Trump blocks courts from seizing Venezuelan Oil Revenue in US Accounts
The White House announced on Saturday that U.S. president Donald Trump had signed an executive order to prevent?courts and creditors from impounding revenues tied to the sale of Venezuelan oil in U.S. Treasury accounts. The order stated that the money held in foreign government deposits should be used to create "peace and prosperity" in Venezuela. The emergency order was signed Friday, a little more than a week after U.S. troops captured Venezuelan President Nicolas Maduro at Caracas. Many companies have had long-standing claims against Venezuela.
Trump calls on US oil companies to fix Venezuela's rotting energy industry
Donald Trump, the U.S. president, began a meeting at the White House on Friday to discuss Venezuela. He said he wanted executives from some of the largest oil companies in the world to invest $100 billion to expand Venezuela's production. The meeting reflects Trump's importance for oil in his strategy towards the OPEC nation, after U.S. troops seized Nicolas Maduro as the leader of the South American nation during a brazen raid overnight on the capital on January 3. He said: "We will be making the decisions as to which oil firms are going to enter…
Trump meets with oil companies in Venezuela
Donald Trump, the U.S. president, began a meeting at the White House with executives of some of the largest oil companies in the world on Friday. He said that increasing crude production from Venezuela will benefit the United States. The meeting reflects Trump's importance for oil in his strategy towards the OPEC nation, after U.S. troops?seized South American leader Nicolas Maduro during a brazen raid overnight on the?capital of the country January 3. Officials in the Trump administration…
Trump's "drill baby, drill" agenda in Venezuela hurts producers at the home
Trump wants $50 oil but it's below the profit level of U.S. Venezuelan oil redirected to squeeze U.S. Venezuelan oil to benefit U.S. HOUSTON, January 9 - U.S. Oil Producers already struggling with low oil prices face renewed pressure as President Donald Trump presses them to increase output in Venezuela – a move which would weaken oil markets, reduce revenues and hurt the industry at home. Trump's policies, he claims, will unleash American energy while lowering prices at the pumps. This promise would benefit U.S. customers but would squeeze revenues from the oil industry.
White House oil meeting includes independents and has strong ties to Denver
On Friday, the White House will be inviting oil executives to meet with them in order to discuss possible investment in Venezuela. While the list of attendees includes some big names from American oil, such as Exxon Mobil, ConocoPhillips, and Chevron, it also contains smaller independents, private equity-backed companies, and other players. Only the largest U.S. An oil industry source said that oil producers in Venezuela have the experience and scale to operate there. It is noteworthy that smaller companies from Venezuela were included in the meeting, given that most of them operate in the U.S.
US oil companies juggle Venezuelan opportunity and investor concerns ahead of White House Summit
U.S. Oil executives will weigh the business potential of Venezuela and the enthusiasm expressed by President Donald Trump against the cautious attitude expressed by their investors when they are summoned to meet at the White House this Friday to discuss possible investment plans. Speaking at the Goldman Sachs Energy?conference held in Miami, Secretary of energy Chris Wright repeated Trump's claim that U.S. firms are prepared to invest billions of dollars into rebuilding?the South American country?s oil economy?after U.S. troops removed Nicolas Maduro?from power?on Saturday.
Sources say that Chevron Vitol Trafigura are all competing to control Venezuelan oil imports.
Sources familiar with the situation say that Chevron, Vitol, Trafigura and other companies are competing to get deals from the U.S. Government to export crude oil from Venezuela. Venezuelan officials are trying to control oil sales in the United States. This competition is a reflection of the desire for many oil companies to gain access to Venezuela's crude oil stocks and production. Donald Trump, the U.S. president, has demanded Venezuela grant the United States access to the oil sector. This comes just days after the U.S. seized the South American nation's President Nicolas Maduro. U.S.
Oil Prices Rise 2% Amidst Venezuela Conflict, Supply Concerns
Oil prices rose about 2% on Thursday after two days of declines as investors assessed developments in Venezuela and on worries about supplies from Russia, Iraq and Iran.Brent futures rose $1.21, or 2%, to $61.17 per barrel at 11:17 a.m. EST (1617 GMT), while U.S. West Texas Intermediate crude gained $1.02, or 1.8%, to $57.01.The U.S. seized two Venezuela-linked oil tankers in the Atlantic Ocean on Wednesday, one sailing under Russia's flag, as part of U.S. President Donald Trump's…
Vitol, Trafigura and the White House invited to Venezuelan oil discussions on Friday
Four sources familiar with the situation have confirmed that the U.S. administration of President Donald Trump has invited the heads of commodity trading companies Vitol and Trafigura to meet at the White House this Friday to discuss the marketing Venezuelan crude oil. European trading houses dominate global oil trading, and could assist the U.S. in selling oil from Venezuela despite Washington's desire for U.S. oil majors to take the lead. White House announced that it would host U.S. Oil Majors on Friday. However, the invitation for trading houses was not previously reported.
FT reports that US oil companies need guarantees before investing in Venezuela.
The Financial Times reported that U.S. Oil Companies want "serious assurances" from Washington before making large?investments into Venezuela. President Donald Trump wants them to support his efforts to reshape the energy?markets. The FT, citing sources familiar with the issue, reported that U.S. officials met with energy executives on Wednesday in Miami. Washington and Caracas are progressing, so the talks will come. Donald Trump has urged American oil companies to invest in Venezuela's energy sector and to provide up to 50,000,000 barrels of Venezuelan crude oil to the United States.
