Benchmark Brent averaged around US$80 a barrel this year, after a volatile 2022 in which prices surged above US$100 after Russian supplies were disrupted following the Ukraine war
Eni SpA E and Repsol SA REPYY are engaged in advanced negotiations for new agreements with Venezuela, as the South American nation aims to reclaim its position as a significant global oil producer following the relaxation of U.S. sanctions, per a Bloomberg report.
President Nicolas Maduro announced annexation of Essequibo and mobilized army at the border
Oil prices have nearly erased all year-to-date gains as shrinking refining margins signal weaker demand for oil.
The governments of Venezuela and Trinidad and Tobago have struck a profit-sharing agreement that will allow them to jointly exploit the Dragon gasfield, with Trinidad exporting natural gas from the PDVSA project.
In less than a decade, the economy of what was once South America’s wealthiest country, Venezuela, collapsed. The oil-rich country, which once pumped over three million barrels of petroleum daily, slumped into the worst economic collapse of modern times to occur outside of war.
The United States has renewed a license that will extend the authorization to select oilfield services companies to keep assets in Venezuela. The license does not allow the companies to drill, process, or handle Venezuelan-derived crude oil, Reuters reported on Tuesday.
Venezuela’s state oil company PDVSA has got new management that plans to boost production of crude to 1.17 million barrels daily by the end of the year, Reuters has reported, citing an internal document.
TEHRAN- Iran and Venezuela inked several memorandums of understanding (MOUs) on the expansion of cooperation in the fields of oil, gas, and petrochemicals.
According to the 2022 BP Statistical Review of World Energy, Venezuela has more proved oil reserves than any other country in the world. Venezuela’s 304 billion barrels of proved reserves just edges out Saudi Arabia’s 298 billion barrels. Both are far ahead of U.S. proved reserves of 69 billion barrels.