Venezuela's oil exports rose 14% to 1.23 million barrels per day in April, the highest in more than seven years, fueled by more sales to the United States, India and Europe, shipping data and documents from state company PDVSA showed on Friday. The South American country has been draining oil inventories and recovering crude output in recent months following the U.S. capture of President Nicolas Maduro in January, which led to a flagship supply pact between the governments of U.S. President [Read more]
Investors are running out of time to brace for true oil shock
In thrall to an AI boom that has sent stocks to record highs and harbouring hopes of a short-lived Iran war, investors have yet to prepare for a doubling of physical oil prices. The window to do so may soon be closing. There are plenty of reasons for market confidence, largely centred on the artificial intelligence galaxy of hyperscalers, semiconductor makers and software developers and robust earnings growth. The S&P 500 hit fresh record highs on Thursday. While price pressures are [Read more]
The UAE dumping OPEC may not affect crude as anticipated: Russell
The United Arab Emirates' withdrawal from OPEC is widely seen as lessening the clout of the producer group and initiating a race to boost output, ultimately resulting in sharply lower crude oil prices. However, the U.S. and Israeli war against Iran has upended global crude markets to such an extent that expecting what might otherwise seem the most obvious outcome is likely flawed thinking. It may be the case that the UAE decision to leave the Organization of the Petroleum Exporting [Read more]
While Asia and Europe scramble for natural gas, the US glut has nowhere to go
The war with Iran has boosted prices of globally traded natural gas by throttling exports from the Gulf. In West Texas, gas is so abundant that some producers must pay to have it taken away. The war and Iran's attacks on Gulf energy producers have halted 20% of global liquefied natural gas (LNG) supply. Qatari LNG facilities have been damaged and tankers have been unable to sail through the Strait of Hormuz waterway at the Gulf's entry because of Iranian threats to fire on them. The crisis [Read more]
UAE says Iran cannot be trusted over Hormuz, peace efforts at an impasse
A senior United Arab Emirates official said on Friday Tehran could not be trusted over any unilateral arrangements it makes for the Strait of Hormuz, in a sign of deep mistrust on all sides as efforts to end the Iran war remained at an impasse. Two months into the conflict, the vital sea channel is still largely closed because of an Iranian blockade and the U.S. Navy is blocking exports of Iranian crude oil. The blockade has choked off 20% of the world's oil and gas supplies, pushing up global [Read more]
Trump signs order authorizing oil pipeline project partially reviving Keystone XL
U.S. President Donald Trump on Thursday signed an order granting a cross-border permit to a project that would revive parts of the Keystone XL pipeline to transport Canadian oil from the U.S.-Canada border to Guernsey, Wyoming. The pipeline, proposed by Canadian pipeline company South Bow and its U.S. partner Bridger Pipeline, could increase Canada's crude exports to the U.S. by more than 12% if it goes ahead. A presidential permit was required for the project to proceed. The new proposal [Read more]
Woodside struggles to sell LNG volumes at Louisiana LNG plant, sources say
Australia's Woodside Energy is struggling to sell liquefied natural gas volumes from its planned Louisiana LNG export facility because it is seeking liquefaction fees above prevailing U.S. market rates, two people familiar with the matter told Reuters. The Australian energy producer has so far announced only one long-term sales and purchase agreement for the project, a deal with Germany’s Uniper covering up to 2 million metric tons per year, equivalent to about 25% of Woodside’s share of the [Read more]
US crude oil output rose to two-month high in February, EIA says
U.S. field production of crude oil rose to 13.63 million barrels per day in February, the highest since December, data from the U.S. Energy Information Administration showed on Thursday. U.S. oil production in February was up both month-on-month and year-over-year. Output averaged 13.24 million bpd in January this year and February last year, the EIA data showed. U.S. oil demand also rose in February, led by a multi-year jump in demand for distillate fuel oils, which include diesel and [Read more]
Trump administration weighing measures to soon increase US oil output, Hassett says
The Trump administration is talking to oil companies and considering measures to increase production in the United States "really soon" to ease the impact of the Iran war on energy supplies, White House economic adviser Kevin Hassett said on Thursday. "We've been in constant communication with the oil companies, and have been considering measures that we could take here in the U.S. to increase U.S. production really soon," Hassett told reporters at the White House. "There are things, [Read more]
Trader or driller? Iran war exposes Big Oil’s transatlantic divide: Bousso
European oil majors’ first-quarter profits were lifted by bumper trading gains as the Iran warupended supply chains, underscoring how the ability to shift barrels around the world can sometimes trump pumping them out of the ground. BP, Shell and TotalEnergies have spent years building vast oil trading machines that now sit at the heart of their business - setting the European majors apart from their larger U.S. peers, for better or worse. BP reported first-quarter net profit of $3.2 billionon [Read more]
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