Chernyshov, CEO of Naftogaz Ukraine, appointed as deputy PM for new ministry
The Ukrainian parliament approved Oleksiy Cernyshov, the CEO of state-owned oil and gas company Naftogaz as deputy premier to head a newly created ministry for national unification as the third anniversary of Ukraine's full-scale war against Russia approaches. Chernyshov is a 47-year-old man who has been leading Naftogaz since 2022.
Faced with a tariff threat, Europe looks for ways to appease Trump
The European Union considers options to appease Donald Trump upon his return to the White House. It is bracing for a resumption in U.S. trade threats and tariffs, as well as a tough exchange on how to deal with China. Trump warned the 27-nation group shortly before he won the U.S. presidency…
Cyprus and Greece sign an agreement on the 'world's largest' subsea cable
The energy ministers of Greece and Cyprus announced on Saturday that they had signed a Memorandum of Understanding (MoU), which will allow them to proceed with the construction of a submarine electric cable connecting continental Europe to East Mediterranean. The Great Sea Interconnector…
Climate Activists Block Shell HQ
Environmental activists chanting "keep it in the ground" blocked the entrance to Shell's headquarters in The Hague on Friday, protesting at the energy company's role in climate change, until police dragged them away, detaining 30.Some of the environmentalists from the Extinction Rebellion and Shell Must Fall!
Ecuador to Quit OPEC in 2020
Ecuador, one of the smallest members of the Organization of the Petroleum Exporting Countries, said on Tuesday it will leave the 14-nation bloc from Jan. 1 due to fiscal problems.The Andean nation is attempting to increase crude production to raise more income and has on multiple occasions…
India to Evacuate Thousands as Cyclone Nears West Coast
Indian authorities are preparing to evacuate 300,000 people along the western coast as a severe cyclone is expected to make landfall on Thursday morning in the state of Gujarat.Storm Vayu, which formed in the Arabian Sea, is likely to cross the Gujarat coast with gust speeds as high as 135 kmph (84 mph)…
U.S. Considers Venezuela Oil Sanctions
The Trump administration is considering sanctioning a Venezuelan military-run oil services company and restricting insurance coverage for Venezuelan oil shipments to ratchet up pressure on socialist President Nicolas Maduro, a U.S. official said. With Maduro running for another term in an April election that Washington and its allies oppose as a sham…
Vens Says Debt Refinancing Underway, but S&P Disagrees
Venezuela's cash-strapped government said its plan to refinance some $60 billion in bonds was successfully underway after a creditors' meeting in Caracas but a rating agency declared the nation in selective default over missed coupon payments. President Nicolas Maduro's negotiating committee…
Venezuela Oil Output Hits Near 30-year Low
Oil-dependent Venezuela's crude output dipped last month below 2 million barrels per day, its lowest level in nearly three decades, global producer group OPEC said on Monday. The Organization of the Petroleum Exporting Countries' latest monthly data showed Venezuela reporting production of 1.955 million bpd in October, versus 2.085 million in September.
Venezuela Arrests Top Oil Exec, 8 Other PDVSA Employees
Venezuela has arrested the state oil company's boss for the western region and eight other executives at PDVSA, according to an internal company memo and a half-dozen sources in the OPEC member's oil industry. It was not immediately clear why Gustavo Malave and the other employees were apprehended…
PDVSA Says Oil Shipments Unaffected by Port Spill
Venezuela's state oil company PDVSA said on Wednesday a spill at its main exporting port Jose had been halted without any impact on crude shipments from the terminal. "Operations of production and shipment of crudes from the Hugo Chavez Orinoco Belt were not compromised and continue with absolute normality," it said in a statement.
Venezuela to Cut 95,000 bpd Crude Output in OPEC Deal
Venezuela said on Tuesday it will cut 95,000 barrels per day of oil production in the New Year in fulfillment of a producers' deal to reduce global output and strengthen prices. Jan. 1 marks the start of the pact by the Organization of the Petroleum Exporting Countries and several non-OPEC producers to lower production by almost 1.8 million bpd.
Venezuela Says Global Oil Supply Exceeds Demand by 10%
Global oil supply of 94 million barrels per day needs to fall by about a tenth if it is to match consumption, Venezuela's Oil Minister Eulogio Del Pino said on Monday. Del Pino, whose country is pressing for OPEC and non-OPEC producers to reach a deal to bolster crude prices, said a "fair price" would be around $70 per barrel.
Venezuela to use Non-Aligned summit to Push Oil Consensus
Venezuela will use this weekend's Non-Aligned Movement summit to meet fellow oil producers and gather support for a global deal to strengthen oil prices at a gathering in Algeria this month, Oil Minister Eulogio del Pino said on Friday. "Obviously we are going to use this meeting to build consensus…
Venezuela to Use Non-Aligned Summit to Push Oil Consensus
Venezuela will use this weekend's Non-Aligned Summit to meet fellow oil producers and gather support for a global deal to strengthen oil prices at a gathering in Algeria this month, Oil Minister Eulogio del Pino said. "Obviously we are going to use this meeting to build consensus," Del Pino told reporters…
Venezuela's PDVSA Issued $831 mln Debt to Pay Providers This Year
Venezuela state oil company PDVSA has issued $831 million in promissory notes this year to repay debts to service providers, according to its latest financial statement. The notes, with an interest rate of 6.5 percent, mature in 2019, the company said in its 2015 financial statement published late on Tuesday.
Venezuela Fears Oil Supply Catastrophe, Backs Iran
Venezuela's Oil Minister Eulogio del Pino fears a "catastrophe" if oil inventories continue accumulating to record levels, but nevertheless backs fellow OPEC member Iran's right to increase production once international sanctions are lifted. Del Pino and Foreign Minister Delcy Rodriguez met this week with OPEC member representatives in Caracas…
Rosneft to Invest $500 mln More in Venezuela Energy Project
Russia's top oil producer Rosneft is to invest another $500 million as it raises its stake in the Petromonagas joint venture in Venezuela's Orinoco Belt region to 40 percent, President Nicolas Maduro said on Friday. That is the maximum stake foreign partners are allowed to hold in joint ventures with Venezuelan state oil firm PDVSA .
Latin American Oil Producers Seek Consensus Over Output Freeze
Delegations from Latin American oil exporters Colombia, Ecuador, Mexico and Venezuela were in Quito on Friday to seek consensus over a possible output freeze or other methods to bolster international crude prices. Ecuador's Energy Ministry said the purpose of the meeting, due to begin at 1:00 p.m.
Resource-rich Venezuela Struggles to Keep Lights, Taps On
Residents of Venezuela's southern city of Puerto Ordaz enjoy pleasant views of the Orinoco and Caroni rivers and are a half hour's drive from one of the world's biggest hydroelectric dams. Yet most days they suffer water and power cuts. The irony is not lost on Marelis Gonzalez, who runs the "Las Chinas" food store.
