PDVSA

Maduro Visits Putin, Proposes Global Oil Trade In Rubles, Yuan

Maduro met with Putin today, and proposed an alternative currency basket, one which is based not on the world's reserve currency but rather the yuan and ruble. "Developing a new mechanism of controlling the oil market is necessary," Maduro said at the Russian Energy Forum.

Suddenly, "De-Dollarization" Is A Thing

"For what seems like decades, other countries have been tiptoeing away from their dependence on the US dollar. These were challenges to the dollar’s dominance, but they weren’t mortal threats. What’s happening lately, however, is a lot more serious. "

Next Up For Venezuela: PDVSA's Inevitable Default

"By cutting access to an essential source of funding, the Trump administration is precipitating the default of PDVSA and, given the key economic role of the company, of Venezuela."

Goldman "Unexpectedly" Exempt From Venezuela Bond Trading Ban

"That was somewhat surprising," said Francisco Rodriguez, chief economist at Torino Capital. "I guess the logic is that those bonds are already in the hands of bondholders, so you wouldn’t be really blocking new financing." That, or the "logic" was to exempt Goldman from the trading ban until the bank can sell them without incuring a major loss...

Venezuela Bonds Tumble On Report U.S. To Ban Trading

Venezuela bonds are tumbling after the WSJ reported that the US government was considering a ban on trading in the country's debt. The unprecedented move would temporarily ban U.S.-regulated financial institutions from buying and selling dollar-denominated bonds issued by the Republic of Venezuela and state oil company Petróleos de Venezuela.

A Venezuelan Tanker Is Stranded Off The Louisiana Coast

A tanker loaded with 1 million barrels of Venezuelan heavy crude has been stranded for over a month off the coast of Louisiana, not because it can't sail but as a result of Venezuela's imploding economy, and its inability to obtain a bank letter of credit to deliver its expensive cargo.