The Venezuelan state energy firm is offering significant discounts on its crude as it tries to combat falling prices due to the Russia-Saudi price war and tightening US sanctions.
March 25, 2020
the Venezuelan state energy firm is set to restart two of its heavy crude upgraders (Petrocedeno and Petromonagas) as blending facilities to produce Merey 16 heavy crude over the coming months.
March 17, 2020
Colombian state energy firm Ecopetrol said it plans to invest $13-17B in 2020-2022, up from $12-15B over 2019-2021, as it aims to increase production by 10% from 725.0K boe/d last year to 780.0-800.0K boe/d in 2022.
March 10, 2020
CEO Al Monaco of Canadian midstream firm Enbridge said that Canadian crudes will account for 50% of the US Gulf Coast (USGC)'s demand for heavy-sour crude, compared to 30% in 2018.
March 03, 2020
Ecuador's state-owned oil company, which returned to the spot market in 2017, offered its first for four tenders for spot crude cargoes for this year with plans to supply eight cargoes/month by 2024.
February 25, 2020
Tightening of US sanctions on Venezuela in 4Q 2019 are resulting in crude production from that South American country plateauing again around 800K b/d as export opportunities are limited resulting in onshore storage space nearing capacity.
February 18, 2020
Independent US refiners Phillips Petroleum and Valero Energy have been increasingly purchasing cheaper HSFO in lieu of heavy crudes.
February 10, 2020
>On Jan. 18, the US Treasury Department granted Chevron Corp. (CVX) another waiver to maintain its operations in Venezuela until April 22.
February 03, 2020
Venezuela saw a modest 20K b/d bump in production in Dec. from Nov. levels to 720K b/d, as its crude exports rebounded.
January 27, 2020
The South American nation has altered the formula it uses to calculate oil royalty payments from foreign firms operating in the country.
January 20, 2020
