Canadian Heavy Oil Fits Well With Structural Change In The Market

31/07/17 •lweb.es/f2913 •bit.ly/2fqVs7l

Output has fallen in both OPEC and non-OPEC Latin American countries leading refiners even in China to look to Alberta’s oil sands to fill the gap. This interest has boosted the price for heavy Western Canada Select, Canadian heavy oil being an easy substitute for Middle Eastern and Latin American grades. The discount for Canadian oil delivered to the U.S. storage hub in Cushing is around $5 a barrel below U.S. crude. Canadian barrels could supply refineries in Sweeney, Texas, and St. Charles, Louisiana, where Venezuela accounts for the majority of imports.

Venezuela: Oil Production Decreases Make Life Difficult

04/14/17 •lweb.es/f2771 •bit.ly/2pBsnd9

A turnaround for Venezuela’s oil industry, which provides about 95% of the country’s foreign currency earnings, would take at least two years under the best of circumstances. Any hope of reversing Venezuela’s decline as an oil supplier would mean that the country would have to settle debts with oil-service providers, fix fraying infrastructure and, potentially, get foreign companies to operate some fields. Venezuela has depended on loans from China and Russia in recent years for liquidity, but is finding it harder and harder to obtain financing, and debt service is becoming more burdensome.

Citgo: PDVSA Made Lien In Exchange For $1.5 Billion Loan From Rosneft

04/11/17 •lweb.es/f2761 •bit.ly/2q96AJR

A deal to give Russia’s Rosneft 49.9% ownership of US refiner Citgo if Venezuela’s cash-strapped national oil company PDVSA defaults on its loans threatens US national security and should be investigated by the Committee on Foreign Investment in the United States, two US congressmen have said. “This would give Russia clear control over the sixth-largest refinery in our country, the ability to impact gas prices for the American people, and a strategic advantage over US freedom of action globally,” Representative Jeff Duncan, Republican-South Carolina, said in a statement.

Rosneft Loans To Venezuela: Default Would Involve Citgo In U.S.

04/05/17 •lweb.es/f2757 •bit.ly/2oKx3Z9

Venezuela’s economy is in slow collapse, accelerated by the fall in oil prices; oil service companies such as Schlumberger are cutting back activities because they are not being paid; and Russia has become the leading foreign oil investor. Russia is also the country’s key financier. Venezuela has pledged half the shares of its subsidiary Citgo – an important US refiner and fuel-retailer – as collateral for the loans from Russia’s Rosneft. If Venezuela were to default, the prospect of the Russian state firm owning American refineries would be political dynamite in Washington.

Oil rockets from 12-year low on renewed talk of OPEC cut

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iconOEF REVIEW:The United Arab Emirates’ energy minister has said that OPEC was willing to cooperate on an output cut. Many traders were skeptical noting that Venezuela and Russia had tried in vain to stir Saudi Arabia and other major producers into agreeing to cuts, but after a price slump that has taken crude prices to more than 12-year lows, many of these traders were inclined to believe that a rebound was due sooner or later. “We expect declining U.S. oil production, in particular, to drive the oil price back up to $50 per barrel by the end of the year,” Frankfurt-based Commerzbank said in a note.

Venezuela expanding military influence over oil and mining

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iconOEF REVIEW:Venezuela President Nicolas Maduro moved to increase the military’s involvement in the country’s oil and mining industries with the creation of a new state company that will report to the Defense Ministry. The military company, “Camimpeg”, was authorized to participate in a range of oil services and mining activities including the maintenance of wells and drilling rigs, transport and the commercialization of chemicals.

Venezuela should disband, replace PDVSA, former official recommends

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iconOEF REVIEW:While Venezuela’s new legislative majority faces many immediate concerns with the Nicolas Maduro regime following a Dec. 6 election, it also should begin to disband and replace Petroleos de Venezuela SA (PDVSA), a former board member of the national oil company said. “I believe PDVSA is impossible to upgrade,” said Gustavo Coronel, a petroleum geologist and consultant on energy geopolitics and public policy who was a member of the Venezuelan Congress before then-President Hugo Chavez dissolved it. “It should be replaced by another model of oil industry management in Venezuela.”

Switch Biométrico

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Se ha concebido como una solución tecnológica de punta que permite la fiabilidad exigida en la Identificación de personas por sus características biométricas (Huella, Rostro, Iris y Voz) en tiempo real a través de la Red, es una idea que hoy se consolida con el conocimiento y unificación de ingeniería de alto nivel.