Venezuela's oil exports drop by 20% after Chevron cancels cargo
Ship tracking data and documents show that Venezuelan oil exports dropped by almost 20% in April to 700,000 barrels a day (bpd), the lowest level for nine months. This was due to cargo cancellations from U.S. producer Chevron, which forced ships to return to port and left some empty ports. PDVSA, Venezuela's state company, suspended last month most of the loading window it had assigned Chevron. It also ordered the return of certain oil cargoes headed for the U.S. due to payment uncertainty relating to U.S. sanction enforcement. Chevron missed a deadline set by the U.S.
The new CEO of Buffett's homeServices believes that buyers and sellers can deal with tariffs and changes
HomeServices of America's new CEO, Berkshire Hathaway HomeServices of America, said that concerns about tariffs impacting mortgage rates weigh on both home buyers and sellers but are unlikely to have a significant effect on sales of existing homes. In a recent interview, Chris Kelly, the new owner of the largest residential real estate firm in the United States, said that when mortgage rates fluctuate because the economy is changing, buyers and sellers tend to be hesitant. Higher borrowing costs contributed to a greater-than-expected 5.9% drop in March U.S.
Japanese trading houses cautious on profit forecasts despite US tariffs
Japanese trading houses Mitsui & Co., Sumitomo Corp. and Sojitz issued cautious profit predictions for the current fiscal period as U.S. Tariffs threaten global supply chain and increase economic insecurity. Ryosei Acazawa, Japan's chief trade negotiator, is currently in the United States to try and negotiate a tariff agreement with President Donald Trump. The Bank of Japan cut its forecast of economic growth for the year that ends March 2026 from 1.1% to just 0.5% and maintained interest rates at their current levels. This was due to tariffs weighing on exports.
The world's strongest magnet is used in the global nuclear fusion project
The world's strongest magnet is now ready for assembly as part of a much-delayed project that involves more than 30 countries. This project, which has been delayed by many years, is a crucial component in efforts to produce clean energy through smashing atoms at high temperatures. The International Thermonuclear Experimental Reactor project (ITER), based in southern France, and supported by the United States of America, China, Japan and Russia, requires the magnetic system for creating an "invisible box" to confine ultra-hot plasma particles which combine and fuse and release energy.
Tenaris posts dip in quarterly net sales
Tenaris, an Italian steel pipe manufacturer, announced on Wednesday a 15% drop in its first-quarter sales to $2.92 Billion. The company reported that the sales were boosted by higher seasonal volumes in Canada, and increased onshore sales in United States. However, their average selling prices declined. The Luxembourg-based firm reported a 29% drop in earnings before interest taxes, depreciation, and amortization (EBITDA), to $696 millions, for the first quarter of 2025. The company said that the reference prices of U.S.
China's solar sector remains red as the trade war causes problems
China's solar producers reported losses in the last week, as President Donald Trump's Trade War put additional pressure on demand. This was an industry that already faced low prices and tariffs for exports to America. Longi Green Energy, JinkoSolar and other top producers reported a combined net loss of 1.4 bn yuan (193 million dollars) in the first quarter. Losses for competitors JA Solar, Trina Solar, and others totaled 1.6 bn yuan, 1.3 mn yuan, and 1.6 mn yuan respectively. Longi, who also reported a loss of 8.6 billion Yuan in 2024…
The European share price continues to rise as earnings continue to roll in and tariff watch continues
Investors pushed European shares higher on Tuesday, as they assessed corporate earnings, watched potential tariff movements, and awaited important economic data. As of 0712 GMT the pan-European STOXX 600 was up by 0.2%. However, it is on course for a second monthly decline if the current trend continues. The other regional indexes, with the exception of the UK which was down by 0.1%, were trading in positive territory. The UK's FTSE Index fell as BP shares dropped 3.3% after the oil company reported first-quarter profits that missed expectations. Officials said that the administration of U.S.
As crude prices fall, investors fear that Big Oil may reduce share buybacks.
Investors will pay attention to the fact that falling oil prices are increasing the risk of dividends and share purchases for the remainder of 2025. Big Oil's efforts to win over Wall Street have been based on reinvesting cash in the form of dividends and stock repurchases. U.S. president Donald Trump's announcements of global tariffs have caused fears of a weaker oil market and a possible recession, leading forecasters to reduce their oil price expectations. If prices were lower, Big Oil would have less money to give to its shareholders.
US wants to increase offshore oil drilling through easing of pressure rules
The U.S. Interior Department announced on Thursday that it had implemented new guidelines regarding pressure differentials allowed in certain types of oil drilling, in part of Gulf of Mexico. The department expects the changes to boost U.S. output of oil. The Energy Dominance Council, led by Doug Burgum, Interior Secretary to President Donald Trump, is seeking ways to reduce costs for oil and natural gas producers, lower regulations, and increase oil production, which was at record levels during the tenure of former President Joe Biden.
Fugro, a geo-data firm, has reduced its workforce and shifted business models as the US weighs in.
Dutch geological data specialist Fugro announced it would reduce more jobs and focus on different business segments, after confirming Thursday a decline in revenue for the first quarter. The drop was caused by a slowdown in U.S. off-shore wind projects. The company also pointed to a volatile global market. In the first quarter of 2018, sales fell 11.1% on an annual basis to 450 millions euros ($510.12million), in line with an earnings warning issued earlier in the month. We expect these market uncertainties to continue into the second quarter.
