Summary Norway’s petroleum output seen broadly steady in 2026 Output seen gradually declining towards 2030 Oil investments seen down nearly 7% in 2026 vs 2025 Lower demand to hit supplier industry (Reuters) – Norway’s offshore oil and gas output will remain broadly steady in 2026, but investments are seen falling by 6.6%, signalling a …
Norway’s Oil and Gas Output Will Fall Towards 2030, Regulator Says Read More »
Summary US boarded tanker that escaped blockade and put up Russian flag US also seized second Venezuela-linked tanker Venezuela’s main buyer China denounces US ‘bullying’ (Reuters) – The U.S. seized two Venezuela-linked oil tankers in the Atlantic Ocean on Wednesday, one sailing under Russia’s flag, as part of President Donald Trump’s aggressive push to dictate oil …
US Seizes Russian-Flagged Tanker, Another Tied to Venezuela as Trump Widens Oil Push Read More »
Summary Brent and WTI benchmarks firm US crude stocks fell last week while fuel stocks rose, says EIA Two Venezuela-linked oil tankers seized by US in Atlantic Ocean (Reuters) – Oil prices rose on Thursday after two days of declines as investors assessed Venezuela developments and reports on progress of proposed U.S. sanctions legislation against …
Oil Rises as Market Focuses on Venezuela and US Sanctions Plans Read More »
U.S. President Donald Trump and his advisers are planning an initiative to dominate the Venezuelan oil industry for years to come, and the president told aides he believes his efforts could help lower oil prices to $50 a barrel, the Wall Street Journal reported on Wednesday. A plan under consideration includes the U.S. exerting some …
(Reuters) – The discount on Western Canada Select to North American benchmark West Texas Intermediate futures grew on Wednesday to its widest point in 18 months as investors digested U.S. President Donald Trump’s deal to import up to $2 billion worth of Venezuelan crude. WCS for February delivery in Hardisty, Alberta, settled at $14.45 a …
Canadian Crude at 18-Month Low Versus WTI as Venezuelan Turmoil Rattles Market Read More »
(Reuters) – Oil producer Chevron is in talks with the U.S. government to expand a key license to operate in Venezuela so it can increase crude exports to its own refineries and sell to other buyers, four sources close to the negotiations said on Wednesday. The talks come as Washington and Caracas progress in negotiations …
Chevron in Talks With US Government for Expanded Venezuela License, Sources Say Read More »
(Reuters) – U.S. oil major Exxon Mobil said on Wednesday that lower crude oil prices could cut its fourth-quarter upstream earnings by about $800 million to $1.2 billion. Oil prices declined 9.2% during the three months ended December 31, as concerns about oversupply and tariffs outweighed geopolitical risks. Brent crude futures shed about 19% in …
Exxon Signals Fall in Fourth-Quarter Upstream Profit Read More »
(Reuters) – EOG Resources said on Wednesday that oversupply from Venezuela is driving oil prices down and it would last for several more quarters. Brent crude futures were down about 0.6% at $60.30 a barrel in the day, while U.S. West Texas Intermediate crude lost about 1% to $56.53 a barrel. Prices fell as investors …
EOG Resources Says Venezuela Oversupply is Driving Shale Prices Down Read More »
(Reuters) – Russia said on Wednesday that the U.S. seizure of a Russian-flagged oil tanker in the Atlantic was a violation of maritime law, and a senior lawmaker described it as “outright piracy”. Russia’s Transport Ministry said contact with the vessel, the Marinera, had been lost after U.S. naval forces boarded it near Iceland as …
Russia Says US Seizure of Oil Tanker is Illegal, Lawmaker Calls it Piracy Read More »
Chevron and private equity group Quantum Energy Partners are teaming up on a bid to buy the international assets of Russian oil major Lukoil, which are valued at $22 billion, the Financial Times reported on Wednesday. Chevron, Quantum, Lukoil and the White House did not immediately respond to requests for comment. Reuters reported in November …
