Venezuela oil - updates

Rappler's latest stories on Venezuela oil


Venezuelan oil production sinks to lowest output in 77 years

Jun 18, 2020 - 7:30 PM

Experts blame Venezuela's oil production drop on government mismanagement, corruption, and a failure over many years to invest in infrastructure upgrades and maintenance

(FILES) In this file photo taken on April 30, 2009, partial view of an oil refinery in the city of Moron, Venezuela. - Venezuela's oil production fell in May 2020 to 570,000 barrels per day, according to the Organization of Petroleum Exporting Countries (OPEC), a decline to levels of more than seven decades ago. (Photo by Thomas COEX / AFP)

Venezuelan oil price falls to $9.90, lowest level in 20 years

Apr 25, 2020 - 9:30 AM

Oil prices have been sliding in Venezuela since 2014 and exacerbating the country's ongoing economic crisis

GAS ISSUES. A Petroleos de Venezuela SA (PDVSA) worker pumps gas in a car in Caracas, on May 21, 2019. Photo by Marvin Recinos/AFP

U.S. oil sanctions take effect on Venezuela as crisis intensifies

Apr 28, 2019 - 4:50 PM

The United States will take action against anyone who deals with state-owned Petroleos de Venezuela, or PDVSA

View of the monument in homage to the struggles of the Venezuelan people for the conquest of their oil heritage, in front of the headquarters of Venezuelan state-owned oil company PDVSA in Caracas, on January 29, 2019. - The United States announced sanctions against Venezuela's state oil company Monday in a coordinated effort with the main opposition leader to cripple embattled President Nicolas Maduro's power base. (Photo by LUIS ROBAYO / AFP)

Duterte: Crush Abu Sayyaf by whatever means | Evening wRap

Jan 29, 2019 - 8:50 PM

Watch the evening wRap with Ralf Rivas

Saudi, Russia agree to freeze oil output, on one condition

Feb 16, 2016 - 8:24 PM

UPDATED Other major oil producers have to approve the oil output freeze before it can be implemented

epa05152578 (FILE) A file picture dated 03 July 2001 showing the OPEC logo and signage in Vienna, Austria. The Organization of the Petroleum Exporting Countries (OPEC) increased its total oil production by 131,000 barrels per day (bpd) in January even though oversupply has been a major reason for falling oil prices, according to data issued by the cartel on 10 February 2016. The Vienna-based group of mostly Arab, African and Latin American countries said that they pumped 32.3 million bpd last month. This was 1.8 million bpd above the projected average demand for OPEC oil in the first quarter, the group's monthly oil market report showed. Saudi Arabia and other Arab members of OPEC have so far stopped the group from propping up prices by lowering output, in an apparent effort to use the current slump to win market shares from the US, where oil production is costlier than in the Gulf. EPA/BARBARA GINDL AUSTRIA OUT