Trump's emergency move is aimed at cutting approval time for energy projects from 28 days to 28
The Trump administration announced on Wednesday that it would implement a process of emergency permitting for energy and mining on federal land, cutting approval times from months or even years down to just 28 days. The U.S. Department of the Interior's move comes in response to the President Donald Trump declaration of a national energy emergency, which he issued on his first official day of office. This was to expedite the permitting process in an attempt to boost the domestic energy supply, lower fuel prices, and strengthen national security.
Saipem announces 31% increase in core profit for the first quarter, and confirms its guidance
Saipem, an Italian energy contractor, said that its core earnings for the first quarter of 2013 increased 31% compared to last year due to the group's offshore engineering & construction activities. The adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), came in at $398.00 million, beating the analyst consensus of 339 millions euros compiled by LSEG. The Milan-based company, which announced in February plans to merge its Norwegian competitor Subsea 7 with its own group, confirmed its core profit forecast of 1.6 billion euro for this year.
Taiwan: Buying more US oil and gas is the focus of tariff talks
Taiwan's trade talks with the United States are centered on increasing purchases of U.S. oil and natural gas, said President Lai Ching Te. Lai has promised to pursue a zero-tariff regime with the United States, and to buy and invest more within the country. He is trying to thwart President Donald Trump's import tariffs that are now on hold. Lai, who spoke to environmental groups at the White House, called on the government to support the importation of more energy from America. His office quoted him as saying that "increased purchases from the United States including natural gas and oil…
Shell completes survey of Venezuelan gas field as winding down of license approaches
Shell, the oil and gas company, plans to finish a marine survey of the offshore Dragon gas field in Venezuela before the May deadline set by the United States to close all energy licenses in the country. According to LSEG vessel tracking data, the Colombian-flagged Dona Jose II survey vessel arrived in Venezuela sanctioned by the U.S. this month to collect data for Shell and Trinidad’s National Gas Company. Two sources said that the exploration work will be completed within the next few weeks and allow the company determine drilling locations as well as pipeline design…
Asian countries are looking to purchase more US energy in order to balance trade imbalance
As they try to reduce their trade surpluses with Washington, Asian governments are buying more U.S. gas and oil in order to ease their tariff burdens due to President Donald Trump’s new import duties. Many Asian countries have large trade surpluses and also are major energy importers. Trump's tariffs have caused economic and market turmoil. Here are some measures Asian countries will take to increase their purchases of U.S. gas and oil. Energy Minister Bahlil lahadalia said to local media…
Trump Administration kicks off plan to expand offshore drilling
The U.S. The U.S. Donald Trump ordered the government to find ways to increase U.S. oil production. He argued that previous administrations had curtailed drilling unnecessarily to combat climate changes. He also rescinded the efforts of former president Joe Biden to stop oil drilling in the Arctic, and large areas along the U.S. Atlantic Coast and Pacific Coast. In a recent press release, Interior Secretary Doug Burgum stated that "Under the leadership of President Donald J. Interior…
After hearing, US judge decides on bid starting price in Citgo parent sale
In the coming days, a U.S. Court is expected to confirm and reject a $3.7billion offer made by an affiliate of Contrarian Funds. The offer was intended to set a floor price for a second round of bidding for shares in Citgo Petroleum's parent company. Citgo, America's seventh-largest refiner, was the subject of a Thursday hearing at which creditors made their case. PDV Holding is auctioned off to cover the up to $21 Billion owed to Venezuela and PDVSA, its state-owned oil company. The auction is being overseen by Robert Pincus who recommended Red Tree Investments last month.
Thailand will import more US LNG in the next five years.
Thailand will import more LNG from the United States in the next five-year period, said Finance Minister Pichai Chunhavajira on Wednesday. This was ahead of next week's meeting with U.S. officials to discuss tariffs. He said that there is an agreement for the import of 1 million metric tonnes of LNG valued at $500 million in 2020 as part of a plan to total 15 million tons over 15 years starting in 2026. Pichai stated that Thailand plans to sign an additional contract worth $600 million for the purchase of more than 1,000,000 tons of U.S. LNG over the next five-year period.
Ecopetrol president warns that lower oil prices could reduce profits for the full year by $2.8 billion
Ecopetrol, Colombia's state-owned oil company, warned that lower oil prices could cause its profits to drop by as much as 12 trillion pesos (2.76 billion dollars) this year. Ecopetrol's president Ricardo Roa said to journalists at an industry event that the company may have to stop producing in some fields, and instead focus on others with lower costs. Brent futures were at $63.45 per barrel on Friday. This was due to concerns about an intensifying trade conflict between the United States of America and China. Roa stated that the drop in crude prices has a significant impact on Ecopetrol profits.
SLB and ChampionX may accept the remedial measures proposed by UK watchdog
The British competition regulator announced on Thursday that it may accept the measures proposed by the oilfield services company SLB and its smaller rival ChampionX in order to address concerns about antitrust regarding the two companies’ proposed $8 billion merger. The two companies will be relieved by the announcement, as last month the competition watchdog warned that SLB's purchase of ChampionX would lead to a substantial reduction in the UK's level of competition unless they proposed remedial measures.
