Crude Oil – Page 2 – Oil & Gas 360

IPAA urges EPA reset of regulations for low-production U.S. wells

January 7, 2026

(World Oil) – The Independent Petroleum Association of America is urging the Environmental Protection Agency to revise elements of Subpart W in the Greenhouse Gas Reporting Program that affect low-production and marginal-well operators. In a letter sent from Washington, the group said wells producing 15 boed or less represent a substantial share of U.S. output and require a regulatory framework aligned with small-business

Venezuelan oil sales to US to start immediately, continue indefinitely, Trump official says

January 7, 2026

(Investing) – Venezuelan oil sales to the United States will start immediately with an initial shipment of approximately 30 million to 50 million barrels and will continue indefinitely, a senior Trump administration official told Reuters on Wednesday. Trump on Tuesday unveiled a plan to refine and sell up to 50 million barrels of Venezuelan oil that had been stuck in Venezuela

Halliburton deploys matrix-body directional bit for longer Permian runs

January 7, 2026

(World Oil) – Halliburton has introduced the Hypersteer MX directional drill bit, a matrix-body technology aimed at reducing well construction time in abrasive, high-flow environments. The bit merges shankless directional steerability with the durability of a matrix body to support longer drilling runs and fewer trips. Directional bits have historically required steel shanks to achieve steerability, leaving critical components exposed to erosion during

Equinor not planning Venezuela return after Maduro capture

January 7, 2026

(Oil Price) – Equinor does not consider returning to Venezuela, which it quit years ago, Anders Opedal, the chief executive of the Norwegian energy major, told Reuters on Wednesday. Following the capture of Nicolas Maduro by U.S. forces, the industry is buzzing with talk about the opportunities for Western, especially U.S. oil firms, in Venezuela, the holder of the world’s biggest proven oil reserves estimated

US needs to control Venezuelan oil sales, revenue to drive change, says energy secretary

January 7, 2026

(Investing) – The United States needs to control Venezuela’s oil sales and revenue to drive the changes it wants to see in the country, Energy Secretary Chris Wright said on Wednesday. Wright said he was speaking to U.S. oil companies to learn what conditions would enable them to enter the South American country and added that he wanted to sell Venezuelan

Venezuela oil deal angers China, pushes prices down

January 7, 2026

(BOE Report) – Global oil prices fell on Wednesday and China denounced the U.S. as a bully after President Donald Trump’s administration said it had persuaded Venezuela to divert supplies from Beijing and import up to $2 billion worth of embargoed crude. The deal was in line with Trump’s stated aim of controlling the South American OPEC member’s vast oil

U.S. crude oil inventories increase by 0.5 million barrels- oil and gas 360

U.S. crude oil inventories decrease by 3.8 million barrels

January 7, 2026

Weekly Crude Oil Storage as of January 2, 2026 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.8 million barrels from the previous week. At 419.1 million barrels, U.S. crude oil inventories are 3% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,

Four geopolitical flashpoints energy markets cannot ignore in 2026

January 6, 2026

(Oil Price) – As 2026 begins, energy markets are reacting less to supply outages than to how governments are choosing to act. The removal of Venezuela’s president, instability along the Red Sea, and rising uncertainty around Iran have altered assumptions about restraint, escalation, and control. This piece examines four locations where those changes are already influencing energy risk. Venezuela: Decapitation Without

Eni, Repsol struggle to recover $6 billion in gas payments from Venezuela, FT reports

January 6, 2026

(BOE Report) – European energy companies Eni and Repsol are struggling to recover recover about $6 billion in gas payments from Venezuela and are facing indifference from U.S. officials about the debt, the Financial Times reported on Tuesday. Eni, Repsol, and the U.S. Treasury did not immediately respond to Reuters’ request for a comment. Reuters could not immediately verify the report. Italy’s

Venezuela oil investment faces long timelines, ANZ says

January 6, 2026

(World Oil) – Investors betting on growth in Venezuela oil output will need deep pockets and patience, as aging infrastructure will require billions of dollars in spending, according to Australia and New Zealand Banking Group Ltd. The regular timeframes to increase oil output are likely to be longer in Venezuela than elsewhere due to the challenges faced by the industry, strategists

Oil ETFs rise as investors hedge crude futures exposure

January 6, 2026

(Oil Price) – The most traded U.S.-listed oil exchange-traded funds opened higher on Tuesday, closely tracking a small rise in oil futures, as investors weigh Venezuela’s short-term supply and hedge exposure to the crude futures through the ETFs. United States Oil Fund (NYSEARCA: USO) was up by 0.56% as of 9:35 a.m. ET on Tuesday, mirroring a 0.7% increase in front-month

Canadian oil will stay competitive, even if Venezuelan output rises, Carney says

January 6, 2026

(BOE Report) – Canadian crude oil is low risk and will stay competitive even if output in Venezuela rises after the U.S. capture of President Nicolas Maduro, Prime Minister Mark Carney said on Tuesday. U.S. President Donald Trump says American oil companies are prepared to tackle the difficult task of entering Venezuela and investing billions to restore production. Venezuelan crude

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