Hector Ciavaldini News

The president of Venezuelan state oil giant Petroleos de Venezuela (PDVSA) insisted he did not see any need for OPEC member countries to raise output to cool sizzling oil prices. With prices close to 10-year highs, pressure is growing on the oil cartel from consumer nations to agree to pump more oil at its next ministerial meeting in Vienna on Sept. 10. But PDVSA chief Hector Ciavaldini, reiterating a position expressed by other Venezuelan oil officials such as OPEC President Ali Rodriguez, said supply and demand of crude oil on world markets was well balanced.

The list of high-level resignations at Venezuelan state oil giant Petroleos de Venezuela grew longer last week, with confirmation that David Escojido, the vice-president of project transformation, had resigned. A company spokesman confirmed that Escojido had joined former PDVSA President Roberto Mandini, Vice President of Exploration and Production Juan Szabo and Vice President of Finances Eduardo Blanco who resigned Monday. The official said it was too early to confirm local press reports that other senior management figures had opted for voluntary retirement following the resignation of respected oilman Mandini and the appointment of Hector Ciavaldini as the new company president. An announcement is expected in the coming days, he said.