Venezuela Economy

Venezuela crisis unlikely to hit India oil prices in near term: Crisil

On January 3, the US launched a large-scale operation in Venezuela's capital Caracas and captured President Nicolás Maduro and his wife Cilia Flores

Venezuela developments unlikely to impact crude oil prices: Crisil

Crisil Ratings on Tuesday said that recent developments in Venezuela are not likely to have any material near-term impact on crude oil prices, as the Latin American nation had a relatively small share of global supply. A US military operation in early January resulted in the capture of President Nicolas Maduro on drug-related charges, triggering uncertainty in the country, which holds some of the world's largest proven crude reserves. Crisil Ratings, in a note, said even if the situation escalates and disrupts crude oil production in Venezuela, the impact on global oil prices would likely be limited, as the country accounts for only about 1.5 per cent of global crude supply. Brent crude prices have remained largely stable in recent days, hovering just above USD 60 a barrel. For India, the developments in Venezuela are unlikely to have any material impact on its global trade or the credit quality of Indian companies. India's direct trade exposure to Venezuela is minimal, it ...

Venezuela's Caracas bourse defies crisis; IBC Index up 84% since US move

In a further development, President Trump announced that Venezuela's interim authorities would provide between 30 million and 50 million barrels of high-quality

What's happening in Venezuela after Nicolas Maduro's capture by US forces?

Venezuela is tense after US forces captured Nicolas Maduro; journalists were detained, emergency rules imposed, and Washington has announced plans linked to Venezuelan oil

US attack on Venezuela: Impact on oil, Indian stock markets, energy stocks

Analyze how the US capture of President Maduro impacts India's energy security, RIL, ONGC, and the stock market. Get expert views from PL Capital & Choice Equity

Venezuelan oil output may rise gradually after Maduro's ouster: Goldman

After the seizure of Maduro, President Donald Trump said US companies would spend billions of dollars to rebuild Venezuela's crumbling energy infrastructure

Maduro's case revives debate on foreign leader immunity in Noriega trial

When deposed Venezuelan leader Nicols Maduro makes his first appearance in a New York courtroom Monday to face US drug charges, he will likely follow the path taken by another Latin American strongman toppled by US forces: Panama's Manuel Noriega. Maduro was captured Saturday, 36 years to the day after Noriega was removed by American forces. And as was the case with the Panamanian leader, lawyers for Maduro are expected to contest the legality of his arrest, arguing that he is immune from prosecution as a sovereign head of foreign state, which is a bedrock principle of international and US law. It's an argument that is unlikely to succeed and was largely settled as a matter of law in Noriega's trial, legal experts said. Although Trump's ordering of the operation in Venezuela raises constitutional concerns because it wasn't authorised by Congress, now that Maduro is in the US, courts will likely bless his prosecution because, like Noriega, the US doesn't recognise him as Venezuela's .

Trepidation and uncertainty grip Venezuela after US captures Maduro

An anxious quiet fell over Venezuela's capital on Sunday as trepidation mixed with joy while a nation waited to see what comes next. People were slow to resume routines in Caracas after President Nicols Maduro was deposed and captured in a dramatic US military operation. Dozens of stores, restaurants and churches remained closed. Those on the streets looked shell-shocked, staring at their phones or into the distance. People are still shaken, said 77-year-old David Leal, who arrived to work as a parking attendant but realised he likely would not have customers. He pointed to the deserted street, a few blocks from Venezuela's presidential palace, which was guarded by armed civilians and military personnel. 'May God give us strength' ---------------------------- Venezuela is no stranger to political tumult, but the the dead-of-night US military operation early Saturday marked a new chapter with no ready script. US President Donald Trump initially said the US would run the country un

US Coast Guard pursuing another tanker helping Venezuela skirt sanctions

The US Coast Guard on Sunday was pursuing another sanctioned oil tanker in the Caribbean Sea as the Trump administration appeared to be intensifying its targeting of such vessels connected to the Venezuelan government. The pursuit of the tanker, which was confirmed by a US official briefed on the operation, comes after the US administration announced Saturday it had seized a tanker for the second time in less than two weeks. The official, who was not authorised to comment publicly about the ongoing operation and spoke on the condition of anonymity, said Sunday's pursuit involved a sanctioned dark fleet vessel that is part of Venezuela's illegal sanctions evasion. The official said the vessel was flying a false flag and under a judicial seizure order. The Pentagon and Department of Homeland Security, which oversees the US Coast Guard, deferred questions about the operation to the White House, which did not offer comment on the operation. Saturday's predawn seizure of a Panama-flagg

