- CRUDO
Rubio said in Mumbai that Reliance can refine more Venezuelan crude and that there are prior sanctions to work through; he meets the company in Jamnagar today.
Septiembre: India 253.000 b/d de 1,08 MMb/d exportados · EE.UU. 629.000 · Jamnagar: 1,4 MMb/d de capacidad
affects PDVSA, its exporting partners and U.S. Gulf Coast refiners
- DEUDA
The 11.75% sovereign bond due 2026, issued for $3 billion, matures today; it has paid no interest since the October 2017 coupon.
Capital emitido: US$3.000 M · cupones impagos hasta abril: 18 · incumplimiento formal de capital: a los 30 días, el 20-nov
affects sovereign bondholders and those following the restructuring
- JUSTICIA
The National Assembly did not call Tuesday's session to appoint the 12 civilians on the committee that renews the Supreme Court: the second date missed.
Fechas incumplidas: 15 y 20 de octubre · postulados: 127, 52 con vínculos partidistas · magistrados nuevos: 32 antes de diciembre
affects companies with contracts and arbitrations before Venezuelan courts
Of everything that happened on Tuesday, Rubio's remark in Mumbai is the only one that can change who buys the Venezuelan barrel this quarter. Venezuela mostly exports heavy crude, which needs refineries equipped to process it, and in September 58% went to the United States. Reliance has that capacity at Jamnagar and is the main buyer in India; if it buys more, it competes for the same crude with Gulf Coast refiners, at a time when Merey averaged $8.27 below Brent in September, according to OPEC. Rubio named the obstacle, prior sanctions, but not the instrument. What Reliance and the State Department announce after Jamnagar, and any OFAC license or FAQ, will show whether the remark has one.
Weatherford reported on October 20, in its third-quarter results, that an operator it did not name awarded it a contract for 46 progressive cavity pumping systems to complete wells in Venezuela.
Progressive cavity pumps and electric submersible pumps are artificial lift equipment: they draw crude from existing wells without drilling new ones. The same day, on Halliburton's earnings call, chief operating officer Shannon Slocum said the company has its management team in place and its facilities open in Venezuela, that it billed in the third quarter across several product lines and that it will deliver more than a dozen electric submersible pumps to a major customer. Neither company names the customer or breaks out its Venezuela revenue.
Marco Rubio said in Mumbai on Tuesday, October 20, that Reliance can refine more heavy Venezuelan crude, that he will discuss it with the company in Jamnagar and that there are prior sanctions to work through.
U.S. Secretary of State Marco Rubio said at a press conference in Mumbai on Tuesday the 20th that Reliance Industries can refine more Venezuelan crude and that he would discuss it with the company the next day, on his visit to Jamnagar. "They've done so in the past," he said, pointing to its ability to process heavy crude. He added that "there might be a few impediments" from "pre-existing sanctions on the Maduro regime" that have to be worked through, without naming licenses or measures. Reliance had not issued a statement on the visit as of Tuesday night.
Departamento de Estado ↗Septiembre: India 253.000 b/d · EE.UU. 629.000 · total exportado 1,08 MMb/d · Jamnagar: 1,4 MMb/d · Sikka: 80% de las descargas en India en 2026 · Merey sep.: Brent −8,27Reliance's two refineries at Jamnagar process about 1.4 million barrels a day and can handle Venezuela's ultra-heavy crudes. In September, India took almost a quarter of what Venezuela exported, 253,000 barrels a day, against 629,000 for the United States, according to shipping data. So far in 2026, 80% of the Venezuelan crude that reached India was unloaded at Sikka, Reliance's port, according to S&P Global.
PDVSA and the partners that export heavy crude: a second buyer able to refine it competes for the same barrel with U.S. Gulf Coast refiners.
U.S. Gulf Coast refiners that run Merey: if Reliance buys more, they bid against it for the same crude.
INDICADORWhat Reliance or the State Department announce after the Jamnagar meeting, and any OFAC license or FAQ for buyers outside the United States. · Reunión del miércoles 21 de octubre; la gira de Rubio termina el 22 de octubre.
The 11.75% bond the Republic issued in 2011 for $3 billion matures on Wednesday, October 21; it has paid no interest since the October 2017 coupon.
The 11.75% bond due October 21, 2026, issued by the Republic in 2011 for $3 billion under New York law, reaches its final date today. Venezuela has not paid its interest since the October 2017 coupon, according to bondholder lawsuits in New York. In February, in a stipulated judgment with a group of creditors, the Republic stated that its claims reconciliation process will include, for bonds, a determination of unpaid principal and interest according to the original contractual terms.
República de Venezuela — prospecto del bono 2026 ↗Incumplimiento formal de capital: 20-nov · capital emitido: US$3.000 M · cupón: 11,75%, US$176 M por semestre · impago desde el cupón de oct-2017 · prescripción: 10 años · ley: Nueva YorkThe prospectus provides that, if the Republic does not pay principal at maturity, interest keeps accruing until actual payment: about $29 million a month on the amount issued. Non-payment of principal becomes an event of default if it lasts 30 days, on November 20. The ten-year prescription period for principal starts when the fiscal agent receives full payment, not at maturity. Venezuela asked for the Citgo appeal to be frozen while it restructures its debt; arguments remain set for today at 11:30 a.m. ET.
Holders of the 2026 bond: their principal is now due in full and, under the prospectus, keeps earning interest until it is paid.
The Republic: each month without a deal adds interest to a claim it pledged to calculate on the original terms.
INDICADORPublication of the debt sustainability analysis, the first step toward a proposal to creditors. · Sin fecha; Calixto Ortega lo prometió «muy pronto» el 14 de octubre.
The appointment of the 12 civilians on the Judicial Nominations Committee, which screens Supreme Court candidates, did not happen on Tuesday, October 20; the first date was the 15th.
The National Assembly did not call the session on Tuesday the 20th at which it was to appoint the 12 civil-society members of the Judicial Nominations Committee, the body that screens candidates for Supreme Court justice. Luis Florido, vice chair of the preliminary commission, had announced the appointment for that day and the swearing-in for Wednesday; the original date was Thursday the 15th. The next plenary session is expected on Thursday the 22nd. Transparencia Venezuela found party ties in 52 of the 127 applicants.
Asamblea Nacional — vía El Nacional ↗Fechas incumplidas: 15 y 20-oct · comité: 23 miembros, 12 de ellos civiles · postulados: 127, 52 con vínculos partidistas según Transparencia Venezuela · magistrados nuevos: 32 antes de diciembreThe committee has 23 members, 11 lawmakers and 12 civilians, and without the civilians it is incomplete. On October 9 the State Department presented the selection of 32 new justices by December as an achievement of the talks, and noted that this court will rule on any challenges to future election results.
Sitting Supreme Court justices: the court issuing rulings today stays the same until the committee is installed.
Companies with contracts, arbitrations or lawsuits that depend on Venezuelan courts: the renewal planned for December starts with two missed dates.
INDICADORThe appointment of the 12 civilians in plenary and the installation of the committee. · Jueves 22 de octubre, próxima sesión plenaria prevista.