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negotiations with Mexico, Russia and Saudi Arabia have failed to reach a joint pledge for OPEC nations to cut oil production. Ramirez, who was replaced as president of state-owned oil company PDVSA in September but continues to be Venezuela’s OPEC representative, met his counterparts on Tuesday in Vienna to kickstart the discussion on the plummeting price of oil before Thursday’s hugely significant OPEC summit. Between the United States shale boom and slower economic growth in Europe and China, the price of Venezuelan heavy crude dove from $99 per barrel in June to about $69 last week, prompting Ramirez’s diplomatic tour.

OPEC members Venezuela, Iraq, Ecuador, and Nigeria have all advocated for a cut in production as the quickest way to drive market prices back up. Statistics uphold this argument, considering OPEC estimations that global supply will exceed demand by more than 1 million barrels per day (bpd) in the first half of next year. But after Tuesday’s Vienna meeting Saudi Arabian Oil Minister Ali al-Naimi told reporters that the Gulf Cooperation Council (GCC), which includes Saudi Arabia, Kuwait, Qatar and the United Arab Emirates, had reached a “consensus” not to do so. Al-Naimi believes the twelve-nation OPEC group, of which Saudi Arabia is the largest producer, will follow suit. "We are very confident that OPEC will have a unified position,” he said, in reference to tomorrow’s summit. Meanwhile, Russia’s most influential oil official, state-firm Rosneft’s president Igor Sechin, surprised some and quelled rumors by announcing the largest producing non-OPEC nation had no intention of reducing their output, either. Not even, Sechin said, if oil “falls under $60 a barrel.”

The Russian company recently signed a contract with PDVSA for the purchase of 1.6 million tons of petroleum and 9 million tons of derivatives of crude over the next five years. While it makes sense that the GCC prioritize market share over barrel price, to a certain extent, Russian government coffers have already been hard hit by dropping prices, causing Sechin’s comment to raise some eyebrows. Indeed, many analysts claim the oil glut of the early 1980’s (which almost bankrupt Venezuela) contributed to the collapse of the Soviet Union.

Venezuelan Oil Minister Eulogio del Pino indicated Saturday that the country’s state oil company PDVSA could open a lawsuit in US courts over new revelations of National Security Agency (NSA) spying on top company executives and internal communications.

The announcement comes after leaked documents released to TeleSUR last Wednesday by ex-NSA analyst Edward Snowden exposed that US intelligence officials posing as diplomats had hacked PDVSA’s internal network, monitoring the communications of at least 900 employees since 2010, including former company president Rafael Ramirez. “This is unacceptable and we are going to file a claim and seek redress for damages under US law,” stated Del Pino, who is also the current president of PDVSA. “We are evaluating legal actions, not moral ones. Delving into the personal information of our workers, our strategies, our plans, [and] our operations is a violation, that is unacceptable,” the oil minister added, speaking from the Third Summit of Gas-Exporting Nations in Tehran.

The comments follow an announcement by President Maduro last week calling for a meeting with the US charge d’affaires in Caracas to review bilateral ties in the wake of the scandal. Speaking on Thursday, US State Department spokesperson John Kirby did not deny the evidence contained in the leaked documents, though he did reject claims that US spy agencies engage in industrial espionage on behalf of US corporations.

Venezuelan state oil company PDVSA announced Monday that creditors had accepted a proposal to exchange US$2.8 billion in bonds maturing in 2017 for $3.4 billion due in 2020. 

In late September, the state oil giant presented creditors with a modified offer to exchange $5.325 billion in bonds due in 2017 for securities payable at 1.22 times the principal in 2020. With the deadline for the deal fast approaching and less than half of bondholders on board, PDVSA extended the cutoff three times and threatened to default if a majority did not accept the deal. By the final deadline Monday, 52.57 percent of creditors agreed to the offer, amounting to a successful swap of 45.3 percent of bonds due in April and November 2017 equal to $2.8 billion.

In recent months, the Venezuelan government has repeatedly denounced what it has termed a “financial blockade” by international banks and rating agencies, which it says refuse to renegotiate the terms of debt payments and exaggerate risk ratings despite the country’s pristine payment record. In August, Citibank unexpectedly resigned as pay agent for PDVSA’s bonds in an unusual move that analysts have attributed to the possible influence of the United States government.

Venezuelan President Nicolas Maduro concluded an agreement with Russia's state-owned Rosneft that will see an additional $14 billion in investment in the South American country's oil and gas industry over the coming years.    The move was announced by the socialist leader on Wednesday following a meeting he convened between the president of Venezuela's state oil company PDVSA, Eulogio de Pino, and Rosneft president Igor Sechin.    "We had a great meeting and agreed on investment of over $14 billion,” declared Maduro in a television address from Miraflores palace.    The new investment will reportedly go towards further developing Venezuela's Orinoco Belt in the country's northeast, which is home to some of the worlds largest reserves of crude oil and already contains 250 oil fields. PDVSA aims to double Venezuela's oil output to 6 million barrels a day by 2019, four million of which are to come from the Orinoco Belt. 

