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Independent US Oil Producers Set to Sign Production Deals with Venezuela's PdVSA in Houston

By Market Flux··1 min read

Several smaller, independent U.S. oil producers are expected to sign production contracts with Venezuela's state-owned Petróleos de Venezuela, known as PdVSA, at a signing ceremony scheduled for Tuesday night in Houston, according to Politico and people familiar with the plans. The deals mark tangible progress in the Trump administration's push to revive Venezuelan oil production. Separately, U.S.

Energy Under Secretary Kyle Haustveit said on Tuesday that roughly half of Venezuela's total oil output is now being exported to the United States, a figure he put at north of 500,000 barrels per day in recent months. Energy futures rose on the news, with the broader energy sector trading higher as of Tuesday evening.

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Sources

  1. DeItaoneU.S. OIL PRODUCERS SET FOR VENEZUELA DEALS Several independent U.S. oil producers are expected to sign production contracts with Venezuela’s state-owned PdVSA on Tuesday, according to Politico. A signing ceremony is reportedly scheduled for Tuesday night in Houston, citing
  2. StaunovoU.S. Energy Under Secretary Kyle Haustveit said on Tuesday that about half of Venezuela's oil output is now being exported to the United States. "In the last couple of months, we're seeing north of 500,000 barrels of approximately half of the production coming out of Venezuela
  3. FirstSquawkSEVERAL INDEPENDENT US OIL PRODUCERS EXPECTED TO SIGN PRODUCTION CONTRACTS WITH VENEZUELA'S STATE-RUN OIL COMPANY IN COMING DAYS - POLITICO
  4. ReutersAbout half of Venezuela oil output now goes to US, Under Secretary Haustveit says