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 Development, deputy Jesús Faría.
As the deputy explained,…
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oil
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…
Brent barrel price could reach $ 90
The price of Brent will rise in the short term, reaching up to 90 dollars per barrel if China recovers and the actions taken by the President of the United States Federal Reserve, Jerome Powell, prevent a recession in the United States.…
OPEC+ will keep pumping cut until 2024
Vienna hosted this Sunday the meeting of the OPEC+ oil and energy ministers, who agreed to extend the cut in current oil pumping for another year, until 2024.
The representatives of the 23 countries that make up the group also made…
OFAC authorizes limited transactions of US firms with PDVSA
The Government of the United States announced this Tuesday, through OFAC, the authorization of some transactions of four US firms with the state oil company Petróleos de Venezuela (PDVSA), prohibited since November 2018, while maintaining…
Venezuela and Iran sign agreements on oil, gas and petrochemicals
The state oil company PDVSA signed several memorandums of understanding with Iran, regarding oil, gas and petrochemicals. These are the first binational initiatives after the resignation of Tareck el Aissami from the Ministry of Petroleum.…