Following the United States intervention in Venezuela on January 3, which put an end to President Nicolás Maduro’s 13-year dictatorship, all eyes have focused on the South American country’s oil industry. Once one of the world’s largest oil producers, production has declined in recent years. However, now that US President Trump sets his sights on…
President Donald Trump’s plan to take control of Venezuela’s oil industry and ask U.S. companies to revitalize it after capturing President Nicolás Maduro in a raid is not likely to have a significant immediate impact on oil prices. Venezuela’s oil industry is in poor shape after years of neglect and international sanctions, so it could…
The Australian state of Victoria launched its first oil exploration tenders since 2018 in response to looming gas supply risks caused by declining production at existing fields. Tender applications have been called for two areas: Area VIC/25-1 – off the coast of the Otway Basin (Victorian waters) and Area VIC/25-2 – off the coast of…
Investors and analysts have spent much of the year taking the view that the oil market, which has been in oversupply mode, is headed straight for a glut through 2026, and that glut could reach as much as 4 million barrels per day (b/d) and further depress global prices along the way. That scenario still…
(Bloomberg)– US sanctions on Russia’s energy giants are sending shock waves deep into the heart of China’s oil industry, where both state-owned and private refiners face increased pressure to maintain supply and avoid sanctions. Up to 20% of China’s crude oil imports – about 2 million barrels a day in the first nine months of…
