December 15, 2019

The View From Europe: PetroCaribe, sanctions and collateral damage

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By David Jessop From Barbados Advocate AS this is being written, an uneasy calm prevails in Haiti following nearly two weeks of widespread demonstrations against the Government of President Jovenal Moïse. Protesters had been demanding his resignation, blocking roads, burning vehicles and attacking government buildings and businesses in many parts of the country including the […]

PDVSA’s angry creditors are prowling the Caribbean for oil to seize

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By Lucia Kassai, Sheela Tobben & Ezra Fieser From Bloomberg Laden with 400,000 barrels of Venezuelan oil, the Icaro sits in the azure waters of the Caribbean just off the Dutch island of Curacao. It’s been there more than a month, and it’s not going anywhere until state-owned oil companyPDVSA pays its bills. The Icaro has […]

Venezuela will remap its Caribbean oil, gas prospects

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By  Bloomberg|Fabiola Zerpa From RigZone (Bloomberg) — Venezuela will remap its Caribbean oil and gas prospects in a move that could further stoke a century-long border dispute with Guyana and collide with Exxon Mobil Corp.’s venture in the region, people with knowledge of the plan said. The seismic survey is planned for the coming months […]

Venezuelan diplomat defends viability of Petro cryptocurrency

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By Youri Kemp From Caribbean News Now CARACAS, Venezuela — Venezuelan charge d’affaires in Barbados, Alvaro Sanchez Cordero, has responded directly to a Caribbean News Now report on the viability and efficacy of the Venezuelan, oil backed, cryptocurrency, the “Petro”, launched in February. “Don’t hold your breath. The bottom line is that the Petro is […]

PDVSA to resume use of Caribbean oil terminal under NuStar deal

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From Reuters HOUSTON (Reuters) – Venezuela’s PDVSA and NuStar Energy LP have reached an agreement over outstanding storage fees, allowing the state-run company to resume use of a key storage terminal in the Caribbean, the U.S. energy firm said on Monday. NuStar had suspended PDVSA several times since 2017 from using its St. Eustatius facility […]

Russian oil bought by PDVSA for Cuba discharges in the Caribbean -data

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From Reuters HOUSTON, June 25 (Reuters) – A tanker that for more than a month was unable to deliver Russian crude to Venezuela’s PDVSA amid a dispute between the state-run firm and ConocoPhillips has discharged its cargo in the Caribbean, and a second vessel is soon to follow, according to Reuters data and a source […]

Venezuela suspends oil delivery to some Caribbean states

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From St Lucia Times Antigua Observer:- Antigua and Barbuda is among countries to be affected as Venezuela’s PDVSA says it is suspending petroleum deliveries to about half of the Caribbean countries in its Petrocaribe agreement. The move comes due to falling crude production and low refinery utilisation, according to a Venezuelan Oil Ministry report. PDVSA, […]

ConocoPhillips ‘not close’ to recouping $2 billion from PDVSA, CEO says

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Reuters From E&P U.S. oil producer ConocoPhillips Co. (NYSE: COP) is far from collecting the full value of a $2 billion arbitration award against Venezuelan state oil company PDVSA , ConocoPhillips’ CEO said May 15. ConocoPhillips has won court orders allowing the company to begin seizing PDVSA assets in efforts to collect on an award […]

Enough global oil supplies to avoid possible disruptions in Caribbean – U.S.

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From Reuters WASHINGTON, May 16 (Reuters) – There is enough oil supply in the global market to make up for potential fuel disruptions from U.S. oil producer ConocoPhillips’ legal actions against Venezuelan state oil company PDVSA, a State Department spokesman said on Wednesday. “The U.S. Department of State remains in contact with our partners in […]

Venezuela suggests ready to pay after Conoco moves on its Caribbean assets

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By Alexandra Ulmer, Deisy Buitrago From Reuters CARACAS (Reuters) – Venezuela on Thursday rejected ConocoPhillips’s moves to seize the country’s Caribbean assets to collect on a $2 billion arbitration award, but in a sign the U.S. oil company’s pressure might be working, Caracas also suggested it was ready to pay. In its first official comments […]