Russia’s Gazprombank rejects report on Venezuelan oil giant’s new accounts

Clay Curtis
February 11, 2019

The legislative body's chairman, Juan Guaido, has declared himself interim president of Venezuela, challenging Maduro's rule.

The minister said Venezuela's oil output was now 1.57 million bpd, about half its level at the start of the century.

Nicolas Maduro has asked OPEC to support one of its founding members-Venezuela-against the USA sanctions on the Latin American country's oil industry and denounce the "shameless dispossession" of Venezuelan assets, but Maduro's plea has fallen on deaf ears, Reuters reported on Monday.

India is set to emerge as Venezuela's preferred customer due to the nation's willingness to pay for crude in cash, as opposed to sales to China that are supplied via oil-for-loans agreements, according to Sushant Gupta, director of Asia-Pacific refining at Wood Mackenzie Ltd.

Venezuela's Oil Minister and President of Venezuelan state-run oil company PDVSA Manuel Quevedo (C) arrives to attend the Petrotech conference in Greater Noida, India, February 11, 2019.

"The relationships with India will continue, the trade will continue", Quevedo said, adding that Venezuela wanted to expand trade in services and technology with New Delhi.

"U.S. exercises kidnapping of resources around the world".

Israeli forces kill two Palestinian youths
Prime Minister Benjamin Netanyahu commended the security forces for "apprehending - within a few hours - the abhorrent murderer". PPS said at the Qalandiya military checkpoint, in the central West Bank district of Ramallah, two Palestinians were detained.

The Socialist leader's argument in seeking support from OPEC is that the sanctions would have impact on the global oil market and prices and that they represent a risk to other members of the cartel. Last year, the nation loaded one vessel a day for US refiners. That has turned oil ships into floating storage facilities.

According to the United Nations, some 2.3 million Venezuelans have fled the country since 2015.

Guaido, the head of Venezuela's National Assembly, is trying to wrest ownership of PDVSA's Houston-based unit, Citgo Petroleum, away from the current regime.

Maduro is refusing to step down or call for a new election, accusing the US of orchestrating a coup attempt.

"We stress that no new accounts have been opened and the bank does not plan to open any new accounts", Gazprombank said. "Now they want to steal Citgo Petroleum from Venezuela", Quevedo said, confirming Venezuela's efforts to remove the two USA executives from the board. "Citgo is a Venezuelan-owned petroleum company".

-With assistance from Serene Cheong.

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