The president of the Venezuelan Confederation of Industrialists (Conindustria), Tito López, indicated in an interview for Radio Fe y Alegría Noticias, that 80 % of the Venezuelan manufacturing industry is operational, after the earthquakes of June 24.

According to the union member, “the damages recorded so far do not compromise the supply, production or distribution of goods.”

López explained that “only 6 % of the companies reported moderate damage and another 14% presented slight damage, mainly in some plants in the food sector and in industries located in the Yaracuy state.” Regarding companies in the states of Carabobo, Aragua, Lara and others in the central region, including Miranda, he stressed that they maintain their operations following the corresponding security protocols.

He added that “the regional chambers and the different sectors are working together with the affected companies to complete the repairs in the coming days.” The exception is a vegetable oil processor located in the Veroes municipality, Yaracuy state, which temporarily suspended operations due to the damage suffered.

López has ruled out shortages of goods and products in the national market, since production and distribution continue normally.

Conindustria proposed the application of fiscal measures to support the recovery of the affected areas, such as “reviewing exemptions from VAT, Income Tax and some import taxes, especially for essential inputs.” Also, they ask you to avoid nervous buying of medications.

M.Pino

Source: radiofeyalegrianoticias

(Reference image source: EqualStock on Unsplash)

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The Venezuelan state oil company PDVSA signed a memorandum of understanding with Spain’s Repsol on Tuesday, June 16, in the oil and gas sectors as part of the national strategy to recover productive capacity and attract investment.

 

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“The agreement was signed at Miraflores Palace by Héctor Obregón, president of PDVSA, and Francisco Gea Pascual de Riquelme, executive director of Exploration and Production at Repsol. Josu Jon Imaz, the company’s CEO, also participated and highlighted the company’s more than three decades of experience in the country.”

Repsol is expected to work jointly with PDVSA to reach new technical and commercial agreements.

M.Pino

Source: finanzasdigital

(Reference image source:  Social Network X, @PDVSA)

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China advanced to a new stage in the serial construction of the AG600 large-format amphibious aircraft.

The project is carried out independently, according to local authorities. The Aviation Industry Corporation of China (AVIC) has given details of the process, indicating that the nose of the first mass-produced AG600 aircraft was delivered on the 30th.

“The step marks a transition from the research and development phase of the AG600 aircraft type to its serial production, added the developer,” according to local media Xinhua.

The production of this piece took about three months. Production will continue and once completed each aircraft will be delivered to the customer.

The regional section for the center and south of “the AVIC is in charge of the airworthiness compliance inspection for the manufacture of this large part.”

M.Pino

Source: spanish.news.cn

(Reference image source: @XHeapanol, X)

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La entrada China’s AG600 large-format amphibious aircraft enters batch production apareció primero en Bitfinance.

The Venezuelan state oil company, PDVSA, will renew contracts with 17 joint companies. This was reported by the deputy and president of the Permanent Commission on Energy and Petroleum of the National Assembly (AN), Ángel Rodríguez.

The parliamentarian stressed that the country is on the path to strengthening its production levels and that it has “clear routes from the point of view of financing, from the point of view of production, the distribution of its oil and the sale.”

Rodríguez indicated that Venezuela has the channels for “communication, sales, financing and distribution of that crude oil: you can apply any licenses to us, and it will not disturb us.”

Regarding the renewal of agreements with 17 joint companies in the country, he clarified that nine will have new international partners.

According to their estimates, by the end of 2024 Venezuelan oil production will close at 1,200,000 barrels per day (bpd).

M.Pino

With information from national media and social networks

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La entrada Venezuelan state oil company PDVSA will renew agreements with 17 mixed companies apareció primero en Bitfinance.

The US already produces 40% more oil than Saudi Arabia, and the gap continues to widen. This situation, which seemed unimaginable less than 10 years ago, has become a reality thanks to the success of fracking (hydraulic fracturing) and shale oil (shale oil) in the United States. The American nation has achieved a record of daily production that no other country has consistently achieved over time.

