Trump declares that India will purchase oil from Venezuela and not Iran
U.S. President Donald Trump on Saturday said India will buy Venezuelan oil, helping to replace some of the Russian oil that the world's third-biggest oil importer buys. "We've already made that deal, the concept of the deal," Trump told reporters aboard Air Force One as he traveled to his vacation home in Florida from Washington.Reuters reported on Friday that the United States has…
Trafigura Makes First Venezuelan Crude Sale Under Supply Deal
Trading house Trafigura has sold its first cargo of Venezuelan crude oil as part of a 50-million-barrel supply deal between Caracas and Washington, industry sources said on Thursday, with Spanish refiner Repsol taking the shipment.The cargo is expected to be delivered to Repsol in Spain in February, two of the sources said.Trafigura did not immediately respond to a request for comment.
Kazakhstan CPC Oil Exports Struggle After Tengiz Field Shutdown
Kazakhstan's CPC oil exports could remain restricted even as extensive maintenance on its primary oil export route wraps up, sources said on Wednesday, with force majeure declared at the country's largest oilfield, Tengiz, following a fire.The CPC terminal, which handles about 1.5% of global oil supply and 80% of Kazakhstan's crude exports, has been operating below capacity since mid…
Kazakhstan's Tengiz Oil Field to Remain Shut for Another 7-10 Days
Oil production at Kazakhstan's vast Tengiz oil field, one of the world's largest, could be halted for another 7-10 days after shutting down on Sunday, cutting crude exports via the Caspian Pipeline Consortium, three industry sources told Reuters.The field's operator Tengizchevroil (TCO) said on Monday that due to power supply problems, production at the Tengiz and Korolevskoye field had been stopped.A day earlier…
Oil Executives Dispute Trump's Claim of Talks with US Majors on Venezuela
Four oil executives who are familiar with the situation say that the Trump administration didn't consult Exxon Mobil, ConocoPhillips or Chevron about Venezuela either before or after U.S. forces captured Venezuelan president Nicolas Maduro on Jan. 3.This contradicts the assertion made by President Donald Trump on Air Force One Sunday, that he spoke to all U.S. companies of oil "before…
Explainer: Status of Foreign Oil Companies in Venezuela After Maduro’s Arrest
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro.Hugo Chavez, the former president, expropriated foreign oil companies' assets in the 2000s. This strengthened the state-owned PDVSA?control over Venezuela's oilfields.
Chevron Resumes Exports of Venezuelan Oil to US fter Four-Day Pause
An oil tanker chartered by U.S. Chevron carrying some 300,000 barrels of Venezuelan heavy crude bound for the U.S. Gulf Coast departed on Monday from the OPEC country's waters, shipping data showed, after a four-day pause in the company's exports of Venezuelan oil.Chevron is the only company currently authorized by Washington to export Venezuelan crude amid an oil embargo that U.S.
Frontera to Supply Significant Crude Oil to Chevron Unit
Frontera Energy's Colombian unit has signed a prepayment and commercial agreement worth up to $120 million with a unit of U.S. oil major Chevron to supply crude oil over two years, the Canadian oil producer said on Monday.Under the deal, Frontera will receive an initial $80 million advance and supply a portion of its crude output to Chevron Products Company.Frontera may seek an additional…
Kazakhstan to Directly Supply Kashagan Oil to China Due to CPC Damage
Kazakhstan plans to supply 50,000 metric tons of crude to China directly from the vast Kashagan field in December for the first time after a Ukrainian drone damaged the Black Sea terminal of the Caspian Pipeline Consortium (CPC), two sources told Reuters.The CPC, which accounts for 1% of global crude supply and includes Russian, Kazakh and U.S. shareholders, has had to reduce exports…
Enbridge Approves $1.4b Project to Expand Canadian Crude Pipelines into US
Canadian pipeline operator Enbridge on Friday approved a $1.4 billion expansion of its Mainline and Flanagan South pipelines, adding new capacity for Canadian heavy crude into the U.S. Midwest and Gulf Coast.The project adds additional takeaway capacity for Canadian crude and broadens access to U.S. refineries, improving the flow of oil sands to major export outlets.This comes as Enbridge…
Pemex Crude Oil Production Falls 5.6% in September
Mexico's state energy company Pemex produced 5.6% less crude oil and condensate year-on-year in September, an average 1.65 million barrels per day (bpd), according to data it released late on Tuesday.The heavily-indebted driller has struggled to boost production, despite cash injections and tax relief since the previous administration, as many fields are being depleted and new discoveries have not managed to make up for this.Crude oil processing at the seven local refineries
Urals Shipping Rates to India Rise in October
Freight rates for shipping Urals crude from Russia’s western ports to India rose sharply in October, driven by strong export volumes and mounting sanctions pressure, industry sources told Reuters.U.S. President Donald Trump on Wednesday imposed further sanctions on Russia's two largest oil producers, Lukoil and Rosneft.On the same day, the European Union approved its 19th package of sanctions against Moscow.
