(Oil Price) – China is expected to see a plunge in imports of oil from Venezuela in February as the now month-long U.S. blockade has prevented many China-bound cargoes from leaving Venezuelan waters. The deliveries of crude and fuel oil from Venezuela to China in February are estimated at just 166,000 barrels per day, as just 5 million barrels of Venezuelan
(Oil Price) – Russia on Tuesday asserted ownership of all oil assets a state Russian company is developing in Venezuela, following the claims of U.S. President Donald Trump that major American and Western oil firms would help revive Venezuela’s oil industry. Russia’s Roszarubezhneft, a state-owned firm that took over Rosneft assets in 2020 following U.S. sanctions on Rosneft’s Venezuelan oil trade, said on
(BOE Report) – Venezuela’s state oil company has begun reopening some of the wells it and its joint venture partners had shut amid a strict U.S. embargo, as crude exports resume with two shipments departed on Monday, three sources close to operations said. The OPEC country’s oil exports had remained almost at a standstill since December, with only U.S. Chevron exporting crude from
(World Oil) – President Donald Trump signaled he’s leaning toward excluding ExxonMobil from his push for U.S. oil majors to rebuild Venezuela’s petroleum industry, saying he was displeased with the company’s response to his initiative. “I’d probably be inclined to keep Exxon out,” Trump told reporters late Sunday aboard the presidential plane on the way back to Washington from his
(BOE Report) – Global oil trading houses have emerged as early winners in the race to control Venezuelan crude flows, getting ahead of U.S. energy majors wary of credit and legal risks and securing a potentially lucrative business opportunity in the country with the world’s largest crude reserves. U.S. President Donald Trump said U.S. majors would invest billions of dollars
(Investing) – LONDON – Oil prices fell slightly on Monday after Iran said it had total control following the biggest anti-government demonstrations in years, easing some concerns over supply, while investors also weighed efforts to resume oil exports from Venezuela. Brent crude futures lost 28 cents, or 0.44%, to $63.06 a barrel by 1402 GMT while U.S. West Texas Intermediate crude was
(World Oil) – The Trump administration is unlikely to provide financial support to help U.S. oil companies revitalize Venezuela’s oil sector, Interior Secretary Doug Burgum said Friday, throwing cold water on hopes the multibillion-dollar effort would be subsidized by the U.S. government. “The capital is going to come from the capital markets and come from the energy companies,” Burgum, who
(Investing) – WASHINGTON/SINGAPORE – The U.S. has seized the Olina tanker in the Caribbean, the fifth vessel targeted in recent weeks as Washington steps up efforts to curb Venezuelan oil exports, U.S. officials said on Friday. The Olina, which according to public shipping database Equasis was falsely flying the flag of Timor Leste, previously sailed from Venezuela and had returned
(BOE Report) – The U.S. Senate is due to consider a resolution on Thursday that would block President Donald Trump from taking further military action against Venezuela without congressional authorization, and backers said the measure could pass in a close vote. Days after U.S. forces captured Venezuelan President Nicolas Maduro in a dramatic military raid in Caracas, senators will vote
(World Oil) – ConocoPhillips, ExxonMobil and other U.S. oil companies are examining what role they can play in helping revitalize Venezuela’s energy industry, US Energy Secretary Chris Wright said following talks with executives. “Maybe we’ll get to a framework where they’ll go in in a large way again, but in the meantime, they’re not going to sit on their hands,”
(Oil Price) – Chinese energy companies with operations in Venezuela have asked the government for guidance in how to protect their investments in the South American country now that the United States has effectively taken control of its oil industry. The information comes from Bloomberg, which cited unnamed sources as saying CNPC had been the leader of the group to broach
(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
