• 4 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 7 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 10 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 13 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 35 mins EU has already lost the Trump vs. EU Trade War
  • 2 mins More dumbed down? re Hong Kong Act of Congress
  • 16 hours Impeachment S**te
  • 55 mins Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 3 hours Article: Did Exxon only make $39 Million onshore U.S. last quarter ?
  • 23 hours 55.00 WTI
  • 8 hours Visualizing Pennsylvania Oil & Gas Production (Through September 2019)
  • 4 hours U.S. Shale To Break Records Despite Bearish Rhetoric
  • 1 day Water, Trump, and Israel’s National Security
  • 1 day Everything You Need To Know About Trump
  • 2 hours Last I Checked
  • 2 days IEA predicts oil demand will grow annually at 1 million barrels a day for the next 5 years
  • 2 days Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 46 mins Petroleum Industry Domain Names
  • 50 mins What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?

Breaking News:

China’s Hunger For Coal Is Growing

Icahn: Occidental Won't Hit Target Without Asset Sale

Icahn: Occidental Won't Hit Target Without Asset Sale

Activist investor Carl Icahn has…

Goldman: Go Long On Fracking

Goldman: Go Long On Fracking

Goldman Sachs is advising its…

Venezuela Says It May Send U.S.-Bound Oil To Russia

Maduro Quevedo

Venezuela may re-route crude oil that was initially bound for the United States to Russia and other countries, Manuel Quevedo, Venezuela’s Oil Minister and head of the state oil firm PDVSA, said on Monday.

Venezuela, under U.S. sanctions on its oil industry since the end of January, will decide where its own crude oil will go, and one of its key goals is to boost ties with Russia, Reuters quoted Quevedo as saying on the sidelines of an OPEC+ panel in Baku, Azerbaijan, today.

Russia is the staunchest supporter and ally of Nicolas Maduro’s regime in the political power struggle in the Latin American country sitting on top of the world’s largest oil reserves, while the U.S. and many European nations have recognized Venezuelan opposition leader Juan Guaidó as the legitimate interim president. Russia has stood by Maduro for years and has poured billions of U.S. dollars in Venezuela in the form of loans and oil investments.

In another sign of the closer Maduro-Russia ties, Quevedo said in Baku this weekend that he would visit Moscow in early April to open the PDVSA office that Maduro had ordered moved from Lisbon to the Russian capital earlier this month.

Related: LNG Sector Dangerously Dependent On Chinese Demand

Venezuela’s key oil export terminal Jose is now back in operation, Quevedo also said at the meeting in Baku.

Earlier this month, a massive power outage in Venezuela shut down oil production and processing operations as well as the main oil export terminal.

Meanwhile, more than 6 million barrels of Venezuelan crude oil on 11 tankers, initially bound for the U.S., are sitting stranded in the Atlantic due to the U.S. sanctions, Reuters reported last week. PDVSA is now asking for prepayment for oil shipments, but the U.S. firms are not allowed to pay PDVSA because of the sanctions; instead they are directed to deposit the payments in escrow accounts to which the Venezuelan opposition, not Maduro’s regime, has access.

This situation has resulted in U.S. refiners Valero Energy and Citgo, the U.S. unit of PDVSA, proposing to return crude oil loaded before the sanctions were imposed, while Chevron has unsuccessfully tried to legally pay for oil it had contracted to buy, Reuters reported, citing an internal document of the Venezuelan state oil firm it had seen.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Steven Conn on March 18 2019 said:
    Independent states continue to buy Iranian oil (Turkey, China, India, and Russia via oil-goods plan), the same is happening with Venezuela with India and China. After Syria, Iraq, and Afghanistan, Washington appears to be headed for another diplomatic setback.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play