"Citibank, with no warning or communication, says that it is going to close the Central Bank and Bank Of Venezuela account. That is what you call a financial blockade," the embattled president said in televised remarks.
PDVSA - the world's fifth-largest oil company - earned USD 72.2 billion in revenues last year, a sharp drop from 2014's USD 121.9 billion.
If an output freeze were to come through, a bullish price reaction may be seen, says Chris Main, Commodities Strategy Analyst at Citi.
2016 maybe the "year of reckoning" for some OPEC member countries, RBC Capital Markets warned on Tuesday, ahead of the oil cartel's meeting in Vienna this week.
Talking about the Organisation of Petroleum Exporting Countries (OPEC) meeting scheduled for June 2, Amrita Sen expects no "fireworks" from it and says that there is a slim chance that all members would agree on a production level.
Indian officials say they have proposed an oil-for-drugs barter plan with cash-strapped Venezuela to recoup millions of dollars in payments owed to some of India's largest pharmaceutical companies.
India is the 12th largest foreign holder of the US government securities with exposure to the tune of $118.9 billion as on March-end.
Disappointing performance in the topline and ongoing currency issues have hurt Q4 numbers of the pharma company," says Mayuresh Joshi of Angel Broking.
Dr Reddy's Lab fourth quarter earnings were hurt by one-time Venezuela write-off. The drug major's net profit fell 86 percent at Rs 74.6 crore in January-March quarter from Rs 518.9 crore. Its total income also slipped to Rs 3756.2 crore against Rs 3870.4 crore in year-ago period.
EBITDA in Q4 may jump to Rs 388.3 crore against Rs 281.4 crore whil operating profit margin may stand at 20.7 percent from 16 percent year-on-year.
During the period, EBITDA may grow 11.2 percent to Rs 897 crore versus Rs 806.4 crore while margins may stand at 23 percent versus 21 percent.
Two leading pharma companies, Dr Reddy's and Glenmark, are slated to post fourth-quarter earnings today and chances are both firms may disappoint, says Surajit Pal, Pharma Analyst at Prabhudas Lilladher.
OPEC member Venezuela and top non-OPEC producer Russia had been the main proponents of the output freeze deal, in the making since February, until it collapsed on Sunday in Doha after Riyadh said it would not sign unless Iran took part.
The Organization of the Petroleum Exporting Countries said in its April monthly report that oil prices rose more than 20 percent in March, continuing a slow recovery from the huge drop of 2014-15.
Public prosecutor Luisa Ortega told the television station Globovision yesterday that prosecutors are considering issuing arrest warrants for people named in the "Panama Papers" leak. She didn't say who might be affected.
Oil prices, which have plummeted more than 60 per cent since mid-2014 partly because of oversupply, have recently recovered slightly following talk of an output freeze.
The presidential decree, published in an official gazette released yesterday, is meant to "protect Venezuelans from economic warfare," it says, and expands the socialist government's powers.
Mahdi Asali, Iran's OPEC envoy, said his country will in fact keep increasing its crude exports until it reaches levels attained before international sanctions were imposed on Tehran over its nuclear program.
Venezuela's socialist government is asking more than 100 malls to close or generate their own power four hours each day, from 1 pm to 3 pm and from 7 pm to 9 pm.
Surajit Pal, pharma analyst, Prabhudas Lilladher, says receivables of Indian companies from Venezuel will be Impacted in case of currency devaluation.
The IMF website showed yesterday that Venezuela exchanged part of its Special Drawing Rights -- an international reserve asset created by the IMF -- account at the Fund for greenbacks.
The OPEC chief said market fundamentals did not support the sharp drop in oil prices which have fallen by almost 60 percent since June 2014. Badri said that global demand for oil is forecast to rise to 110 million barrels per day by 2040 from 93 million bpd now.
In a notification to the Congress, Obama determined that Bolivia, Burma (Myanmar), and Venezuela "failed demonstrably" during the last twelve months to make sufficient or meaningful efforts to adhere to their obligations under international counter narcotic agreements.
As part of the agreement, Dr Reddy's will pay Hatchtech an upfront USD 10 million, followed by up to USD 50 million based on pre-commercialisation milestones and an undisclosed amount based on post-commercialisation milestones, linked to achievement of annual net sales targets.
The brokerage expects a 20 percent degrowth in company's FY17 earnings per share as it continued to see underappreciating Venezuela risk for Glenmark.