Novorossiisk Reaches Max Export Capacity, Traders Struggle to Reroute Oil
Russia's Black Sea port of Novorossiisk has reached its maximum capacity to export, leaving traders struggling to reroute the crude oil it cannot refine domestically and that increased OPEC+ quotas allow it to produce, three market sources said.The Organization of the Petroleum Exporting Countries and allies, including Russia, have been unwinding output restrictions.Adding to that,…
Sinopec to Begin Work on $3.7b Crude Oil Refinery
Sri Lanka expects Chinese state energy giant Sinopec to start work on a $3.7 billion refinery this year and is considering the company's long-standing demand to sell more fuel locally, the energy minister said on Tuesday.The Sinopec refinery, approved in 2023, will have capacity to process 200,000 barrels of crude oil per day and will be located near the Chinese-built and operated Hambantota port in southern Sri Lanka…
Russian ESPO Crude Prices Remain Steady From Chinese Demand
Russian ESPO Blend crude prices held steady for October-loading cargoes as robust demand from China offset growing pressure from Western sanctions and ample supply, traders said on Monday.Cargoes loading from the Far Eastern port of Kozmino in October were sold at a premium of around $2 per barrel to ICE Brent on a delivery basis to Chinese ports, little changed from September levels…
Chevron, Valero Working to Resume Supplies of Venezuelan Oil to US
Chevron and Valero Energy are working to resume supplies of Venezuelan crude to Valero's U.S. refineries under an agreement that was on pause, three sources close to the preparations said on Tuesday, following a new license granted to the U.S. oil major.Washington in late July issued a new restricted authorization for Chevron to operate, swap oil and export crude from sanctioned Venezuela in a policy shift following a prisoner swap. The U.S.
India Oil Corp Buys US and Middle Eastern Crude As Trump Criticizes Russian Purchases
Indian Oil Corp has bought 7 million barrels of crude from the United States, Canada and the Middle East, four trade sources said on Monday, as U.S. President Donald Trump ramped up his criticism of the country over its purchases of Russian oil.India is the biggest buyer of seaborne crude from Russia, which is under Western-led sanctions over its war in Ukraine.Its main refiners paused…
Russian Urals Oil Prices For Indian Port Delivery Firm
Prices for Russia's flagship Urals crude oil for delivery to Indian ports in late August/early September firmed further, while discounts to Brent were the narrowest since 2022 amid firm demand in India and Turkey and low supply of the grade, three sources said.Spot discounts for Urals crude narrowed to between $1.50 and $1.60 per barrel to dated Brent on a delivery ex-ship (DES) basis on average for cargoes arriving in India in late August/early September, from between $1.70
Russian Oil Tanker Diverted Away From EU-Sanctioned Port
An oil tanker carrying Russian Urals crude has been diverted away from the EU-sanctioned Nayara Energy's Vadinar port in India to unload its cargo at the port of Mundra, according to shipping data and four industry sources on Thursday.Two tankers have also skipped loading refined products from Vadinar port since Friday when Nayara, 49%-owned by oil producer Rosneft, was among companies…
Saudi Arabia Complying With Voluntary OPEC+ Target
Saudi Arabia's energy ministry said on Friday the kingdom had been fully compliant with its voluntary OPEC+ output target, adding that Saudi marketed crude supply in June was 9.352 million barrels per day, in line with the agreed quota.The statement follows a report this month by the International Energy Agency (IEA), which said that Saudi Arabia exceeded its oil output target for June by 430…