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ConocoPhillips Visits Venezuela to Evaluate Oil Opportunities 

Conventional Energy, Latest, Oil, US News / By

ConocoPhillips said on Thursday it is sending a small evaluation team to Venezuela this week to evaluate oil and gas opportunities. The U.S. oil producer left the South American country in 2007 after its assets there were nationalized. The company is owed about $12 billion with interest following arbitration awards stemming from the expropriations. ConocoPhillips said …

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US Solicits Proposals for 30 million Barrels of SPR Oil

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The Trump administration said on Thursday that it was offering to loan up to 30 million barrels of crude oil from the West Hackberry Strategic Petroleum Reserve site, marking the third solicitation of proposals from oil companies since fuel prices spiked due to the U.S.-Israeli war on Iran. Companies can submit proposals to exchange oil …

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Venezuela Dragging Out on New Oil Contract Models as Energy Investors Wait

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Missed deadlines for contract review delay investment decisions Some firms await contract details before moving forward Meetings with officials yield limited information (Reuters) – Energy companies evaluating whether to invest in Venezuela are waiting for the OPEC nation’s oil ministry to release contract models that will provide specific terms to continue, expand or start businesses …

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Iran War Raises Demand for US Fuel, Boosting Gulf Coast Refining Margins

Conventional Energy, Diesel Fuel, Energy Topics & Technology, Gasoline, Latest, Oil, Refineries, US News / By

(Reuters) – U.S. Gulf Coast refiners are reaping the strongest margins in years as disruptions to Middle Eastern oil flows from the Iran war raise demand for U.S. fuel exports, analysts and experts said. Asian and European refiners have been hit hard by a slump in Middle Eastern crude exports due to Iran’s blockade of …

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Iran Supreme Leader Says Hormuz Strait’s Management Will Enter New Phase

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(Reuters) – Iran will move the management of the strategic Strait of Hormuz into a new phase, its Supreme Leader Ayatollah Mojtaba Khamenei said on Thursday in a statement read out on state TV. “Iran is not seeking war but will not forfeit its rights and considers all resistance fronts as a unified entity,” Khamenei …

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Hormuz at Near Standstill as Iran Warns Ships to Keep to its Waters

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(Reuters) – Iran’s Islamic Revolutionary Guard Corps (IRGC) warned ships to keep to a route passing through its territorial waters when crossing the Gulf’s Strait of Hormuz as traffic on Thursday remained well below 10% of normal volumes. Mitsui O.S.K. Lines, one of Japan’s big three shipping firms, is among those caught up in the …

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Ceasefire Uncorks Market Relief, But Outlook Remains Sobering: McGeever

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The huge relief rally across global markets and oil price plunge sparked by the ceasefire in the Iran war are no surprise. What follows, once the initial euphoria dissipates, is far less certain – and far less rosy than investors seem to believe. And the euphoria should dissipate pretty quickly. Leaving aside the very real …

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A Toll for Using Hormuz Would be a ‘Dangerous Precedent’, UN’s Ship Agency Says

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(Reuters) – Imposing a toll on ships sailing through the critical Strait of Hormuz would “set a dangerous precedent” and countries should not impede freedom of navigation, the UN’s shipping agency said on Thursday. Iranian officials have raised the idea of charging a toll for using the Strait after a two-week ceasefire between the United …

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Iran to Let No More Than 15 Vessels a Day to Pass Strait of Hormuz, TASS Cites a Senior Iranian Source

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(Reuters) – Iran will allow no more than 15 vessels a day to pass through the Strait of Hormuz under the ceasefire agreement it agreed with the United States, Russia’s state TASS news agency quoted an unnamed senior Iranian source as saying on Thursday. The Strait, a strip of water only 34 km (21 miles) …

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