VENEZUELA'S OIL EXPORTS DOWN AGAIN
BLOOMBERG - Venezuela, once Latin America's largest oil exporter, ended 2018 with a whimper as overseas sales dropped to the lowest in nearly three decades.
Home to the world's biggest crude reserves, the country exported 1.245 million barrels a day last year, the lowest since 1990, as production tumbles amid an economic and humanitarian crisis. Financial sanctions imposed by the U.S. have further tightened the screws on Venezuela's ailing economy, while creditors have sought seize its assets including oil cargoes and its prized Citgo refineries in the U.S.
Falling exports compound the pain, as oil is the country's main source of revenue and bankrolls the regime of president Nicolas Maduro. The OPEC member's crude production fell by more than half in the past five years to a daily average of 1.346 million barrels this year, according to OPEC secondary source data.
The country is also bracing for more sanctions, as the Trump administration is said to mull new actions against Venezuela by Jan. 10, when Maduro's current term expires. Maduro faced criticism back in May, when he was re-elected in a vote derided as a sham.
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Earlier:
2018, December, 12, 08:40:00
VENEZUELA - RUSSIA OIL: $17 BLNPLATTS - Russia will invest $5 billion to raise Venezuela's oil production by 1 million b/d under a new economic agreement, Venezuelan President Nicolas Maduro said Thursday.
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2018, December, 7, 07:50:00
RUSSIA'S INVESTMENT TO VENEZUELA: $5 BLNREUTERS - Venezuela has signed deals securing investment from Russia in the South American country’s oil and gold sectors, President Nicolas Maduro said on Thursday at the end of a three-day trip to Moscow.
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2018, November, 26, 13:25:00
VENEZUELA'S OIL DOWN TO 1.17 MBDREUTERS - The country’s oil production has fallen to just 1.17 million barrels-per-day, a 37 percent drop in the last year, according to reports from secondary sources to OPEC, leaving itstruggling to ship Russian entities the roughly 380,000 bpd it has agreed to send, according to PDVSA
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2018, November, 23, 12:05:00
VENEZUELA'S ECONOMY DOWN 17%REUTERS - Preliminary data compiled by Venezuela’s central bank shows the economy shrank by 16.6 percent in 2017 compared with the year before, two sources familiar with the matter said on Thursday, the country’s sharpest decline on record.
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2018, September, 17, 15:00:00
VENEZUELA - CHINA COOPERATIONREUTERS - Venezuela gave China another stake in the OPEC nation’s oil industry and signed several other deals in the energy sector, but Beijing made no mention of new funds for Caracas during President Nicolas Maduro’s visit to his key financier on Friday.
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2018, July, 25, 09:15:00
VENEZUELA'S ECONOMIC COLLAPSEIMF - On Venezuela, it is difficult to discuss because it is in a state of economic collapse. We have not engaged with them in over a decade on their economic policies.
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2018, June, 25, 12:15:00
VENEZUELA CAN UP BY 1 MBDREUTERS - Venezuela has the ability to boost crude output by 1 million barrels per day (bpd) by end of the year in its bid to recover lost production, but the oil minister also said on Friday this goal would be “a challenge” for state oil firm PDVSA. |