Iran’s oil minister has paid an official visit to ally Venezuela where he met President Nicolas Maduro and discussed ways to “overcome” the effects of sanctions imposed by the United States against both nations, according to officials. Full Text -> Aljazeera

Traducción de cortesía -> El ministro de Petróleo de Irán realizó una visita oficial a Venezuela, donde se reunió con el presidente Nicolás Maduro y discutió formas de “superar” los efectos de las sanciones impuestas por Estados Unidos contra ambas naciones, según funcionarios.

Traducción al español -> Google Translación

Meanwhile, the Venezuelan Observatory of Environmental Human Rights (OVDHA – Spanish initials) announced it had (Spanish) identified 199 oil spills between 2016 and 2021. The OVDHA identified 68 spills alone during 2021, which is a startling six times greater than the 12 reported for 2016. According to the OVDHA 90% of those spills occurred in six states, Anzoátegui, Monagas, Zulia, Sucre, Falcón y Carabobo, where Venezuela’s petroleum industry is located. That is an incredibly high number for a country that only pumped on average somewhere between 552,500 and 635,250 barrels per day during 2021. By Matthew Smith. Full Text -> OIlPrice

Traducción de cortesía -> Mientras tanto, el Observatorio Venezolano de Derechos Humanos Ambientales (OVDHA) anunció que había identificado 199 derrames de petróleo entre 2016 y 2021. El OVDHA identificó 68 derrames solo durante 2021, lo que es sorprendentemente seis veces mayor que los 12 reportados. para 2016. Según la OVDHA, el 90% de esos derrames ocurrieron en seis estados, Anzoátegui, Monagas, Zulia, Sucre, Falcón y Carabobo, donde se encuentra la industria petrolera de Venezuela. Ese es un número increíblemente alto para un país que solo bombeó en promedio entre 552,500 y 635,250 barriles por día durante 2021.

President Biden is scrambling to contain soaring oil prices, which closed at more than $123 a barrel on Monday. It speaks volumes about this Administration that it’s seeking help from Vladimir Putin’s client in Venezuela and our estranged Saudi allies rather than U.S. shale producers or our Canadian friends. Press Secretary Jen Psaki on Monday acknowledged reports that the Administration had sent emissaries to Caracas to discuss “energy security.” The Administration may ease sanctions on Venezuelan oil to replace lost Russian supply, which buyers are shunning due to sanctions risk. By The Editorial Board. Full Text -> WSJ

Traducción de cortesía ->

El presidente Biden se esfuerza por contener el alza de los precios del petróleo, que cerraron a más de 123 dólares el barril el lunes. Dice mucho sobre esta Administración que está buscando ayuda del cliente de Vladimir Putin en Venezuela y nuestros aliados saudíes distanciados en lugar de los productores de esquisto de EE. UU. o nuestros amigos canadienses. La secretaria de prensa, Jen Psaki, reconoció el lunes los informes de que la Administración había enviado emisarios a Caracas para discutir la “seguridad energética”. La Administración puede aliviar las sanciones sobre el petróleo venezolano para reemplazar el suministro perdido de Rusia, que los compradores están evitando debido al riesgo de sanciones. Traducción al español -> Google Translación

Those actions come after Maduro earlier this year flagged that private control of oil assets was possible and that reforms would be made to oil legislation to allow what he described as new business models. Bloomberg, in a recent article, stated that U.S. government figures with access to Biden have opened a discourse with Maduro. U.S.-recognized interim president Guaido recently proposed a gradual easing of sanctions to motivate Maduro to reach an agreement on scheduling free elections and securing international aid for Venezuela. By Matthew Smith. Full Text -> OilPrice

The United States on Tuesday sanctioned a network of oil entities that officials say have helped Venezuela escape existing penalties for transactions, a day after punishing a Russian ship involved in building an underwater gas pipeline to Germany. By Jean Lotus. Full Text -> UPI

Venezuela is opening up to foreign investment in its oil industry, President Nicolas Maduro said this week, in a bid to reverse a catastrophic drop in its output under the weight of U.S. sanctions. Jorge Jraissati reported for Anadolu Agency this week that Maduro said in its annual accountability speech that Venezuela will aim to pump 1.5 million barrels of oil daily, which will need help from foreign partners. By Charles Kennedy. Full Text-> OilPrice

These issues will afflict even a post-Maduro Venezuela, leaving the deeply impoverished country to clean-up decades of environmental and economic devastation wrought by the regime’s malfeasance, corruption, and determination to stay in power regardless of the cost. Maduro’s legacy will last far beyond his downfall and those vast oil reserves are fast becoming a curse rather than a benefit for a country on the verge of collapse. By Matthew Smith. Full Text -> Oil Price

Venezuela is in the throes of an unprecedented economic collapse. Oil, Venezuela’s lifeblood, is being mismanaged by Petróleos de Venezuela (PDVSA), the country’s state-owned oil company. Faced with dwindling revenue from PDVSA, the government has relied on its central bank to finance public expenditures. To satisfy these demands, the Banco Central de Venezuela has turned on the printing presses, and, as night follows day, hyperinflation has reared its ugly head again. By Steve H. Hanke. Full Text -> NationalReview

For the first time in a century, there are no rigs searching for oil in Venezuela. Wells that once tapped the world’s largest crude reserves are abandoned or left to flare toxic gases that cast an orange glow over depressed oil towns. By Sheyla Urdaneta, Anatoly Kurmanaev and Isayen Herrera. Full Text-> TheNewYorkTimes

No, oil is not a curse. Bad governance is a curse. For the most glaring case in point, look at Venezuela. Today, some 96 percent of the population live below the poverty line, according to a national study released over the summer. Yes, 96 percent.  By Afshin Molavi. Full Text-> ArabNews