(Oil Price)– Iraq on Tuesday announced a complete suspension of natural gas imports from Iran, a move the electricity ministry said immediately knocked between 4,000 and 4,500 megawatts off the national power grid. On its face, the decision sounds dramatic. In practical terms, it is but the final step in a process that was already well underway. Iraqi officials have
(BOE Report)– Venezuela’s debt crisis is one of the largest unresolved sovereign defaults in the world, the legacy of years of economic collapse and U.S. sanctions that severed the country from international capital markets. The country has been in default since late 2017, when it missed payments on international bonds issued by the government and state oil company PDVSA. Since
(BOE Report)– U.S. crude futures rose more than 1% on Wednesday as U.S. President Donald Trump ordered “a total and complete” blockade of all sanctioned oil tankers entering and leaving Venezuela. U.S. crude futures were up 1.3%, or 72 cents, to trade at $55.99 at 0022 GMT. Oil prices settled near five-year lows in the previous session on progress in
(Investing)– Oil prices fell below $60 a barrel on Tuesday, the lowest since May, as prospects for a Russia-Ukraine peace deal appeared to strengthen, raising expectations sanctions could be eased. Brent crude futures fell $1.03, or around 1.7%, to $59.53 a barrel at 1340 GMT, while U.S. West Texas Intermediate crude was trading at $55.76, down $1.06, or 1.9%. “Brent has dropped this
(World Oil)– Shell plc has taken a final investment decision (FID) on a waterflood project at its Kaikias field in the U.S. Gulf of America, marking a new phase of secondary recovery aimed at extending production from the Ursa hub. Shell Offshore Inc. said the Kaikias waterflood project will involve injecting water into the reservoir to displace additional oil toward existing
(BOE Report)– The cost of shipping oil is likely to remain high in the first half of 2026 as the global fleet ages and a rising number of vessels are hit with Western sanctions, shipping sources say, though rates could be capped in the second half. In recent weeks, the cost of shipping oil has risen to about $130,000 a
(Oil Price) – The daily rates for chartering a vessel to transport commodities have surged this year, with oil tanker rates skyrocketing by 467%, as shippers of a growing commodity supply are grappling with a series of route disruptions and sanctions. Despite the typically weaker commodity demand period toward the end of each year, the last weeks of 2025 don’t show
(Oil Price)– The United States has denied a sanctions waiver to Serbian refinery Naftna Industrija Srbije (NIS), majority owned by Russian state energy firms and sanctioned by the United States, forcing Serbia’s only refinery to shut down, Serbian President Aleksandar Vu?i? said on Tuesday. “We expected to get a license from the US government for continued oil supplies to our refinery
(BOE Report)– Russia sees scope to boost oil exports to China and to deepen cooperation on supplies of liquefied natural gas, Deputy Prime Minister Alexander Novak said on Tuesday in Beijing. China and India have become the main buyers of Russian oil since the start of Russia’s military campaign in Ukraine in February 2022. China imports roughly 1.4 million barrels
(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
(Investing)– Oil prices edged up on Thursday after falling in the previous session, boosted by a bigger than expected draw in U.S. crude stockpiles and a broader equities rally. Brent crude futures were up 43 cents, or 0.7%, at $63.94 a barrel by 1400 GMT. U.S. West Texas Intermediate crude futures gained 42 cents, or 0.7%, to $59.86. Both benchmarks rebounded
(Investing)– Global refining margins have hit multi-year highs in November due to sanctions on Russia, refinery outages and maintenance, according to LSEG data and analysts, and some see little respite without more plants being built in the Western world. The strength in margins contrasts with crude oil markets coming under pressure from an expected oversupply, and has defied expectations earlier
