(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
(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
(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
(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
(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
(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
(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
(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
(Oil Price)– Commodity trading major Vitol will provide $2 billion in loans for the Ugandan government, to be used for energy infrastructure projects, including a refinery, Reuters has reported, citing a Ugandan government official. The 60,000-barrel-daily facility is one of the key infrastructure projects related to the East Africa Crude Oil Pipeline that will carry Ugandan crude to the East
(Investing) – HOUSTON – The oil supertanker Skipper that was seized by the U.S. near Venezuela this week as part of an increased pressure strategy against President Nicolas Maduro, is heading to Houston, two sources said on Friday. The Very Large Crude Carrier, which is carrying about 1.85 million barrels of Venezuela’s Merey heavy crude according to satellite images analyzed by
(Investing) – LONDON – World oil supply will match demand closely in 2026, OPEC data published on Thursday indicated, an outlook contrasting with projections from the International Energy Agency and others of a huge glut. The OPEC+ group comprising the Organization of the Petroleum Exporting Countries, Russia and other allies plans to pause production hikes in the first quarter of 2026,
(Oil Price) – The United States has seized a large oil tanker off the coast of Venezuela, marking a major escalation in tensions between Washington and Caracas. President Trump confirmed the operation, saying, “We’ve just seized a tanker on the coast of Venezuela, large tanker, very large, largest one ever seized actually”. He then went on to warn that “other things are happening
