Netcore Petroleum Blog

‘Deliberate action’ in Colombia ignites 2,600 bbls of crude, hinders firefighters’ efforts

BOGOTA – Ecopetrol and Cenit report that unidentified individuals deliberately set fire to four temporary crude oil retention pools containing 2,600 barrels of oil on the Las Acacias village in the Colombian municipality of Arauquita, Arauca. Officials report that this “deliberate action puts communities and water bodies in the area at risk, and generates toxic Read more about ‘Deliberate action’ in Colombia ignites 2,600 bbls of crude, hinders firefighters’ efforts[…]

Oil advances most in almost three weeks as U.S. rate cut awaited

NEW YORK (Bloomberg) – Oil rose the most in almost three weeks on speculation that demand will get a bump from a potential U.S. Federal Reserve rate cut aimed at spreading economic benefits more broadly. Futures in New York rose 1.2%, extending last week’s 1% advance. Later this week, the Fed is expected to lower Read more about Oil advances most in almost three weeks as U.S. rate cut awaited[…]

Citgo Ownership Hangs in Balance After PDVSA Loses Court Battle

PDVSA’s control of its US-based subsidiary hangs in the balance after a US federal appeals court rejected on Monday Venezuela’s state-owned oil company’s appeal to knock down an earlier court order that allowed Crystallex International Corp to take over Citgo shares in compensation for $1.4 billion in unpaid debt, according to Reuters. The loss for PDVSA Read more about Citgo Ownership Hangs in Balance After PDVSA Loses Court Battle[…]