Tag: Venezuela

Oil prices moved slightly lower on Friday as markets parsed reports that the U.S. was close to gaining access to Venezuela’s oil reserves, while focus was also on U.S.-Iran wrangling over the Strait of Hormuz.

Venezuela is set to reveal a $240bn debt pile, much higher than previously thought, as the country embarks on the biggest sovereign restructuring in history following the US removal of Nicolás Maduro.

The Venezuelan government announced Wednesday that it has begun a “comprehensive and orderly process” for restructuring its enormous sovereign and state oil company debt.

Oil major Chevron Corp, global trading houses Vitol and Trafigura, and other firms are competing for U.S. government deals to export crude oil from Venezuela, according to sources familiar with the matter.

US President Donald Trump said a second wave of attacks on Venezuela has been canceled, citing improved cooperation from the country.