OPEC agrees to boost oil production
The latest Opec meeting ended in some confusion on Friday with different numbers quoted for the planned production increase. It appears that a target increase of 1m barrels per day […]
Venezuela
Iran and Venezuela tensions, challenges for oil market
Global oil supplies could be hit by the decision by the US to pull out of the Iran nuclear deal, and also by falling production in crisis-hit Venezuela, the IEA […]
How do you say dèjà vu in Spanish?
Nearly two out of three Latin Americans will choose a new leader over the next 12 months. Chile and Honduras have kicked off the year-long cycle. Brazil, Colombia, Costa Rica, Mexico, Paraguay and possibly Venezuela will follow next year.
Venezuela enters in Cryptocurrency world launching Petro
Venezuela is moving ahead with plans to “overcome the financial blockade” by launching an oil-backed cryptocurrency known as Petro, and is now recruiting miners nationwide.
The Unique Registry of Digital Mining that Venezuela has created will be open until January 21, according to local newspaper El Impulso. Registration to the registry is a requirement for natural and legal persons to have access to Venezuela’s Petro cryptocurrency.
Venezuela and the Outlook for Oil
The last Newsletter ended with a suggestion that US marines might soon be setting foot in Venezuela. The fact is that America has been spending a lot of money financing the opposition in this oil-rich country and has been fomenting regime change as a matter of course. The reason for this policy is not only hate for Hugo Chavez and his successor Maduro but rather the huge oil reserves that Venezuela has, which are the largest in the entire world.
Oil price: traders are waiting for Algeri’s meeting
Oil prices fell on Tuesday after rising yesterday supported by the crisis in Libya and the opening of Venezuela to the freezing of oil production. On Asian markets, Light Sweet Crude recorded a 0.85% rise to $ 43.67 a barrel, while Brent Crude lima 0.19% to $ 46.33 a barrel.
In Libya, the military clashes between Ras Lanuf and Sidra oil terminals, have caused the blocking of exports from Libyan ports. They are taken up, in fact, fighting between forces loyal to the government of Libyan national unity, backed by the United Nations, and the administration’s rival for control of oil ports in the east African country.