Iraq nationalises West Qurna 2 Oilfield Operations, Government Says
Iraqi Cabinet has approved the nationalisation of petroleum operations in West Qurna 2 Oilfield, one?of the world's largest oilfields, according to the 'provisions' of a contract signed with Russia Lukoil. The cabinet agreed to also seek approvals for financing operations via the Majnoon account. This will be boosted with proceeds from crude shipments sold by SOMO, state oil marketing company. An Iraqi oil manager said that the state-run Basra Oil Company would?cover local salaries…
Venezuelan oil will boost US refiners but hurt Canadian producers
Refiners in the United States would be able to absorb most of the approximately 1 million barrels of crude oil per day if U.S. Sanctions on Venezuela are lifted. According to a report on Tuesday, the U.S. has been in talks with Venezuela about exporting crude oil from the South American country to the United States. Sources say that U.S. oil executives will visit the White House Thursday to discuss Venezuela. The increase in Venezuelan oil exports may hurt Canadian firms that sell similar heavy oils…
Trump Administration says that there are ways to increase Venezuelan oil production quickly
Trump's administration dismissed Tuesday analysts' estimates that it will?take years? to increase Venezuela's crude oil production. They said there are ways to boost the country?s oil sector quickly. The Trump administration is aiming to increase crude production from Venezuela, the South American country that has the largest oil reserves in the world. This comes after U.S. troops seized Venezuelan leader Nicolas Maduro during a raid against its capital Caracas, on Saturday. A lack of investment has caused the country's infrastructure to be in ruins.
Venezuelan oil will boost US refiners but hurt Canadian producers
Refiners in the United States would be able to absorb the majority of the approximately 1 million barrels of crude oil per day that would be traded freely if the sanctions were lifted. The sanctions against the South American nation are lifted. Canadian oil companies, who sell heavy crude similar to that of Venezuela, and small Chinese refiners would suffer higher costs, if Venezuelan crude was diverted to the U.S. The U.S. president Donald Trump is asking for billions of dollars in order to rebuild Venezuela's oil sector…
Shell purchases stakes in offshore blocks in Angola from Chevron
Shell announced on Tuesday that it has reached an agreement with Chevron to purchase a stake in two offshore blocks in ultra-deep water offshore Angola. European oil companies have announced that they will invest billions of dollars in Angola. Angola is the second-largest crude producer in Sub-Saharan Africa after Nigeria. Angola has implemented major regulatory reforms in order to 'attract investments into its energy sector. It aims to keep production at or above 1,000,000 barrels per day.
What is the current status of international oil firms in Venezuela following Maduro’s capture?
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro. Former President Hugo Chavez expropriated?assets?from foreign oil companies in the 2000s. This strengthened the state-owned PDVSA control over the oilfields of the country. Due to Washington's sanction, foreign companies must now obtain authorizations from the United States to negotiate, plan and operate projects in Venezuela. Oil exports from the OPEC nation are at a standstill.
Bousso: Trump offers US oil companies in Venezuela a poisoned cup
Donald Trump, the president of the United States, is offering U.S. companies an opportunity to revitalize Venezuela's vast and derelict petroleum industry. This is an offer that they might not want to accept. U.S. Representatives of the Trump administration will meet with oil executives this week to discuss increasing Venezuelan oil production. Monday is a holiday. Exxon Mobil and ConocoPhillips may find it attractive to tap Venezuela's vast reserves of oil - the largest in the world at over 300 billion barrels or about one-fifth the global stock.
Bousso: Trump offers US oil companies in Venezuela a poisoned cup
Donald Trump, the president of the United States, is offering U.S. companies an opportunity to revitalize Venezuela's vast and derelict petroleum industry. This is an offer that they might not want to accept. U.S. Representatives of the Trump Administration plan to meet with oil executives this week in order to discuss increasing Venezuelan oil production. Monday is a holiday. Exxon Mobil and ConocoPhillips may find it attractive to tap Venezuela's vast reserves of oil - the largest in the world at 300 billion barrels or roughly one-fifth the global stock.
Oil Executives Dispute Trump's Claim of Talks with US Majors on Venezuela
Four oil executives who are familiar with the situation say that the Trump administration didn't consult Exxon Mobil, ConocoPhillips or Chevron about Venezuela either before or after U.S. forces captured Venezuelan president Nicolas Maduro on Jan. 3.This contradicts the assertion made by President Donald Trump on Air Force One Sunday, that he spoke to all U.S. companies of oil "before and afterwards" Maduro was captured about his plans to invest in the country.One of the sources stated…
Oil executives say that the Trump administration did not consult US oil majors regarding Venezuela.
According to four oil executives who are familiar with the situation, the Trump administration didn't consult the oil companies Exxon Mobil, ConocoPhillips or Chevron about Venezuela either before or after U.S. forces captured Venezuela's President Nicolas Maduro on Jan. This contradicts the claim made by President Donald Trump on Sunday aboard Air Force One that he spoke to all U.S. companies about Maduro’s capture "before and afterwards". Sources said that "nobody in those three companies has ever had a conversation with the White House regarding operating in Venezuela pre-removal…