PdV’s cash concerns
The Venezuelan company's plunging revenues show it is still struggling with lower prices and falling output
It's midway through August, and autumn is just around the corner, but Venezuela's troubled national oil company just got around to releasing its 2016 financial results. It's easy to see why they put it off as long as possible. The results point to a company that has been in steep decline. It's no surprise given its woes, but the figures help shed light on the depths of PdV's problems. The combination of lower oil prices and falling output have gutted the firm's finances. Revenue for 2016 was $48bn, down a third from a year earlier and a 60% drop from the $121.9bn the company made in 2014. It is by far the least amount of cash PdV has reported earning in any year over the past decade. From 20
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
