October 10, 2025 - Oil & Gas 360

China vows to protect its firms amid fresh US oil sanctions barrage

October 10, 2025

(Oil Price)– China vowed on Friday to protect the rights and interests of Chinese companies after the U.S. unleashed on Thursday a new sanctions package on Chinese entities for importing crude oil from Iran. The U.S. Treasury on Thursday blacklisted around 100 individuals, vessels, and companies—including China’s Shandong Jincheng Petrochemical Group, a Shandong teapot refinery accused of buying millions of barrels of

Global LNG supply surge will drive lasting demand growth, says ADNOC Gas CEO

October 10, 2025

(World Oil)– A looming surge in liquefied natural gas supply through the end of the decade is poised to create demand that won’t go away, said an ADNOC Gas executive. Prices of the super-chilled fuel are widely expected to drop as a number of LNG projects go online in the coming years, including Abu Dhabi National Oil Co.’s plant at

China and Iran seal oil-for-infrastructure deal to bypass U.S. sanctions

October 10, 2025

(Oil Price)– China has formalized a barter-style framework with Iran in which crude oil is exchanged for infrastructure projects (from rail lines and ports to industrial works) rather than cash. The volumes involved are substantial: Beijing already imports an estimated 1.4 to 1.6 million barrels per day of Iranian crude, much of it under disguised labels. The new structure secures

Latest US sanctions on Iranian oil deal blow to China’s Sinopec

October 10, 2025

(BOE Report)– The latest U.S. sanctions on Iranian petroleum exports deal a blow to Chinese refining giant Sinopec by targeting a terminal through which the state major handles one-fifth of its crude oil imports, industry executives and analysts said. The sanctions announced on Thursday further complicate U.S.-China relations, coming ahead of planned talks between Presidents Donald Trump and Xi Jinping

Maduro offered Venezuela’s oil to Trump to avoid conflict with U.S.

October 10, 2025

(Oil Price) – The administration of Venezuelan leader Nicolás Maduro has offered to open up Venezuela’s oil and gold projects to U.S. companies in an attempt to appease the Trump Administration and avoid conflict, the New York Times reported on Friday, quoting multiple sources close to the discussions. Over several months, officials of the Maduro regime have negotiated with U.S. officials offers of

U.S. rig count increased by 7, is at 580- oil and gas 360

U.S. rig count decreased by 2 is at 547

October 10, 2025

This week’s Baker Hughes Rig Count shows that the U.S. decreased by 2 last week, resulting in a total count of 547 rigs. Canada had an increase of 3 over last week, resulting in a total Canadian count of 193 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the Ardmore Woodford, the Cana Woodford, the Haynesville, and

Sable Offshore seeks Trump’s support to advance stalled California offshore oil project

October 10, 2025

(World Oil) – Sable Offshore Corp. is seeking the Trump administration’s help to jumpstart a California oil project stalled by red tape. The Houston-based company’s effort to tap hundred of millions of barrels of crude off the coast of Santa Barbara have been stymied by state regulators’ opposition to reopening pipelines that funnel the crude to refineries. If state approval

Canada PM Carney says Keystone XL pipeline could boost US-Canada ties

October 10, 2025

(Investing) – Canadian Prime Minister Mark Carney indicated on Friday that reviving the proposed Keystone XL oil pipeline from Alberta to the United States could help strengthen energy cooperation between the two countries. “There are many possible projects, including Keystone XL,” Carney stated during a press conference when discussing potential initiatives to enhance U.S.-Canada energy integration. When questioned about whether the

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