Venezuela oil fetching 30pc higher price, US says

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Venezuela oil fetching 30pc higher price, US says

The West Australian01-16

The US is securing about 30 per cent higher prices for Venezuelan crude, Energy Secretary Chris Wright said, as the country has started selling oil from the Latin American nation after capturing its ...

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In a social media post, he noted that the proceeds would be controlled by him to ensure the funds benefit both Venezuela and the US.That would just be the first tranche of oil, as the Department of Energy has said the oil sales from Venezuela will continue “indefinitely”.Venezuela holds the world’s largest proven crude reserves at about 303 billion barrels, but years of underinvestment have left its oil industry in severe decline, with output now around 800,000 barrels per day from a peak of 3.5 million bpd in the 1990s.Mr Trump also announced last Friday that oil companies would invest at least $US100 billion to rebuild Venezuela’s energy sector, adding that the US would provide security to ensure investors earn strong returns.He met oil industry leaders from Exxon, Chevron, ConocoPhillips, Halliburton, Valero and Maratho at the White House to discuss investments in Venezuela. Exxon chief executive Darren Woods told Mr Trump that the Venezuelan market is “uninvestable” in its current state — comments that subsequently drew Mr Trump’s ire.Venezuela seized Exxon’s and Conoco’s assets in 2007, and Caracas owes the companies billions of dollars in outstanding claims from arbitration cases.The developments come as global oil markets face a supply overhang that has weighed on prices in the past year.Brent futures inched 0.14 per cent higher to $63.85 a barrel by midday Friday, while the US West Texas Intermediate crude rose 0.2 per cent to $59.31. This follows a sharp fall on Thursday as traders appear to brush off tensions between US and Iran.“Venezuela’s oil problem is not technical, and it is not commercial, it’s fundamentally human and political,” Baron Lamarre, former head of trading at Petronas and co-founder of Index, said.“Until investors have confidence in long-term political continuity, capital will remain cautious, incremental, and conditional.”","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}