Tanker seizure just the start of Trump's pressure campaign on Venezuela

The seizure spooked oil markets and comes after President Donald Trump ordered a massive US military build-up in the region that has raised fears of outright conflict

Venezuela mobilises troops, militia amid US military buildup in Caribbean

President Nicolás Maduro positioned forces along the Caribbean coast and called up civilian militias as tensions rise over Washington's escalating operations in the region

Trump to enforce 25% tariff on nations importing Venezuelan oil and gas

This measure, described as a "secondary tariff," is set to take effect on April 2

Cheap Venezuelan oil to India turns costlier as traders eat into margins

Early this year, when sanctions were briefly lifted, state-run Venezuelan oil company PDVSA sold Venezuelan export benchmark Merey grade at a $20 per barrel discount to European benchmark Brent

Venezuela Oppn calls on US to cancel oil firm licences to pressure Maduro

Venezuela's main opposition coalition on Monday called on the US to cancel the licenses that allow Chevron and other energy companies to operate in the South American country to pressure President Nicols Maduro to negotiate a transition from power. The appeal came from an adviser to the campaign of Edmundo Gonzlez Urrutia, who represented the Unitary Platform coalition in the July 28 election, and his main backer, opposition leader Maria Corina Machado. Gonzlez and Machado claim their campaign won the vote by a wide margin, contradicting the decision of national electoral authorities to declare Maduro the winner. We want them cancelled this is a lifeline to the regime, adviser Rafael de la Cruz said in reference to the licenses during a panel discussion hosted by a Washington-based think tank. We want all the oil companies to go to Venezuela. So, it's not about the companies. It's about the situation that is impoverishing the country so badly that practically the whole population ..

Crude calculations: How cheaper Venezuelan oil flows will help India

The savings that feed into its refining margins prompted Reliance to secure Washington's blessings in July to import Venezuelan oil

Nicolas Maduro accuses Venezuela opposition of planning armed attack

The US has said it's clear the opposition won the most votes, a position shared by several countries

Venezuela election dispute traps travellers trying to leave country

The lack of options is stranding Venezuelans who live abroad but returned to vote in the July 28 election

Venezuela: Efforts underway to make Prez release election vote tallies

Diplomatic efforts are underway to persuade President Nicols Maduro to release vote tallies from Venezuela's presidential election, after opposition leaders disputed his claim of victory and amid increasing calls for an independent review of the results, according to officials from Brazil and Mxico. Government officials from Brazil, Colombia and Mexico have been in constant communication with Maduro's administration to convince him that he must show the vote tally sheets from Sunday's election and allow impartial verification, a Brazilian government official told The Associated Press Thursday. The officials have told Venezuela's government that showing the data is the only way to dispel any doubt in the results, said the Brazilian official, who asked not be identified because they are not authorized to publicly speak about the diplomatic efforts. A Mexican official, who also spoke on condition of anonymity, confirmed that the three governments have been discussing the issue with ...

Why Venezuela's prez elections should matter to the rest of the world

The future of Venezuela is on the line. Voters will decide Sunday whether to reelect President Nicolas Maduro, whose 11 years in office have been beset by crisis, or allow the opposition a chance to deliver on a promise to undo the ruling party's policies that caused economic collapse and forced millions to emigrate. Historically fractured opposition parties have coalesced behind a single candidate, giving the United Socialist Party of Venezuela its most serious electoral challenge in a presidential election in decades. Maduro is being challenged by former diplomat Edmundo Gonzlez Urrutia, who represents the resurgent opposition, and eight other candidates. Supporters of Maduro and Gonzalez marked the end of the official campaign season Thursday with massive demonstrations in the capital, Caracas. Here are some reasons why the election matters to the world: Migration impact. The election will impact migration flows regardless of the winner. The instability in Venezuela for the pas

Irrespective of who wins election, Venezuela faces natural gas problem

The South American country's output fell to 4 billion cubic feet per day (bcfd) this year from almost 8 bcfd in 2016, data from consultancy Gas Energy Latin America shows