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Bankrupt Venezuela Is Demanding Oil From JV Partners Without Payment

Now that Venezuela, and its state-owned petroleum company PDVSA, were both officially declared in default on their debt by ISDA last Friday, analysts were closely watching what the insolvent Maduro government would do next, now that it is – at least on paper – isolated from most international capital markets (with the occasional loophole when […]


OPEC Reports 151Kbpd Drop In October Crude Output; Raises Demand Forecast For 2018

True to its perpetually optimistic form, OPEC, which only last week for the first time conceded the threat posed by rising US shale production… … sharply raised its demand forecast for cartel oil in 2018, ahead of a key meeting of the group’s ministers later this month. According to OPEC’s monthly market report, the oil […]


Oil Quality Issues Could Bankrupt Venezuela

Authored by Nick Cunningham via OilPrice.com, The next few weeks for Venezuela will be crucial, as it could struggle to meet a huge stack of debt payments. Reports that the nation’s oil production is experiencing deteriorating quality raises a new cause for concern for the crumbling South American nation. Venezuela’s state-owned oil company PDVSA is […]


Can Trump Drive A Wedge Between Saudi-Russian Alliance?

Authored by Zainab Calcuttawala via OilPrice.com, Together, Russia and Saudi Arabia produce a fourth of the world’s oil. The laws of competitive international commodity trading have pit the two petrostates on opposite poles of the U.S.-Russia geopolitical rivalry. But a new era of American oil exports and ailing national budgets is pulling Moscow and Riyadh […]


ExxonMobil Dethroned As World’s Top Energy Company

Authored by Nick Cunningham via OilPrice.com, Gazprom dethroned ExxonMobil as the top energy company in the world, according to the 2017 S&P Global Platts Top 250 Global Energy Company Rankings. The rankings measure the financial performance of energy firms on four key metrics: asset worth, revenues, profits, and return on invested capital. The list only […]


Big Oil Nervous As Venezuela’s Maduro Seizes More Power

Authored by Tsvetana Paraskova via OilPrice.com, The pro-government constitutional assembly loyal to Venezuelan President Nicolas Maduro seized the powers of the opposition-led congress today, in a move that necessarily has Big Oil nervous that Trump will make good on his economic sanctions threat. Maduro’s bold political move on Friday means further intensifies the dramatic decline […]


A Venezuelan Tanker Is Stranded Off The Louisiana Coast

A tanker loaded with 1 million barrels of Venezuelan heavy crude has been stranded for over a month off the coast of Louisiana, not because it can’t sail but as a result of Venezuela’s imploding economy, and its inability to obtain a bank letter of credit to deliver its expensive cargo. It’s the latest sign […]