(BOE Report) – Venezuela’s oil exports bounced to some 800,000 barrels per day (bpd) in January under U.S. control, from 498,000 bpd in December, following the capture of President Nicolas Maduro and the end of an oil blockade on the country, which has allowed traders to carry most exports, shipping data showed. Washington in December imposed an oil embargo on
(BOE Report) – The U.S. takeover of Venezuela’s oil exports has re-routed crude barrels that were being used to service debt owed to China. How much does Venezuela owe China, and how and why was the country getting debt payments after Venezuela’s default? HOW MUCH DOES VENEZUELA OWE CHINA? Data on Venezuela’s debt is sketchy, particularly since 2017 when U.S.
(BOE Report) – Oil exports of the Caspian Pipeline Consortium (CPC), which ships oil from Kazakhstan via a pipeline and subsequently a Russian Black Sea terminal, declined by 12% in November from October, two industry sources said on Thursday. CPC, which handles around 80% of Kazakhstan’s oil exports, was attacked by a Ukrainian drone on November 29, when one of
(BOE Report) – Venezuela’s oil exports rose slightly to some 921,000 barrels per day (bpd) in November, the third-highest monthly average so far this year, as the country used more diluents to produce exportable grades, according to shipping data and documents. The OPEC producer is under increasing political pressure from the U.S., which has struck a score of alleged drug-smuggling
(Investing) – LONDON -Oil prices climbed nearly 2% on Friday, boosted by supply fears after the Black Sea port of Novorossiisk halted oil exports following a Ukrainian drone attack that hit an oil depot in the major Russian energy hub. Brent crude futures were up $1.04, or 1.65%, at $64.05 a barrel by 1428 GMT, while U.S. West Texas Intermediate crude advanced
(Oil Price)– OPEC+ yesterday agreed to yet another monthly boost in production, this time for a modest 137,000 barrels daily. Oil prices inched up, yet they remain tightly range-bound, with Brent at just over $65 per barrel following the news. On the one hand, this is good news for consumer countries—including the U.S. On the other hand, it’s bad news for
(BOE Report) – Venezuela’s oil exports remained almost unchanged last month as increased shipments to customers in China offset a decline in U.S.-authorized sales, according to vessel-tracking data and internal documents from state company PDVSA. The U.S. Treasury and State departments in March revoked the authorizations they had granted in recent years for PDVSA’s customers and partners to export oil
(World Oil) – Iraq plans to cut oil exports next month as OPEC+ presses members to adhere to production targets, according to an official with knowledge of the matter. OPEC’s second-largest producer aims to reduce shipments by roughly 100,000 barrels a day to an average of 3.2 million barrels a day in May, the official said, asking not to be
(Investing) – WASHINGTON – U.S. President Donald Trump’s administration said on Tuesday it is ending a license that it had granted to U.S. oil producer Chevron (NYSE:CVX) since 2022 to operate in Venezuela and export its oil, after Washington accused President Nicolas Maduro of not making progress on electoral reforms and migrant returns. Chevron will have through April 3 to wind
(Reuters) – MOSCOW – Kazakhstan’s oil exports could be cut by 30% for up to two months via its main pipeline due to damage from a Ukrainian drone attack, Russia’s state pipeline operator said on Tuesday. Monday’s attack occurred a day before U.S. and Russian officials met in Riyadh for their first talks on ending the war in Ukraine, as Kyiv and
(Investing) – MOSCOW – Sweeping U.S. sanctions on Russia’s oil industry will make it more expensive for Moscow to sell its oil and complicate sea-borne crude exports due to restrictions on tankers, analysts and traders said on Monday. U.S. President Joe Biden’s administration unveiled the measures targeting Russia’s oil and gas revenues on Friday, in an effort to give Kyiv and
Oil Price Crude oil exports from Iran hit the highest level in six years during the first quarter of the year, data from Vortexa cited by the Financial Times has shown. The daily average over the period stood at 1.56 million barrels, almost all of which was sent to China, earning Tehran some $35 billion. “The Iranians have mastered the art of
