Venezuela oil industry woes hit China’s Petro-King
Services provider Petro-King warned investors of a slowdown
Chinese oilfield services provider Petro-King warned investors this week that a slowdown in its Venezuelan business would lead to a significant fall in profits for the first half of this year, making it the latest company to be hit by deteriorating conditions in Venezuela’s oil industry. Petro-King said that it had been forced to delay the delivery of goods and services to Venezuela’s state-run PdV after late payment from the national oil company. It also said that it has seen rising operating costs in the country, where the inflation rate is running at more than 50%. Petro-King has complained for months about delayed payments – thought to be around $20 million -- from the financially troub
Also in this section
21 August 2025
The administration has once more reduced its short-term gas price forecasts, but the expectation remains the market will tighten over the coming year, on the back of
19 August 2025
ExxonMobil’s MOU with SOCAR, unveiled in Washington alongside the peace agreement with Armenia, highlights how the Karabakh net-zero zone is part of a wider strategic realignment
19 August 2025
OPEC and the IEA have very different views on where the oil market is headed, leaving analysts wondering which way to jump
15 August 2025
US secondary sanctions are forcing a rapid reassessment of crude buying patterns in Asia, and the implications could reshape pricing, freight and supply balances worldwide. With India holding the key to two-thirds of Russian seaborne exports, the stakes could not be higher
