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Tuesday, May 26, 2020

Nicolas Maduro News

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PDVSA Creates New Ports Unit Amid Company Shakeup

Venezuela's state-run oil company Petroleos de Venezuela has created a new unit to run its oil terminals, according to a copy of the government's official gazette seen by Reuters and a person with knowledge of the matter.The launch of the new unit, PDV Puertos S.A., comes after socialist President Nicolas Maduro last month named a new PDVSA president and oil minister to try to revive the once-prosperous OPEC nation's crude output, which has fallen to decades-lows due to years of underinvestment and mismanagement as well as U.S.

Venezuela's Oil Exports top 800,000 bpd Again

Venezuela's oil exports eased in October, but surpassed 800,000 barrels per day (bpd) for second month in a row, helping to drain an inventory buildup that had forced the OPEC country to cut output, according to documents and data.Since the United States imposed sanctions on Venezuelan state-run oil firm PDVSA in January to oust socialist President Nicolas Maduro, the OPEC-member country has struggled to find customers and tankers for its oil.New rounds of sanctions in August and September on Venezuela and maritime firms carrying the nation's oil pushed its crude stocks to record levels…

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Venezuelan State Imports Surge Despite Sanctions

Venezuela's public-sector imports, which include subsidized food for the poor, surged in the first quarter of this year despite U.S. sanctions that President Nicolas Maduro describes as a full blockade, a recent release of central bank data shows.Government-linked entities handle the bulk of international trade in the crisis-stricken socialist country, and both imports and exports have declined dramatically since 2014, when a drop in oil prices sent the OPEC nation's economy into a tailspin marked by hyperinflation and shortages of food and medicine.But in the first three months of 2019…

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Disruptions to Global Shipping Industry Explained

Oil shipping rates are soaring following a series of sanctions on a Chinese transportation giant and limitations placed on movement of Venezuelan crude oil tankers.WHAT HAS HAPPENED TO SHIPPING RATES?The cost of chartering a supertanker to send crude oil from one country to another is rising sharply. A South Korean importer paid more than $12 million in shipping costs for one crude shipment from the U.S. Gulf Coast. This was followed by Friday's tentative charter of another crude…

The Motor Tanker PROTEO (Credit MarineTraffic.Com © Erazo)

Fire Hits PDVSA Tanker at Amuay Bay

A fire swept through the engine room of a tanker owned by Venezuela's state oil company PDVSA on Monday while it was anchored at Amuay Bay near the country's largest refinery, three sources familiar with the matter told Reuters on Tuesday.The extent of the damage to the Panama-flagged Aframax tanker Proteo was not immediately clear. But it highlighted the poor state of much of the fleet belonging to PDV Marina, PDVSA's shipping subsidiary, at a time when U.S. sanctions are complicating its ability to lease vessels from third parties.Even before this fire…

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Ships from Venezuela can still transit Panama Canal

The Panama Canal will allow vessels coming from Venezuela to transit the waterway provided they present the necessary paperwork, the canal authority's chief said on Wednesday, suggesting a new round of U.S. sanctions on the South American country may not make any difference to canal traffic.President Donald Trump's administration last week issued an executive order freezing all Venezuelan government assets in the United States. Shortly thereafter, U.S. officials ratcheted up threats against companies that do business with Venezuela.The measure did not explicitly place sanctions on non-U.S.

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Risk Drives Up US-Venezuela Cargo Rates

Two major shipping lines this month have raised their rates for transporting goods from the United States to Venezuela, according to three industry sources and two documents, as U.S. sanctions limit transit between the two nations.Washington on May 15 banned direct flights between the United States and Venezuela, citing safety concerns, as part of a broad package of sanctions meant to pressure Nicolas Maduro into resigning as president of the crisis-stricken country.Citizens and…

PDVSA Oil Port Paralyzed by Another Blackout

Venezuela's main oil export port of Jose and the country's four crude upgraders have been unable to resume operations following a massive power blackout on Monday, according to industry workers and a union leader close to the facilities.The most recent oil shipment for export, on the carrier Dragon chartered by Russia's Rosneft, left Jose, which is owned by state-run PDVSA, on March 24, according to Refinitiv Eikon vessel-tracking data and PDVSA's trade documents."There is no electricity…

