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The Latest Breaking News from PDVSA

Will Sanctions Easing Reboot Venezuela's Oil Industry?

On paper, the easing of US oil sanctions against Venezuela should allow its battered economy to once again profit from a resource it has more of than any country in the world.

International Business Times

President Maduro Expects 8% Economic Growth In 2024 After 5% Increase Last Year

Maduro assured that the inflation will be two digits this year, adding that state oil company PDVSA contributed $6.23 billion to Vanezuela's coffers in 2023.

Latin Times

Guyana, Venezuela, 11bn barrels of oil – and six centuries of colonial conflict

Maduro’s annexation threat is only the latest move on a chessboard stretching back to the 15th century. The outcome could reverberate throughout Latin America and the Caribbean

The Guardian - UK

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Chevron, Exxon Responses Diverge Amid Venezuela-Guyana Border Buildup

ExxonMobil and Chevron are both waiting to see what happens next for Guyana, as a dizzying set of competing incentives come into play.

International Business Times

Guyana's president says it is preparing for a possible incursion by Venezuela into disputed area

Guyana's president tells The Associated Press his country is taking every necessary step to protect itself from a potential incursion by Venezuela, which has ordered its state-owned companies to explore and exploit oil and minerals in Guyana’s vast Essequibo region that it considers its own

The Independent UK

Oil spills increase in Venezuela as it revs up output after the U.S. lifted sanctions

After the U.S. lifted its sanctions, Venezuela is trying to revive its beleaguered oil industry. But ramping up production is causing more oil spills.

WEKU

How Latin America became the battleground in Cold War 2.0

Latin America is serving as a proxy battleground for a new Cold War as China, Iran and Russia seek to build influence, exploit resources and undermine the United States in the region.

The Week

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Inside Venezuela’s oil corruption scandal

Dozens of business figures and politicians have been arrested so far this year in a £17bn corruption scandal that has rocked Venezuela and its state-run oil company.

The Week

Venezuela Oil Corruption Massive Scandal Prompts Rare Resignation Of Oil Minister

Due to a widespread corruption scandal involving the national oil corporation, Venezuela's former oil minister resigns.

Zenger

Venezuelan parliament passes law to seize assets linked to corruption cases

Venezuela's ruling party-controlled National Assembly on Thursday approved a law allowing the government to seize assets linked to corruption cases, as it investigates irregularities at state oil company PDVSA and other state companies.

Reuters

As Petro visits, White House threatens new pressure on Maduro without democratic progress

President Joe Biden is open to increasing pressure on Venezuela if Nicolás Maduro fails to take concrete steps toward democratic elections, the Biden administration said on Thursday, as Colombia’s President Gustavo Petro visited the White House.

McClatchy Washington Bureau

Venezuela corruption probe snares another former top PDVSA executive

A former vice president of Venezuela's state oil firm PDVSA was arrested as part of a widening anti-corruption probe looking into wrongdoing at the state company, a government official said on Wednesday.

Reuters

Cuba's fuel shortages due to supplier nations not delivering, says president

Cuba's President Miguel Diaz-Canel said the island's ongoing gasoline shortages were caused by countries contracted to supply the fuel not complying with their requirements due to "a complex energy situation."

Reuters

Colombian businessman arrested in Venezuela PDVSA graft probe: minister

Venezuelan authorities have arrested Colombian businessman Alvaro Pulido in an ongoing investigation into alleged corruption at Venezuelan state-run oil company PDVSA, Venezuela's communications minister said on Friday.

Reuters

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Reuters

Venezuela arrests nine CVG officials over corruption probe

Venezuelan authorities have taken nine officials from state-owned metals conglomerate Corporacion Venezolana de Guayana (CVG) - including from steel-maker subsidiary Sidor - into custody during corruption investigations, attorney general Tarek Saab said on Sunday.

Reuters

Venezuela investigates possible corruption at state metals conglomerate

Venezuela's attorney general said on Friday he was investigating alleged acts of corruption in state-owned metals conglomerate Corporacion Venezolana de Guayana (CVG).

The Independent UK

Shadowy brokers walk off with billions in Venezuelan oil

Dozens of obscure brokers are at the center of a new crackdown in Venezuela on corruption in the state-run oil industry that has government insiders scurrying for cover

Reuters

Venezuela arrests 21 in corruption crackdown, 11 more wanted

An expanding anti-corruption probe in Venezuela has led to the detention of 10 officials and 11 businessmen, the country's attorney general said on Saturday, adding that arrest warrants for 11 more people have been issued.

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Reuters

Venezuela need for dollars helped spark PDVSA graft probe -sources

Venezuela's need for dollars to shore up its exchange rate and enable government largesse ahead of 2024 elections is among the motives for a crackdown on alleged corruption at state oil company PDVSA, four sources with knowledge of the matter said.

The Independent UK

Oil exec held for 5 years in Venezuela sues Citgo for $100M

One of the six oil executives with a Texas-based company who was imprisoned five years in Venezuela is suing his company for $100 million

Reuters

Venezuela president names PDVSA head Tellechea as new oil minister

Venezuelan President Nicolas Maduro on Tuesday named the head of state oil company PDVSA, Pedro Rafael Tellechea, as the new oil minister, a day after his predecessor resigned amid an extensive corruption investigation focused on the company.

The Independent UK

Venezuela oil czar in surprise resignation amid graft probes

The man responsible for running Venezuela’s oil industry — the one that pays for virtually everything in the troubled country, from subsidized food to ridiculously cheap gas — has quit amid investigations into alleged corruption among public officials

The Independent UK

Venezuela's oil czar resigns amid corruption investigations

Venezuela’s oil czar has announced his resignation as officials investigate alleged corruption among public officials

Reuters

Venezuela's Maduro to replace oil minister, police arrest officials in corruption sweep

Venezuela's President Nicolas Maduro on Monday accepted the resignation of the country's powerful oil minister following the detention of at least six high level officials amid a corruption probe focused on state-run company PDVSA and the judiciary.

Asharq Al-Awsat

Venezuela to Contract for 2 Iran-built Oil Tankers in Challenge to US Sanctions

Venezuela will contract with an Iranian shipyard to build two oil tankers under an existing construction agreement bedeviled by payment delays and difficulties with needed certifications, Reuters cited people familiar with the matter as saying. This is seen as a challenge to the US sanctions. It comes weeks after the…

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