- PETRÓLEO
In October 809,000 barrels a day of Venezuelan crude were loaded, 25% less than in September: PDVSA did not cut its price to offset freight at multiyear highs.
Cargas: 809.000 b/d (−25%) · demanda de EE. UU.: −27% · China: 10 meses sin comprar · flete Aframax al Golfo: US$13,85 → 9,41/bbl
affects PDVSA and its joint-venture partners, who get paid per barrel shipped
- JUSTICIA
The National Assembly’s Nominations Committee unanimously approved the scoring rubric for the new Supreme Court: 85 of 100 points go to track record and 15 to an interview.
145 postulaciones, 123 a magistrado · cierre: 11-nov · baremo: 28 + 19 + 19 + 19 + 15
affects those tracking the calendar that runs from the Supreme Court to the electoral council and to elections
- CONTRATOS
GeoPark’s Bare contract took effect and Grupo Gilinski now controls 56.3% of the company; if the contract’s income tax rate falls below 50% by December 1, it receives more shares.
Contrato: 25 años, 65% neto · pago: 42,1 M de acciones, sin efectivo · adicionales: hasta 5,42 M (~US$66 M) · OPA: hasta US$100 M
affects GeoPark’s minority shareholders and the operators negotiating their rate with the Finance Ministry
The Gulf war raised the price of Venezuelan crude and the cost of shipping it; in October shipping weighed more: PDVSA did not discount and a quarter less was loaded. On Monday the price gave way: Brent lost 7.6%, and if the easing with Iran continues, Caracas can only make up for it with volume. The test: November’s loadings, with freight at $9.41. Today the U.S. votes for Congress. On Monday Trump boasted of the “conquest” of Venezuela. With a Republican majority, the Senate blocked in January, on Vance’s tie-breaking vote, the measure to limit his war powers there, and the two bills to audit the oil money have sat in committee since February and March. If Democrats win a chamber, from January 3 their committees will be able to subpoena testimony on the Treasury accounts that hold it.
Brent closed Monday the 2nd at $104.77, 7.6% below Friday the 30th, on signs of negotiation between the United States and Iran.
Brent lost $8.66 in one session. Iran’s president said on Monday his government will seek to resolve the conflict through dialogue, and his foreign minister spoke of reopening the Strait of Hormuz within two days if Washington meets its conditions. On Sunday, seven OPEC+ countries had left their December targets unchanged. Goldman Sachs puts the war premium that sustained October’s rally at about $27. With the Merey discount band, each Venezuelan barrel is worth about $8.7 less than on Friday.
In October 809,000 barrels a day of Venezuelan crude were loaded, 25% less than in September and the lowest level in eight months, according to shipping and U.S. customs data compiled by Bloomberg.
Tankers loaded 809,000 barrels a day of Venezuelan crude in October, 25% less than in September, according to shipping and U.S. customs data compiled by Bloomberg and published on Monday the 2nd. PDVSA did not lower its prices to offset higher freight and keep its crude competitive against other producers, including Canada. U.S. demand fell 27% from September, and China bought no Venezuelan crude in any of the ten months of 2026.
Bloomberg — datos de embarques y aduanas de EE. UU. ↗Cargas de octubre: 809.000 b/d (−25%) · septiembre: 1,08 M b/d (−9%) · demanda de EE. UU.: −27% · China: 10 meses sin compras · flete Aframax al Golfo: US$13,85 → 9,41/bbl (Argus)Freight for an Aframax to Texas, Louisiana and Mississippi reached $13.85 a barrel in early October, a multiyear high, according to Argus; it is now $9.41. The Middle East war lengthened routes and sanctions shrank the available fleet. Autumn refinery maintenance added to it. In September exports had already fallen 9%, to 1.08 million barrels a day, with Vitol and Trafigura seeking discounts over freight; the United States received 629,000 of those barrels.
