Latest news, breaking stories, and expert analysis on Venezuela. Stay informed with comprehensive coverage from trusted sources.
Venezuela's dilapidated oil port terminals are creating a de facto export cap, forcing tankers to wait up to 30 days for loading due to ageing infrastructure and power outages. PDVSA is incurring demurrage charges for vessels stuck waiting beyond their loading windows, obstructing U.S. efforts to quickly increase Venezuelan crude exports under new agreements with global traders.
Venezuela's National Assembly approved a new housing law on Friday to promote construction following the June earthquakes. The legislation replaces an anti-fraud statute, establishes a developer registry, and includes penalties for non-compliance while awaiting presidential signature.
Steve Hanke, special advisor to Venezuela's National Assembly, recommends full U.S. dollar adoption to combat 400% inflation. He estimates a 50-80% probability of approval, citing the bolivar's 78% depreciation over the past year and widespread informal dollar usage.
Hundreds of survivors in Caracas are starting a lengthy rehabilitation journey after losing limbs in a recent disaster. Orthopedic specialists estimate up to 200 people require prosthetics, with fitting processes taking up to a year. Charities are assisting with costs as victims like Ricardo Contreras rebuild their lives.
The US Treasury's OFAC issued General Licence 61, permitting the supply of telecom goods, technology, and services to Venezuelan state entities like Conatel and Cantv. Contracts must follow US state law or specific international jurisdictions for dispute resolution. This measure targets telecommunications infrastructure separately from investment rules.
An Israeli rescue worker recounts the chaotic aftermath of a devastating earthquake in Venezuela, arguing that the country's dysfunctional governance prevented external aid from arriving. The commentary highlights the necessity for survivors to improvise their own relief efforts amidst severe infrastructure failure and isolation.
The US Department of Transportation granted National Airlines economic authority to operate scheduled passenger, cargo, and mail flights between the United States and Venezuela. The approval, valid through July 2028, marks a key step in restoring air links suspended since 2019, with initial operations focused on humanitarian relief.
California-based Pacific Coast Energy is rapidly acquiring Venezuelan oil assets, distinguishing itself from major U.S. firms like ExxonMobil and ConocoPhillips that remain cautious due to historical grievances. Backed by European investors, the firm positions itself for early access following the ouster of Nicolas Maduro.