A Chevron-chartered tanker docked at Venezuelan state company PDVSA's Jose terminal on Tuesday, positioning it to be the first to export crude to the United States under a new license Chevron received in July, LSEG tracking data showed. The U.S. Treasury Department late last month authorized Chevron to operate in the sanctioned OPEC nation again, export its oil and do swaps with PDVSA through a restricted license banning any payments to Venezuela's government. Chevron suspended loading of [Read more]
US crude production to hit record 13.41 million bpd in 2025 before falling, EIA says
U.S. crude production will hit a record 13.41 million barrels per day in 2025 due to increases in well productivity, though lower oil prices will prompt a fall in output in 2026, the Energy Information Administration forecasted on Tuesday in a monthly report. The decline in 2026 production to 13.28 million bpd would be the first drop in output since 2021 for the world's largest producer, the EIA data showed. Prices for the international benchmark Brent will average $51 per barrel next year, down [Read more]
Cenovus said in talks with Canadian Indigenous groups for MEG Energy, Bloomberg News reports
Cenovus Energy is in talks with Indigenous groups in Canada to jointly buy MEG Energy, Bloomberg News reported on Tuesday, citing people familiar with the discussions. A group of First Nations and Metis communities including Chipewyan Prairie First Nation and Heart Lake First Nation are in talks with Cenovus about taking a C$2 billion ($1.45 billion) stake in MEG, the report said. The Indigenous' stake would be backed by financial support from the federal and provincial governments, while [Read more]
US natgas output and demand to hit record highs in 2025, before sliding in 2026, EIA says
U.S. natural gas output and demand will both rise to record highs in 2025 before sliding in 2026, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) on Tuesday. EIA projected dry gas production will rise from 103.2 billion cubic feet per day (bcfd) in 2024 to 106.4 bcfd in 2025 before sliding to 106.1 bcfd in 2026. That compares with a record 103.6 bcfd in 2023. The agency also projected domestic gas consumption would rise from a record 90.5 bcfd [Read more]
US power use to reach record highs in 2025 and 2026, EIA says
U.S. power consumption will hit record highs in 2025 and 2026, the Energy Information Administration said in its short-term energy outlook (STEO) on Tuesday. The EIA projected power demand will rise to 4,186 billion kilowatt-hours (kWh) in 2025 and 4,284 billion kWh in 2026, up from a record 4,097 billion kWh in 2024. Those demand increases come in part from data centers dedicated to artificial intelligence and cryptocurrency and as homes and businesses use more electricity and less fossil [Read more]
US exported 30% of its primary energy output in 2024, says EIA
The United States exported about 30% of its domestic primary energy production last year, a significant increase over recent decades, the Energy Information Administration (EIA) said on Tuesday. Of the record 103 quadrillion British thermal units (quads) of total primary energy produced in the U.S., a record 31 quads were exported, the EIA added. The agency said that nearly all of these exports were fossil fuels, destined for other countries in North America, Europe, or Asia. In 2024, [Read more]
US natural gas futures slide 3% to eight-month low on near-record output and cooler weather
U.S. natural gas futures slid about 3% to an eight-month low on Tuesday on near-record output, ample supplies of the fuel in storage and forecasts of cooler weather and lower demand than previously expected through late August. The price decline was accompanied by a drop in daily gas flows to liquefied natural gas export plants and the approach of a storm that could hit the U.S. East Coast as a demand-destroying hurricane next week. Front-month gas futures for September delivery on the New [Read more]
OPEC lifts 2026 oil demand view and trims supply growth from rivals
OPEC on Tuesday raised its global oil demand forecast for next year and trimmed its estimate for growth in supply from the United States and other producers outside the wider OPEC+ group, pointing to a tighter market. The outlook for higher demand and a drop in supply growth from outside OPEC+, which groups OPEC with Russia and other allies, would make it easier for OPEC+ to proceed with its plan to pump more barrels to regain market share after years of cuts aimed at supporting the [Read more]
Venture Global beats second-quarter revenue estimates on higher LNG sales
Venture Global surpassed Wall Street expectations for second-quarter revenue on Tuesday, as the easing of new export permits for liquefied natural gas in the U.S. helped improve sales. Commercial activity in the sector picked up pace after President Donald Trump lifted a moratorium on new LNG export permits soon after taking office in January. Venture Global, the country's second-largest LNG exporter behind Cheniere Energy, has been ramping up commercial operations at its Plaquemines and [Read more]
Texas businessmen indicted for allegedly bribing officials at Mexico’s Pemex
Two Texas businessmen were indicted for allegedly bribing officials at Mexico's state energy company Pemex with $150,000 and luxury items to secure contracts, the U.S. Justice Department announced on Monday. Between 2019 and 2021, Ramon Rovirosa and Mario Avila, both Mexican citizens and U.S. lawful permanent residents, conspired to pay bribes to officials at Pemex and its exploration and production arm, known as PEP, according to an indictment unsealed in the Southern District of [Read more]
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