Heavy crude producers competing with Venezuela in the U.S. Gulf, including Canada, and Aframax owners, with rates still high.
PDVSA and its joint-venture partners, who loaded about 270,000 barrels a day less in October than in September.
INDICADORNovember loadings of Venezuelan crude, with Aframax freight to the U.S. Gulf already at $9.41 a barrel. · Primera semana de diciembre de 2026, cuando se publica el conteo de embarques de noviembre.
The National Assembly’s Judicial Nominations Committee unanimously approved on Monday the 2nd the rubric for preselecting justices: 85 points for track record and 15 for an interview.
The Judicial Nominations Committee, with 11 lawmakers and 12 civil society representatives, unanimously approved on Monday the 2nd the rubric required by Article 73 of the Organic Law of the Supreme Court. Out of 100 points, it gives 28 to academic training and 19 to each type of experience: teaching, professional and judicial. The interview is worth 15 and assesses, among other things, independence and impartiality. Through Friday the 30th there were 145 applications, 123 for justice; submissions close on November 11.
Asamblea Nacional — Comité de Postulaciones Judiciales ↗Baremo: formación 28 · docencia 19 · ejercicio profesional 19 · judicatura 19 · entrevista 15 · postulaciones: 145 (123 a magistrado) · cargos: 32 · cierre: 11-novAfter the deadline, the Committee preselects at least three times the 32 justice posts and sends the list to the Citizen Power branch; the final election belongs to the full Assembly. The State Department said on October 26 that it expects a new Supreme Court by mid-December and, after that, an electoral council that does not exclude candidates. Acceso a la Justicia, a lawyers’ organization, objected on Monday that the rubric weighs seniority more than performance and that the interview’s 15 points lack precise criteria.
Applicants with long careers in academia and the courts, who can score up to 85 points before the interview.
Applicants with short careers, and the assessment of independence, which only counts within the 15 points of an interview without published criteria.
INDICADORWhether the Committee publishes the preselection list with each applicant’s score on each line of the rubric. · Después del cierre de postulaciones del 11 de noviembre; el Comité no ha fijado la fecha de la lista.
GeoPark announced on Monday the 2nd that the 25-year contract for the Bare block took effect, and Grupo Gilinski now controls 56.3% of the company. If the contract’s income tax falls, it receives more shares.
GeoPark, listed in New York, announced on Monday the 2nd that the 25-year contract for the Bare block, signed with PDVSA Petróleo under the reformed Hydrocarbons Law, took effect. It operates with a 65% net interest and funds all investment. It bought from Grupo Gilinski the remaining 95% of the holding company with 42.1 million new shares, no cash, and Gilinski now holds 56.3% of the company. The parties extended to December 1 the deadline for the milestones that would give Gilinski up to 5.4 million more shares.
GeoPark — formulario 6-K ante la SEC ↗Contrato: 25 años, 65% neto · pago: 42,1 M de acciones · Gilinski: 56,3% (hasta 58,4%) · adicionales: hasta 5,42 M, ~US$66 M · OPA: hasta US$100 M · 300-400 pozos por reactivarUnder the October 26 amendment, those milestones are measured by the income tax rate applicable to the contract: there are additional shares if it falls below 50%, and the maximum at 45% or less. The reduction is decided by the Finance Ministry at the request of the Hydrocarbons Ministry, under Article 58 of the reformed law. At $12.22, the price of the offer Gilinski must launch within 90 days, the additional shares are worth about $66 million. GeoPark expects to take over operations before year-end.
Grupo Gilinski, which swaps its stake in Bare for control of GeoPark and adds shares if the rate falls.
GeoPark’s minority shareholders, diluted by every new share, and the Venezuelan treasury, which would collect less tax if the rate falls below 50%.
INDICADORA Finance Ministry decision setting the income tax rate applicable to the Bare contract. · Antes del 1 de diciembre de 2026, la fecha a la que las partes extendieron los hitos.