CDN and International News

(Reuters) – Venezuela may soon have to start closing some oil wells as it runs low on storage capacity following last week’s tanker seizure and U.S. plans to block other sanctioned vessels, Bloomberg News reported on Wednesday, citing people familiar with the situation The country’s main oil storage and tankers sitting at its terminals are …

Venezuela is Running Out of Oil Storage Space Amid Tanker Curbs, Bloomberg News Reports Read More »

US forces intercept and seize a sanctioned oil tanker off the coast of Venezuela, in a video released by the US Department of Justice on Dec. 10.Source: US Department of Justice The US has ratcheted up pressure on the government of Venezuela with a series of measures designed to stifle the country’s vital oil exports. …

What US Blockade Means for Venezuela’s Oil Industry Read More »

By Francois de Beaupuy, Nayla Razzouk, and Francine Lacqua TotalEnergies SE Chief Executive Officer Patrick Pouyanne said rising demand for oil will help to underpin prices, despite their recent slump on growing concerns about a global surplus. Oil is on track for a yearly loss, with supply set to exceed demand both this year and …

TotalEnergies CEO Says Growing Demand Will Underpin Oil Prices Read More »

(Reuters) – Venezuela’s state-run company PDVSA is dealing with stuck oil cargoes, rising price discounts and demands from customers to change terms of spot contracts following the U.S. seizure of a ship carrying the OPEC country’s crude, traders and sources said. As Washington’s pressure on President Nicolas Maduro grows, the U.S. Coast Guard last week …

Venezuela Faces Big Oil Discounts, Pressure for Contract Changes After Tanker Seizure Read More »

By Clyde Russell LAUNCESTON, Australia, Dec 16 (Reuters) – China’s flows of crude oil into storage probably jumped in November to the highest in six months, as a surge in imports overwhelmed steady refinery processing rates. China’s surplus of crude was about 1.88 million barrels per day (bpd) in November, almost three times the 690,000 …

China Accelerates Crude Stockpiling Amid Weaker Oil Price Trend Read More »

(Reuters) – The volume of Venezuelan oil already headed to China before the U.S. seized a Venezuelan tanker last week, plus a glut of crude in storage and weak demand, will limit the near-term impact of the move in the Chinese market, traders and analysts said. Exports from the South American producer have fallen sharply …

Ample Oil Supply Shields China From Impact of Venezuela Disruption, For Now Read More »