Today, the US is producing more than 13 million barrels of crude oil every day, an impressive figure. To put this into context, the total production of oil in the world is around 100 million barrels a day. With these figures, the US accounts for more than 13% of all global production, while Saudi Arabia has fallen below 10% of global pumping share.

This milestone for the US oil industry is mainly due to two key factors. First, the success of the technique of fracking and extraction of shale oil, a revolution that began in 2014 and that today could be reaching maturity. In 2012, crude oil production in the United States barely reached 6 million barrels, compared to the 13.3 million it currently produces every day.

On the other hand, Saudi Arabia is bearing much of the production cuts as the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC). Riyadh has reduced its pumping to relatively low levels. As a result, the United States extracts 44% more oil daily than the country that has historically dominated the oil market.

It is important to note that Saudi Arabia has the capacity to produce much more oil, but prefers to keep prices afloat by reducing supply and receiving a little more per barrel. This strategy could gradually unwind in the coming months, according to the International Energy Agency (IEA) in its latest monthly oil report.

K. Tovar

Source: Eleconomista

(Reference image source: Grant Durr, Unsplash)

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La entrada US overtakes Saudi Arabia in oil production apareció primero en Bitfinance.

According to the Latin American Energy Organization (Olade), Latin America and the Caribbean will have to double its copper production and tenfold its lithium production over the next 20 years to meet global demand for these two minerals essential for the energy transition and achieve the global goal of net-zero carbon emissions by 2050.

This is the result of a Study on the Situation of Critical Minerals Needed for Energy Transitions Processes in Latin America and the Caribbean, which was released on Thursday.

The production of critical minerals in Latin America is currently about US$ 180 billion, representing 25 % of the global market, which is about US$ 700 billion.

The most important minerals are copper, with $ 70 billion; iron, with $ 50 billion; gold, with $30 billion; and silver, with $10 billion. Currently, Latin America has 45 % of world copper production and 38% of reserves, as well as 29 % of global lithium production and 61 % of reserves.

It also has 48 % of world silver production and 39 % of silver reserves, and 38 % of molybdenum production and reserves.

Chile, Peru and Mexico: leaders in copper production By country, Chile is the world’s largest producer of copper, the second-largest producer of molybdenum and the third-largest producer of lithium, while Peru is the world’s second-largest producer of copper, tin and zinc, and the third-largest producer of silver. In addition, Mexico is the world’s largest producer of silver and Brazil is the third-largest producer of iron.

K. Tovar

Source: Bancaynegocios

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La entrada Latin America must increase its copper production apareció primero en Bitfinance.

Texas oil dropped almost 11% in value during 2023, marking its first negative year since 2020, when the COVID-19 pandemic erupted. This decline is attributed to volatile factors and, above all, to doubts about the capacity of demand to absorb unbridled production.

The closing of Friday’s day put the price at $71.65, without reaching the $100 mark predicted by some analysts. Despite having reached a peak of $95 at the end of September due to fears of limited supply due to production cuts in Saudi Arabia and Russia.

The United States led production with about 13 million barrels a day last week, being the main driver of production growth in non-OPEC countries. This marks a significant shift in the share of supply, previously dominated by the Middle East.

In November, OPEC pledged to reduce oil production by 2.2 million barrels per day in the first quarter of 2024. However, some analysts express doubts about the effectiveness of this policy in balancing the market.

The International Energy Agency (IEA) forecasts significant growth in oil supply in 2024, especially in the United States, against a significant drop in demand. This imbalance is expected to have an impact on the oil market.

Geopolitical factors, such as Hamas’ attacks on Israel in October, influenced oil prices. Although there was a brief increase, Texas experienced a 21% drop in the last quarter of the year, parallel to the ongoing Israeli offensive against the Palestinian territories.

Investors are starting to focus on the risk of oversupply in oil markets for next year, along with insufficient demand, according to analyst Marios Hadjikyriacos of the firm XM.

The Federal Reserve’s measures to control inflation, which is approaching the 2% target in the US, have also influenced the value of the dollar and thus the oil market. Analysts anticipate changes in the coming weeks, with the possibility that tax cuts will boost the global economy and, by extension, oil demand, as Craig Erlam of Oanda noted in a recent note.

