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yesterday

Oil Slips, Energy Stocks Jump as PDVSA Cuts Output After U.S. Captures Maduro

Analysts expect only modest price effects given Venezuela’s small share of supply, with global stocks elevated.

FILE PHOTO: Oilfield workers hold a flag with the corporate logo of Venezuela's state oil company PDVSA, in a drilling rig at an oil well operated by them, in the oil rich Orinoco belt, near Cabrutica at the state of Anzoategui April 16, 2015. Picture taken on April 16, 2015. REUTERS/Carlos Garcia Rawlins/File Photo
El petroleo tiene un rol central en la economía venezolana
La Bolsa de Tokio subía 2,8% por la valorización del SoftBank. Foto: GEC.
El mercado reaccionará este lunes frente a la noticia de la captura de Maduro.

Overview

  • President Donald Trump confirmed Maduro’s capture on Jan. 3 and said Washington will run a transition that opens Venezuela to U.S. oil investment.
  • Brent traded near $60 and WTI near $57 in early Monday sessions as shares of Chevron, Exxon, Valero and oilfield services firms rallied sharply.
  • PDVSA and joint ventures began cutting output and preparing to shut groups of wells because storage is filling and diluents are scarce under a U.S. blockade, Reuters reported.
  • Some Chevron shipments were still moving under its U.S. license, but broader Venezuelan exports have been curtailed by tanker seizures and restrictions.
  • Analysts note Venezuela pumps about 1.1 million bpd from reserves of roughly 303 billion barrels, so any material boost to global supply would require years and heavy investment, with OPEC set to confer Monday.