British oil major BP has started a process to sell stakes in two of its Gulf of Mexico projects, four people with knowledge of the matter said, in what would be one of new CEO Meg O'Neill's first moves. BP, one of the largest operators in the Gulf of Mexico, has been weighing a sale of minority stakes in the Kaskida and Tiber projects for more than a year, with each estimated to be worth billions of dollars to the company, Reuters has previously reported. The four people did not give the size of [Read more]

U.S. refiners can still absorb more Venezuelan crude, Energy Secretary Chris Wright said Friday at an event at Port Houston. Venezuela is sending about half of its total exports of 1.2 million barrels a day to the U.S., Wright said, adding that that percentage could increase in the coming months. Iran is not currently exporting any oil or products, Wright added. The U.S. has stepped up to fill the oil export void amid the Middle East conflict, Wright continued. (Reporting by Marianna [Read more]

The United States and Iran are not quite at the finish line, but are very close to a deal to resolve their conflict, a senior U.S. official said on Friday, adding that Washington expects to sign an initial deal in the coming days. "The negotiating team has got us in a very good spot, but let's see here, we're not quite at the finish line yet, but we are very close," the U.S. official, speaking on the condition of anonymity, told reporters. The official said the terms agreed accomplish U.S. [Read more]

The extreme volatility of global oil prices has drained liquidity from the market this year at the fastest pace on record, as investors have become increasingly wary of committing cash to an asset that has become hostage to U.S. President Donald Trump's daily social media posts on the Iran war. Liquidity, or how well matched the number of buyers is to the number of sellers, is the product of a number of factors, including traded volume and open interest. Open interest, or the number of Brent [Read more]

Since the start of the Iran war and Tehran's announcement that the Strait of Hormuz was "closed", the market has grappled to put a figure on lost crude supply and to predict the price of oil. Initial calculations were simple: add up all non-Iranian Gulf crude oil exports, some 12 million to 15 million barrels a day, and you easily have the biggest crisis in history. Accordingly, benchmark Brent crude futures shot to nearly $120 per barrel in early March. Analysts warned it was just the [Read more]