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US Control of Venezuela Oil Risks Debt Restructuring Showdown with China

Conventional Energy, Latest, Oil, US News / By

(Reuters) – U.S. control of Venezuela’s oil exports has ensnared barrels that had been servicing debt to China, lining up another potential showdown between the two superpowers that could further complicate the South American country’s path out of default. Around a tenth of Venezuela’s $150 billion foreign debt pile is estimated to be loans from …

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How Much Does Venezuela Owe China, and Why is Oil Involved?

CDN and International News, Conventional Energy, Latest, Oil / By

(Reuters) – 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 …

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US Natural Gas Falls After Record-Breaking Three-Day Rally

Conventional Energy, Latest, Natural Gas, US News / By

US natural gas futures pared a record breaking three-day rally, after traders finished exiting short positions and the market braced for a historic winter storm. Front-month contracts dropped as much as 7.6% to $4.660 per million British thermal units on Friday, after surging 63% over the previous three sessions. Prices were still on track for their biggest …

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Halliburton Exports Its Oil Gear as Fracking Goes Global

Conventional Energy, Energy Topics & Technology, Latest, OFS-Oilfield Services, Oil, US News / By

The oil-services giant is moving idled equipment overseas as US shale growth slows Halliburton Co. just offered some of the best evidence yet that fracking, which turned the US into the biggest oil and gas producer, is spreading around the world. The Houston-based company, which fracks more wells than anyone, said on Wednesday that it has shifted …

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US Won’t Offer On-the-Ground Security to Oil Firms in Venezuela

Conventional Energy, Latest, Oil, US News / By

  Takeaways by Bloomberg AI The Trump administration has no plans to directly provide security to oil producers in Venezuela, according to Energy Secretary Chris Wright. Wright said the US involvement in controlling the flow of funds in Venezuela gives the US leverage to reduce criminality and improve business conditions. Wright plans to travel to …

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US Is Canceling Almost $30 Billion in Biden-Era Energy Loans

Energy Topics & Technology, Finance, Latest, Renewable Energy, Solar, US News, Wind / By

Takeaways by Bloomberg AI The Trump administration is canceling almost $30 billion of financing from the Energy Department’s green bank after reviewing transactions approved under former President Joe Biden. The Energy Department plans to revise another $53 billion of funding and has eliminated about $9.5 billion in financing for wind and solar projects. The Energy …

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China to Offer LNG Futures as Soon as Next Month – Sources

CDN and International News, Conventional Energy, Latest, LNG / By

Summary LNG futures to be listed on Shanghai Futures Exchange Contracts could shift market influence to China from West China’s LNG imports forecast to rise 12% this year (Reuters) – China is set to offer domestic-listed, yuan-denominated liquefied natural gas (LNG) futures contracts as soon as next month, people with knowledge of the matter said, …

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Oil Prices Rise on Trump’s Iran ‘Armada’ Comments and Kazakh Outage

Conventional Energy, Latest, Oil, US News / By

  Summary Oil prices had dropped on Thursday as Greenland tension subsided Supply disruption concerns offered price support Kazakhstan’s Tengiz oilfield yet to resume output (Reuters) – Oil prices rebounded on Friday after U.S. President Donald Trump renewed threats against Iran, raising concerns of military action that could disrupt crude supplies while there are outages …

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Valero, Phillips 66 Buy Venezuelan Oil Cargoes as Part of Washington’s Deal With Caracas

Conventional Energy, Latest, Oil, US News / By

(Reuters) – Valero has bought a cargo of Venezuelan crude oil, two sources said on Wednesday, one of the first deals by U.S. Gulf Coast refiners that are part of Washington’s agreement with Caracas to export up to 50 million barrels. Phillips 66 has also purchased a cargo, one of the sources said. Both bought …

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US Allows China to Purchase Venezuelan Oil But Not at ‘Undercut’ Prices of Maduro Days, Official Says

CDN and International News, Conventional Energy, Latest, Oil / By

(Reuters) – The Trump administration is allowing China to purchase Venezuelan oil but not at “unfair, undercut” prices at which Caracas sold the crude before the U.S. removed its leader Nicolas Maduro, an administration official said on Thursday. While the oil will be sold in the global marketplace, the U.S. administration has required that the …

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