, as of last week, its first motor fuel shortage in five years.

The reason for the decline in fuel exports is that Venezuelan crude is heavy and needs to be diluted with other liquids to be refined. These must be imported, but cash-strapped that it is, Caracas is finding it increasingly hard to pay for these imports.

The country recently borrowed some $55 billion from China and Russia in exchange for future oil supplies, and the deal is already backfiring – it is losing its foothold in India, a very lucrative market, because it has to meet its obligations under the loan-for-oil deals. Not only that, Caracas is finding it hard to maintain the Russian and Chinese shipments because of the ineffectiveness of PDVSA.

Related: Is Gasoline Demand On The Rise?

Meanwhile, the country seems to be moving closer to cementing the rule of Nicolas Maduro, which is widely seen as a path to dictatorship. On Wednesday, the Supreme Court of Venezuela ruled that Congress – which is dominated by the opposition – was working “outside the rule of law”, after claiming it was in contempt of earlier rulings. The Court seized the powers of parliament and declared it invalid.

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