Tag: Venezuela

August 16, 2019

U.S. President Donald Trump’s sanctions against Iran and Venezuela have inadvertently increased demand for a Russian brand of crude oil, boosting revenues for the nation’s exporters. Russian oil companies received at least $905 million in additional revenues between November and […]

April 16, 2019

Oil futures put in a mixed performance Tuesday as investors looked ahead to data on U.S. crude inventories and kept an ear out for any hints from OPEC and its allies on the fate of production cuts. The U.S. benchmark, […]

March 29, 2019

Global oil markets are set to post their best returns in a decade after OPEC led cuts and continued sanctions boost prices. West Texas Intermediate (WTI) is set to post its best return since 2009, says Bloomberg, despite recent contributions […]

February 26, 2019

Venezuela is running out of space to store its sanction-stained crude that few dare to buy, forcing it to reduce output at a time when the world is thirsty for heavy, sulfurous oil. Tankers holding 8.36 million barrels of Venezuelan […]

February 5, 2019

A US crackdown on foreign oil exports could lead to higher prices at the pump. The Trump administration said last week it would impose sanctions against Venezuela’s state-owned oil industry in an attempt to cripple the government of President Nicolas […]

February 4, 2019

Oil futures dropped on Monday, after briefly touching their highest intraday levels of the year, with prices looking to give up much of the gains they scored last week. “Crude prices hit new highs for 2019,” said Phil Flynn, senior […]

June 6, 2018

Oil prices moved a leg higher on Wednesday, extending the prior day’s gains after reports Venezuela may not deliver some of its contracted crude oil exports amid political upheaval. Production and exports in Venezuela have recently been hit hard by […]

March 20, 2018

Oil prices hit March highs on Tuesday, finding support from concerns over tensions between Iran and Saudi Arabia, and about Venezuela crude production. April West Texas Intermediate crude CLJ8, +2.14% rose by $1.20, or 1.9%, to $62.26 a barrel on […]

August 18, 2016

Venezuela’s deepening chaos could soon create tremors in the global oil markets. Already in an economic and humanitarian crisis, Venezuela’s oil production — the country’s sole lifeline for revenue — has hit a 13-year low. As the situation worsens, Venezuela’s […]