PDVSA and the French company Maurel & Prom will jointly produce oil and gas in Lake Maracaibo, according to an agreement signed by both companies.
The agreement comes after the temporary lifting of several sanctions by the United States, the country's oil company reported.
Likewise, it…
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oil
US tightens sanctions on Iran oil
US legislators approved this Friday a bill to toughen economic sanctions on Iranian oil, with 342 votes in favor and 69 against.
The House of Representatives approved the measure that seeks to “punish international refineries and ports…
The US eased sanctions against Venezuela after the agreement for the 2024 elections
The United States government temporarily lifted some of the sanctions imposed on the Venezuelan oil sector, one day after the agreement between the government and the opposition platform of the Latin American country, as a guarantee for the…
OPEC foresees sustained increase in oil demand until 2045
OPEC foresees that the demand for crude oil will be sustained until 2045, as long as investment in new projects is maintained to respond to these energy needs.
“Our reference scenario foresees that oil demand will reach 116 million barrels…
Law for the Promotion of Non-Petroleum Exports approved by National Assembly
In an ordinary session this Tuesday, the National Assembly of Venezuela approved in first discussion the Law for the Promotion of Non-Petroleum Exports, presented by the president of the Permanent Commission of Economy, Finance and National…
Commercial exchange between Venezuela and the US grew
Trade between Venezuela and the United States experienced a notable increase of 113 % during the first half of this year compared to the same period in 2022. This rise is largely due to the resumption of Chevron operations in the South…
Saudi Arabia and Russia extended their cuts until the end of the year
Saudi Arabia and Russia announced the extension of their voluntary oil production cuts until the end of the year, which has had an immediate impact on crude oil prices. This decision seeks to stabilize prices and has taken the value of a…
Cuba finds oil in Matanzas province
Cuba announced this weekend the discovery of better quality oil in the province of Matanzas, located in the west of the island. The exploitation works are in charge of the Australian company Melbana Energy.
According to the announcement…
US oil reserves fall about 17 million barrels
The US Energy Information Agency (EIA) revealed that commercial oil reserves in the United States suffered a spectacular drop of 17 million barrels during the week ending July 28. This reduction is much greater than what the market expected…
Oil giants suffer drop in profits in 2023
Oil and gas multinationals experience a significant decline in their profits during the first half of the year, as a result of the fall in fuel prices, after an exceptional 2022. However, these companies continue to be profitable.
On…
Saudi Arabia and Russia cut oil exports for an additional month
After a recent agreement between Russia and Saudi Arabia, it became known that both regions will maintain the cut in oil exports for another month.
According to the announcement on the measure, exports from Saudi Arabia will remain at 9…
Oil production in Venezuela increased 43 % in six months
Oil production in Venezuela went from 630,000 barrels per day to more than 850,000 since January 2023. This was reported by the president of PDVSA and Minister for Oil, Pedro Tellechea.
The figures indicated by the Venezuelan official…