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McQuilling ends tanker contracts with PDVSA

A second maritime firm has told Venezuela's state-run oil firm Petroleos de Venezuela it would end all charter contracts with the company as a result of U.S. sanctions, according to an internal document and a person familiar with the matter.U.S.-based McQuilling Partners Inc, which provided PDVSA with four contract tankers, joined German tanker operator Bernhard Schulte Shipmanagement (BSM) in withdrawing from providing oil-shipping services to Venezuela.The United States levied…

file Image: an idled PDVSA tanker (CREDIT: MarineTraffic.com / © Leslie Brug

BSM: PDVSA Tanker Management Likely Ending

Maritime contractor Bernhard Schulte Shipmanagement (BSM) is considering to stop managing Venezuelan state-oil company PDVSA's tankers by the end of this month or in April following U.S. sanctions against the country, BSM said on Thursday.It also said in a statement that recent political developments made managing assets for the Venezuelan government "an almost impossible task", and it was working on returning Venezuelan vessels to PDVSA's maritime arm PDV Marina and its subsidiaries.The German firm…

An idled PDVSA tanker (CREDIT: © MarineTraffic.com / Leslie Brug

Ven's Blackout Halts Oil Exports From Primary Port

Venezuela's state-run oil firm PDVSA has been unable to resume crude exports from its primary port since last week's massive power outage, essentially crippling the OPEC nation's principal industry, people familiar with the matter said on Monday.Power remained patchy in most of the country after a blackout on Thursday that the government of President Nicolas Maduro claimed was a U.S.-backed act of "sabotage" on the country's principal hydroelectric dam.His critics insist it is…

The Icaro (© Leslie Brug / MarineTraffic.com)

PDVSA Insists it's Still Working with BSM

Venezuela's state-run oil company PDVSA said on Thursday it has not halted business with maritime firm Bernhard Schulte Shipmanagement (BSM), even after the German firm said it would remove the crews that have been operating 10 of 15 PDVSA vessels over unpaid fees and return the tankers.On Tuesday, PDVSA's maritime arm PDV Marina declared an emergency due to lack of staff to immediately receive the 10 vessels BSM proposed to return to Venezuelan ports due to unpaid bills of at…

Vens Close Maritime Border with Dutch Antilles

Venezuelan authorities have closed the maritime border with the Dutch Antilles, a regional navy chief told Reuters on Tuesday, preventing boats and aircraft from arriving from the islands of Aruba, Curacao and Bonaire.Vice Admiral Quintero Martinez did not give a reason for the closure, though Venezuela's opposition have said they plan to bring humanitarian aid into the country from Curacao on Saturday, which President Nicolas Maduro's government has pledged to block.Reporting by Mircely Guanipa

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US Oil Exports to India Soar Ahead of Iran Sanctions

U.S. crude oil exports to India hit a record in June and so far this year are almost double last year's total as the Asian nation's refiners move to replace supplies from Iran and Venezuela in a win for the Trump administration.U.S. President Donald Trump's administration has been pressuring its allies to cut imports of Iranian goods to zero by November and India's shift advances the U.S. administration efforts to use energy to further its political goals.The United States has become a major crude exporter…

Nicolas Maduro, President of Venezuela

Venezuela, Ecuador to Defend Oil Prices

Venezuela and Ecuador are working on a joint proposal to defend oil prices that the two countries will present at the next OPEC meeting, Venezuelan President Nicolas Maduro said on Friday. Venezuela was the first country to request an extraordinary meeting of Organization of the Petroleum Exporting Countries to discuss the sharp drop in crude prices that began in October, but the idea got little support. "Our Foreign Minister Rafael Ramirez was in Ecuador today coordinating with the government of President (Rafael) Correa…

President Nicolas Maduro

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover. Venezuela routinely underestimates oil prices when planning its budget to permit more spending later with fewer budget restrictions. The OPEC country's 2014 budget proposal also put oil prices at $60 dollars. Oil has dropped more than 25 percent since June on strong supply, signs of weak demand growth and indications that key oil producers…