All publications by tag «VENEZUELA»
“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.
“There was a request from our colleagues in Venezuela to carry out a restructuring,” Russian finance minister Anton Siluanov said. “There are difficulties in fulfilling the debt.”
The Trump administration is ready to block a Russian state-owned oil giant from gaining control of critical energy assets in the U.S. owned by Venezuela, senior American officials say, a move that likely would feed tensions between Washington and Moscow.
U.S. - The Trump administration imposed new sanctions prohibiting trading new debt and equity issued by the Venezuelan government and state oil company PDVSA.
"Over the course of the past year, Iran and Venezuela had very close stances and we were supportive of each other in many instances," said the Iranian official.
Venezuela's president on Sunday created an executive vice president post and named new vice presidents to lead PDVSA in what he described as a shake-up of the state oil company and an effort to root out corruption in the OPEC nation's principal industry.
Venezuela said on Tuesday it will cut 95,000 barrels-per-day of oil production in the New Year in fulfilment of a producers' deal to reduce global output and strengthen prices.
Venezuela has borrowed over $50 billion from China under a financing arrangement created by late socialist leader Hugo Chavez in 2007, in which a portion of its crude and fuel sales to the world's second-biggest economy are used to pay down loans.
Schlumberger will drill 80 wells in an extra-heavy oil field in the Orinoco Belt, said company spokesman Joao Felix. Terms of the deal, which are still being negotiated, will ensure payment from the government.
“In this underground lies the energy that China needs for the future. Currently, we are sending 600 Mbpd of crude to China, and we expect to increase this trade to more than 1 MMbpd within the next years.”