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2016-07-27 18:35:00

VENEZUELA NEED MONEY

VENEZUELA NEED MONEY

 

OIL PRICES JULY 2016

 

OIL PRICES AUG 2015 - JUL 2016

 

VENEZUELA  OIL FIELDS PIPELINES MAP

 

According to REUTERS, Declining risk premiums on Venezuelan debt have opened the door for the South American nation to borrow on international capital markets, economy Vice President Miguel Perez said on Tuesday.

Venezuela and state oil company PDVSA face heavy debt payments this year amid weak oil markets and continuing decay of its socialist economic model. Neither have been able to borrow in recent years because the extremely high yields have made such operations too costly.

"We see how country risk, which is a very important indicator, has fallen more than 1,100 points ... which guarantees (that we can) go out into international markets to seek new sources of financing for the republic," Perez said in comments on state television.

Perez did not offer further details.

Venezuelan bonds on average yield some 2,600 basis points more than comparable U.S. Treasury notes, according to JPMorgan's EMBI Global Diversified Index .JPMEGDVENR.

That rate had topped 3,300 basis points earlier this year, at the height of concerns that Venezuela or PDVSA would default on its bonds. Investor confidence has recovered since then as oil prices have risen, though Venezuela's yields remain the highest of any emerging market nation.

PDVSA last year said it would seek a debt swap for this year's heavy maturities, which include $3 billion in principal payments. But investors say there has been little movement on that proposal, which would require the company to issue new debt.

President Nicolas Maduro notes the ruling Socialist Party has never missed a debt payment and accuses adversaries of fueling default rumors to weaken his administration.

He has described the high yields on Venezuela's debt as a "financial blockade" against his government.

PDVSA last issued global bonds in 2014, while Venezuela last sold bonds in 2011.

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Earlier: 

VENEZUELA - CHINA TALKS 

VENEZUELAN OIL DOWN 

BRAZIL & VENEZUELA IN SHOCK 

ROSNEFT & PDVSA COOPERATION 

ROSNEFT & PDVSA DEVELOPMENT

 

 

 

Tags: VENEZUELA, OIL, PRICES, PDVSA

Chronicle:

VENEZUELA NEED MONEY
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

VENEZUELA NEED MONEY
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

VENEZUELA NEED MONEY
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

VENEZUELA NEED MONEY
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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