Reuters: Venezuela’s oil exports fell by 10% in July, 95% went to China
Venezuela’s oil exports in July were 727,000 barrels per day, 10% lower than the to 807,000 bpd in June, according to LSEG shipping data published by Reuters.
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Chevron to Resume Venezuelan Crude Exports in August in “Limited Quantities”
According to its CEO, the initial shipments will help settle part of the company’s outstanding debt and gradually restore production….
Bloomberg: Chevron to Pay the Venezuelan State With Crude Oil
U.S. energy corporation Chevron will pay the Venezuelan government in oil instead of bolivars or other currencies, according to sources consulted by Bloomberg.
What are the implications of escalating tensions in the Red Sea for Venezuela?
The crisis in the Red Sea has taken a new turn. Yemen’s Houthi rebels announced the expansion of their naval blockade against Israel, declaring that they will attack any vessel with commercial ties to Israeli ports, regardless of its flag or destination. This decision, made after the breakdown of peace talks in Doha, increases the risk to maritime traffic along a route that handles approximately one trillion dollars in goods annually.
Repsol Maintains Its Commitment to Venezuela Despite Sanctions and Seeks Agreement with U.S. to Monetize Its Production
Repsol remains “hopeful of finding some kind of framework” to “monetize” its production in Venezuela amid ongoing discussions with the U.S. government under Donald Trump, as stated by the group’s CEO, Josu Jon Imaz, during the presentation of its first-half earnings.
WSJ: Trump Administration Allows Chevron to Continue Oil Production in Venezuela
The administration of President Donald Trump has issued a license allowing Chevron to produce oil in Venezuela despite existing sanctions, according to sources consulted by The Wall Street Journal.
Chevron Completes Acquisition of Hess After Legal Dispute with ExxonMobil
Chevron has successfully completed its $53 billion acquisition of Hess after winning a legal battle against ExxonMobil.
China raises crude processing to highest level since 2023, driven by margins and cheap oil
Chinese refineries posted their highest level of activity since September 2023 in June, processing 15.2 million barrels per day (bpd) of crude oil, up 8.5% from the same month last year. The rebound was due to the end of seasonal spring maintenance and improved refining margins — particularly for diesel — which encouraged plants to ramp up operations ahead of the summer demand peak.
Venezuela’s Oil Production Remained Stable in June, According to OPEC
Venezuela’s oil production saw a slight increase in June, according to the Organization of the Petroleum Exporting Countries’ (OPEC) monthly report.
What does the OPEC’s annual outlook report, World Oil Outlook 2025, say, and what are its implications for Venezuela?
The oil cartel predicts that the world will need nearly 123 million barrels per day in 25 years, driven by developing economies, despite the rise of electric vehicles and renewable energy.