crude oil – Oil & Gas 360

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

Factbox-What’s the status of international oil companies in Venezuela after Maduro’s capture?

January 6, 2026

(Investing)– LONDON – Here are key facts about international oil companies in Venezuela, a country with the world’s largest oil reserves thrown into crisis by the capture of President Nicolas Maduro by U.S. forces. In the 2000s, former President Hugo Chávez expropriated assets from several foreign oil companies, strengthening state-owned PDVSA’s control over the country’s oilfields. Today, foreign firms must

US crude, product inventories rise again

December 31, 2025

(Oil Price)– The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a build of 1.7 million barrels in the week ending December 26. Crude oil inventories rose by 2.4 million barrels in the week prior. Crude oil inventories in the United States are so far showing a net decrease of 5.1 million barrels for

Chevron continues U.S. deliveries of Venezuelan crude despite maritime blockade

December 30, 2025

(World Oil)– At least two vessels chartered by Chevron Corp. that picked up oil from Venezuela since the Trump administration launched a partial maritime blockade have successfully unloaded cargoes at U.S. ports, according to data reviewed by Bloomberg. Chevron, which holds a U.S. license to drill and export oil from the sanctioned country, has finished discharging a cargo from the

Frontera signs deal to supply crude oil to Chevron unit for up to $120 million

December 29, 2025

(BOE Report)– Frontera Energy’s Colombian unit has signed a prepayment and commercial agreement worth up to $120 million with a unit of U.S. oil major Chevron to supply crude oil over two years, the Canadian oil producer said on Monday. Under the deal, Frontera will receive an initial $80 million advance and supply a portion of its crude output to Chevron

China’s CNOOC discovers massive oilfield in Bohai Sea

December 29, 2025

(Oil Price)– CNOOC Ltd, China’s top offshore crude oil and natural gas producer, has announced the discovery of a major new oilfield in the Bohai Sea. The Qinhuangdao 29-6 discovery in the shallow Neogene formations of the Bohai Sea is yet another oilfield estimated to hold more than 100 million tons of crude, or about 730 million barrels, and discovered

Oil jumps 2% as investors weigh Ukraine talks against supply outlook

December 29, 2025

(Investing)– Oil prices rose by more than $1 on Monday as investors weighed talks between the U.S. and Ukrainian presidents on a possible deal to end the war in Ukraine against potential oil supply disruption in the Middle East. Brent crude futures rose $1.33, or 2.2%, to $61.97 a barrel by 1416 GMT while U.S. West Texas Intermediate crude was up $1.31, or

U.S. crude stocks post surprise build as gasoline and distillates rise

December 24, 2025

(Oil Price)– The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a build of 2.4 million barrels in the week ending December 19. Crude oil inventories shrank by 9.3 million barrels in the week prior. Crude oil inventories in the United States are so far showing a net decrease of 6.7 million barrels for

Oil steadies as market weighs geopolitical risks against bearish fundamentals

December 23, 2025

(Investing)– Oil prices were little changed on Tuesday as potential sales of Venezuelan crude seized by the United States were countered by heightened supply disruption fears after Ukrainian attacks on Russian vessels and piers. Brent crude futures rose 6 cents to $62.13 a barrel by 1221 GMT. U.S. West Texas Intermediate (WTI) crude was up 2 cents at $58.03. Prices had risen by

Venezuela may have to start shutting oil wells soon

December 18, 2025

(Oil Price)– Venezuela may be forced to start shutting in oil production as it runs out of storage space amid the U.S. tanker blockade, Bloomberg has reported, citing unnamed sources. According to the sources, the biggest oil storage hub and tankers at Venezuelan ports could fill up within 10 days, prompting production curbs. Earlier this week, Reuters reported that some 11 million

Brazil, Guyana and Argentina drive non-OPEC crude growth into 2026, EIA says

December 18, 2025

(World Oil)– Global crude oil production is forecast to rise by about 800,000 bpd in 2026, with Brazil, Guyana and Argentina accounting for roughly half of that growth, according to the U.S. Energy Information Administration’s December Short-Term Energy Outlook (STEO). The EIA said crude supply growth since 2023 has been led largely by producers outside the OPEC+ group. While coordinated

Trump’s trade policies drive decline in Asian imports of U.S. energy

December 18, 2025

(Oil Price)– Falling U.S. energy sales in China and India failed to offset increases elsewhere in Asia as the Trump Administration’s trade policies have upended Asia’s energy imports. While Japan and South Korea have increased their imports of American crude oil, China has slashed U.S. crude and LNG imports, after halting purchases of LNG in February in response to the trade frictions

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