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 White House.
The leaders will "commit to gradually…
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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…
Venezuela will produce a maximum of one million oil barrels per day
The economist and oil expert Rafael Quiroz pointed out that the most Venezuela could produce this year is one million barrels per day. In his opinion it is "impossible" for the country to produce 2,000,000 barrels of crude oil per day, as…
Chevron to reactivate operations in Venezuela
United States President Joe Biden authorized Chevron to start the reactivation of its operations in Venezuelan territory and it is estimated that the decision will be formalized this week, within the framework of the talks between the…
Russia could accept Bitcoin as payment for oil and gas
Pavel Zavalny, chairman of the State Duma Energy Committee, said Russia could accept payments in different types of currencies for its oil and natural gas exports, depending on the requirements and the "state of foreign relations of the…
Venezuelan oil production increased 4 % in February
The Organization of Petroleum Exporting Countries (OPEC) reported in its monthly report that Venezuelan oil production increased by 4 % in February compared to January pumping, based on official figures.
The information highlights that the…
Venezuela aspires to increase its oil production by 2022
Venezuela plans to increase its oil production goals to 2 million barrels per day, as well as its derivatives, as part of the economic growth plan for 2022, as announced by the Oil Minister and Sector Vice President of Economy, Tareck El…