Speaking from the 9th meeting of the High Level Intergovernmental Commission in Moscow, Venezuelan foreign minister Delcy Rodriguez expressed her solidarity with Russia, affirming that both Venezuela and Russia "have become victims of unconventional war".    "We are convinced that we share the same idea about what is occuring on the global level. Just as the Soviets did their best to overcome the Nazis, today Russia is battling with all its strength to navigate a new geopolitical power structure that permits it to reduce the hegemony and expansionism of imperialism."

Venezuelan President Nicolas Maduro has ordered the country’s state energy company PDVSA to close some of its purchase and sale deals using the national commodity-backed digital currency ‘petro.’ The country’s oil ministry tweeted the president’s directive, which also applies to Venezuelan state-run conglomerate CVG, which is charged with economic development in the Guayana region. It also operates aluminum producers and state petrochemical company Pequiven.

The petro is backed by the country’s oil, gas, gold and diamond reserves. Investors purchased around $735 million worth of petro crytptocurrency during the pre-sale on Tuesday, according to President Maduro. He sees it as a way of breaching the US financial blockade.

Maduro also ordered Venezuelan embassies across the world to provide consular services using the digital currency. The president has entertained a proposal made by the airlines association to buy aircraft fuel using the petro.The commodity-based cryptocurrency will be used as a payment instrument on the Venezuela-Columbia border starting from Wednesday.

The International Center for Settlement of Investment Disputes (ICSID) of the World Bank ruled in favor of Venezuela on Monday, rejecting the "exorbitant compensation" demanded by Tidewater. The U.S.-based energy shipping firm was awarded US$46 million in compensation for eleven vessels expropriated by the Bolivarian government of late President Hugo Chavez in 2009.   According to the Venezuelan Ministry of Petroleum, the ICSID decision confirms that the government's nationalization of Tidewater's assets in Venezuela was "totally legal in all aspects".   "The much higher amounts claimed were rejected because the tribunal found that the nationalization was lawful," stated lawyer George Kahale, who represented Venezuela in the case.

In 2007, the Chavez government issued a law-decree nationalizing all remaining oil production sites under foreign control and mandating that all all oil extraction in Venezuela be undertaken in the context of joint ventures, in which the state oil company PDVSA retains the majority stake. This move subsequently triggered a wave of lawsuits by foreign transnationals in international arbitration bodies demanding compensation for nationalized assets. Last year, ICSID ordered Venezuela to pay Exxon Mobil US$1.6 billion, which represented only 13% of the amount demanded by the transnational firm and was consequently claimed as a victory for the Bolivarian Republic. For Kahale, the Tidewater case marks an important landmark, setting a precedent for future cases.

"Venezuela's positions on the central issues of the legality of the nationalization, the appropriate valuation date for determining compensation, and the appropriate discount rate for calculating compensation were all accepted by the tribunal in what is likely to be an important precedent for other cases." The Bolivarian government has yet to declare if it will seek revisions or annulment of the US$46 million award, but Kahale added that the decision was being "carefully reviewed". Venezuela announced its decision to leave the ICSID in 2012, citing institutional bias in favor of transnational corporations on the part of the Washington-based body. Venezuela's departure from the international arbitrations organization does not, however, affect the status of the 27 pending cases against the Bolivarian nation.

Three leading figures of the Venezuelan opposition have released a statement amounting to a demand for regime change and the establishment of a transitional government in the country. Entitled “The Call for a National Transition Agreement,” the statement was circulated this Wednesday and appeals to Venezuelans to unite behind a national plan aimed at supplanting the current socialist administration of President Nicolas Maduro, elected on April 14th 2013 with approximately 51% of the vote.

Its signatories include currently jailed leader of the Popular Will Party, Leopoldo Lopez, former National Assembly Legislator, Maria Corina Machado and current Mayor of the Metropolitan Capital District of Caracas, Antonio Ledezma. All of the signatories are linked to the violent guarimbas or barricades which began in February 2014, when violent protestors and paramilitaries blocked the streets for several months in response to calls by Lopez and Machado to force the “exit” of the Maduro government.

“Our call is to construct an agreement to take the lead in the transition to peace. It is the obligation of all democrats to help resolve the current crisis, defend the cause of liberty, and prevent the unavoidable fall of the regime from disrupting the peace and constitutionality of the country, to make the transition, that’s to say, the change from one failed system to another which is full of hope,” reads the text. The publication of the statement comes just a day before the first anniversary of the barricades and represents a clear violation of the country’s Bolivarian Constitution, which only allows for the removal of the elected President of the Republic via a national referendum or indictment by the Supreme Court of Justice. In the text, the current government is described as a “failed” “corrupt” and “inefficient” regime, made up of an “elite of no more 100 people” who have pilfered public funds “which could have been used for the benefit of all”. It also states that Venezuela is on the brink of a “humanitarian crisis” whilst the Maduro government is “delegitimised” and in its “terminal phase”. The move comes amidst a mounting economic war against the country’s socialist revolution which has seen private businesses hoarding essential goods in order to cause public unrest, as well as a fresh round of US sanctions imposed on Venezuelan officials earlier in February.