A close official of the French presidency assured that they requested the reincorporation of Venezuela and Iran into the oil market.
"France considers it essential that the entire international community, buyers and producers, mobilize to ensure that the necessary volumes are marketed, to ease…
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oil
Biden considers temporarily freezing gasoline taxes
Joe Biden, president of the United States, is evaluating the possibility of temporarily freezing the federal tax on gasoline, a measure that could place the price of a gallon at 18.4 cents for drivers.
Biden affirmed that he was analyzing…
Oil demand will exceed pre-pandemic levels
Global oil demand will exceed the level before the Covid-19 pandemic until 2023, according to the International Energy Agency (IEA), which estimates that world crude oil consumption will reach 101.6 million barrels per day (mb /d).
In its…
US Senate considers regulating cryptocurrencies as commodities
The US Senate is studying the bipartisan bill called the Responsible Financial Innovation Act, which would give cryptocurrencies the status of commodities, such as oil or coffee, and would be under the supervision of the Commodities Futures…
Iran and Venezuela sign agreement to recover El Palito refinery
The state company National Iran Oil Engineering and Construction Company (Naftiran) signed an agreement with the Venezuelan government for 110 million euros in order to recover and put into operation the El Palito refinery and be able to…
G7 confirms that restrictions on Russian oil will remain
The leaders of the G-7, made up of Germany, Canada, the United States, France, Italy, Japan and the United Kingdom, promised to ban imports of Russian oil at the end of the remote summit, according to the final declaration published by the…
Venezuelan oil exports drop in April
Venezuela registered an average oil production of 420,000 barrels per day in April, some 410,000 barrels per day less than the goal established by PDVSA, which projected some 830,000 barrels per day of production for last month.
According…
OPEC will increase its oil supply in June
The Organization of Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC+, decided to increase their joint crude oil production by 432,000 barrels per day starting next June, they reported in a statement.
At the end…
Commercial crude oil reserves in the US increase
The US Energy Information Agency (EIA) announced that commercial oil reserves in the United States increased by 9.4 million barrels; however, gasoline storage suffered a sharp decrease equivalent to 3.6 million barrels, while distillate…
Fragility of the oil industry limits its recovery
Asdrúbal Oliveros, economist and director of Ecoanalítica, stressed that the Venezuelan oil industry is experiencing "an unprecedented fragility and vulnerability in the country" that limits the recovery of the oil sector, despite…
Venezuelan Gross Domestic Product will grow 20 % in 2022
Credit Suisse, a financial services firm, pointed out that they estimate a growth of the real Venezuelan Gross Domestic Product (GDP) in the order of 20 % for this year, when the previous projection was 4.5 %, as a consequence of the…
The US will release a million barrels of oil daily
Joe Biden, President of the United States, ordered the release of one million barrels of oil per day for the next six months, in order to replicate the increase in energy prices as a result of the war between Russia and Ukraine.
This is…