K. Tovar

Source: Bancaynegocios

(Reference image source: Unsplash+)

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La entrada Texas Oil had its first year in red since 2020 apareció primero en Bitfinance.

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 barrel of Brent and WTI to their highest level since November.

Riyadh, the world’s main oil exporter, began a reduction in its production of one million barrels per day (mbd) in July. The Saudi Ministry of Energy confirmed that it will maintain this policy until December, as part of its commitment previously announced at the June meeting of the Organization of Petroleum Producing Countries (OPEC), led by Saudi Arabia and with the participation of allies such as Russia.

Russia also said it will continue to voluntarily reduce its oil exports by 300,000 bd until the end of the year.

Following these announcements, crude oil prices have reached highs not seen since last November. At 3:45 p.m. GMT, a barrel of North Sea Brent for delivery in November increased 2.34% to $91.08, having reached $91.15 during the day. Meanwhile, the US benchmark, the West Texas Intermediate (WTI) barrel for October, recorded an increase of 2.84% to $87.98, reaching $88.07 during operations.

Saudi Arabia highlighted that the fundamental objective of this policy is to “support the stability and balance of the oil markets” and has announced that its production for the months of October, November and December will remain at around 9 million barrels per day, with the possibility of reviewing this strategy monthly to adjust production according to market conditions.

Russian Deputy Prime Minister Alexander Novak, in charge of the Energy portfolio, has stated that this measure seeks to “strengthen the precautionary measures taken by OPEC+ countries to maintain the stability and balance of the oil markets.” Both countries have stressed that production cuts will be reviewed monthly based on market conditions, which experts say allows Saudi Arabia to maintain control of the oil market.

K. Tovar

Source: Bancaynegocios

(Referential image source: Maria Lupan, Unsplash)

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La entrada Saudi Arabia and Russia extended their cuts until the end of the year apareció primero en Bitfinance.

The Organization of the Petroleum Exporting Countries (OPEC) released its monthly report, noting that oil production has risen to 30 million barrels per day, representing an increase of 117,000 barrels per day since January. The additional production is mainly attributed to increased oil extractions in Nigeria, which have averaged 79,000 barrels per day.

According to the report, the 13 OPEC members produced a total of 28.92 million barrels per day, although these figures may differ from the official figures provided by individual members.

As for Venezuela, it was reported that the country has extracted an average of 700,000 barrels of oil per day, an increase of 4,000 barrels per day compared to the previous month. However, production dropped to 704,000 barrels per day in February, a decrease of 28,000 barrels per day compared to January.

The OPEC report has not changed its outlook on the global oil market in recent months as it remains uncertain due to various factors. Given the high uncertainty, the OPEC+ alliance will continue to closely monitor market developments to ensure sustainable stability.

K. Tovar

Source: Descifrado

(Reference image source: file)

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La entrada Oil production increased to 30 million barrels per day apareció primero en Bitfinance.

Chevron could be able to recover about 100,000 barrels a day in six months, according to Antero Alvarado, managing partner of Gas Energy Latin America in Venezuela.

After Chevron received limited authorization to resume oil extraction in Venezuela, hopes of a slight recovery in the sector have been revived.

Antero explained in an interview to the media that Chevron could operate through what is known as “deferred production”, in a first stage, “which will allow the recovery in about 6 months, between 50,000 and 100,000 barrels.”

The specialist added that Chevron will also apply “additional production”, where what corresponds to the Venezuelan PDVSA will continue to be sold. “The fact that Chevron returns ensures standards. In the end, nobody is going to make a long-term investment for 6 months, and it seems that more incentives are coming as there is more progress,” he said.

It is important to note that despite the partial authorization given to Chevron to reactivate crude oil extraction in Venezuela, a measure considered correct by spokespersons for the United States, there is still a long way to go in this sector to find a permanent and beneficial solution for those involved.

M.Pino

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Source: finanzasdigital

La entrada Chevron could recover around 100,000 barrels a day in six months apareció primero en Bitfinance.