(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
(World Oil)- Energy and Natural Resources Minister Tim Hodgson said on Monday the government is getting close to being able to provide clarity on whether Ottawa would repeal the West Coast oil tanker ban. Hodgson made the remarks while appearing before the House of Commons committee on natural resources, when he was asked about the status of the legislation prohibiting
(BOE Report)– Venezuelan President Nicolas Maduro has the flexibility and the incentive to offer crude oil cargoes, which the country mostly sells to China, as a bargaining chip if Venezuela were to hold negotiations with the United States. U.S. President Donald Trump’s administration, which has boosted its military presence in the Caribbean, has said he is open to talks with
(Oil Price)– The $5-billion East African Crude Oil Pipeline (EACOP), which is planned to export crude oil from Uganda via a port in Tanzania, is now 75% complete, moving landlocked Uganda a step closer to becoming an oil exporter. EACOP, a controversial pipeline project that has seen a lot of environmental opposition and planning and construction delays, is now about
(Oil Price)– A massive fire has erupted at a crude oil upgrader project in Venezuela after an explosion was heard near the distillation tower, workers on site and sources at state oil firm PDVSA told Reuters. The Petrocedeno project in Venezuela’s Orinoco Belt, operational since 2000, was one of the four original projects in the heavy crude oil belt in the
(Oil Price)– China’s crude oil imports last month remained elevated, with purchases from some countries hitting all-time highs, according to customs data cited by Reuters. Imports from the UAE, for instance, rose from 2.05 tons a year ago to 3.82 million tons last month, while purchases from Kuwait went up from 970,000 tons to 2.36 million tons, the data showed. Imports
(Oil Price)– In the coming days, the media will push themes related to the upcoming meeting between Saudi Crown Prince Mohammed bin Salman (MBS) and US President Trump in Washington. While most will be looking at the possibilities of Saudi investments in US LNG via Aramco or defense deals, Saudi Arabia’s mineral strategy and opportunities will also be on the
(Oil Price) – Nearly a third of Russia’s current seaborne oil export potential is now stuck in tankers as the U.S. sanctions upend crude flows and Russia’s top buyers, China and India, are still struggling to assess the implications of the sanctions, according to JPMorgan. “Russia’s oil exports are entering a new phase of disruption as sanctions targeting Rosneft and Lukoil
(Investing)– Oil prices rose on Tuesday due to the impact of the latest U.S. sanctions on Russian oil, although oversupply concerns limited gains. Brent crude futures were up 67 cents, or 1.1%, to $64.73 a barrel at 1333 GMT. U.S. West Texas Intermediate crude was at $60.78 a barrel, up 65 cents, or 1.1%. Investors continue to assess the fallout from
(Oil Price)– Indian state-owned Oil and Natural Gas Corporation Limited (ONGC), the biggest oil and gas explorer and producer in the country, booked a 17.8% decline in its net profit for the July-September quarter compared to a year earlier as lower oil prices dented crude realizations. ONGC reported $1.11 billion (98.5 billion Indian rupees) in standalone net profit for the second
(BOE Report)– Hydrocarbons will continue to play a critical role for a long time to come, the CEO of U.S. energy company Exxon Mobil said on Friday, adding that the question would be whether they continue to be burned as fuel. “Crude oil and hydrocarbons are going to play a critical role in everybody’s life for a long time to come,”
