Activity in the U.S. oil and gas sector in Texas, Louisiana and New Mexico contracted slightly in the second quarter of 2025, the Dallas Fed survey showed on Wednesday, as firms grappled with a jump in steel tariffs. The decrease comes after U.S. President Donald Trump, who has encouraged U.S. producers to "drill, baby, drill," doubled tariffs on steel and aluminum imports to 50% from 25% in early June. Roughly a quarter of all steel used in the U.S. is imported, while half of all aluminum used [Read more]
Venezuela’s oil exports on the rise as more cargoes head to China
Venezuela exported some 844,000 barrels per day (bpd) of crude and fuel in June, an 8% increase from the previous month as the loss of the U.S. and European markets was offset by more cargoes sent to China, according to shipping data and documents. Washington in late May terminated a group of licenses that had authorized partners of oil company PDVSA, including Chevron and Repsol, to take Venezuelan crude bound for U.S. and European refineries. The state firm has ramped up exports to Asia [Read more]
US Senate budget bill slashes money to fill oil reserve
The budget bill passed by the U.S. Senate on Tuesday slashes the amount of money available to replenish the Strategic Petroleum Reserve even though President Donald Trump vowed on his first day in his second term to fill it "right to the top". Former President Joe Biden conducted several sales from the SPR including 180 million barrels, the most ever, after Russia invaded Ukraine. The sales left the SPR at its lowest level in 40 years, when the U.S. was far more dependent on oil [Read more]
US LNG exports fall in June due to plant maintenance
U.S. liquefied natural gas exports fell to their second lowest monthly level for the year in June, as maintenance work at some of the country's largest export facilities hurt output, according to preliminary data from financial firm LSEG. The United States, the world's top exporter of LNG, sold 8.4 million metric tons of the superchilled gas during the month, down from 8.9 MT in May and well below April's record of 9.3 MT, LSEG data showed. The reduction in LNG exports was primarily due to [Read more]
Trump says US will fill oil reserves when market conditions are right
U.S. President Donald Trump said on Tuesday that he plans to fill up the U.S. strategic petroleum reserve when the market conditions are right. (Reporting by Trevor Hunnicutt) [Read more]
YPF turnover ruling in US casts shadow on Argentina’s shale, FX plans
A dramatic ruling by a U.S. court ordering Argentina to hand over the 51% stake it holds in state energy firm YPF has cast a shadow over the country's plans for its huge Vaca Muerta shale formation and hopes to return to global markets. U.S. District Judge Loretta Preska said on Monday that Argentina must transfer its YPF shares within 14 days to partially satisfy an earlier $16.1 billion court judgment against the country over its 2012 nationalization of the firm. The government of [Read more]
Q&A-Is Venezuela about to lose Citgo, its most prized foreign asset?
A U.S. court has completed a second bidding round in a auction of shares in the parent of Venezuela-owned Citgo Petroleum after at least three consortia submitted revised bids in June, raising creditors' hopes of receiving payment for some of Venezuela's outstanding debt. The court-organized auction for the seventh-largest U.S. refiner stems from an eight-year-old case that Canadian miner Crystallex initiated in Delaware against Venezuela. The federal court found Citgo's parent, PDV Holding, [Read more]
Kazakhstan’s oil output returns to growth in June, matching record-high
Oil output in Kazakhstan, one of the world's 10 biggest producing countries, returned to growth last month and matched an all-time high, as the Chevron-led Tengiz field ramped up, a source familiar with the data told Reuters on Tuesday. Kazakhstan has persistently exceeded quotas set by OPEC+, which groups the Organization of the Petroleum Exporting Countries and other producers led by Russia. Its overproduction has angered some of the group's members, sources have told Reuters, and has [Read more]
Europe drives LNG import growth as Asia stumbles on higher price: Russell
Global imports of liquefied natural gas (LNG) ticked higher in the first half of 2025 as stronger European demand pulled cargoes away from Asia. Total imports of the super-chilled fuel were 208.62 million metric tons in the first six months of this year, up 1.7% from the 205.11 million for the same period in 2024, according to data compiled by commodity analysts Kpler. Asia, the top LNG buyer, saw imports drop 9.09 million tons, or 6.4%, to 133.41 million, while Europe's arrivals jumped [Read more]
Mitsubishi aims to boost its equity LNG production to 18 million tons/year by early 2030s
Japan's Mitsubishi Corp aims to raise its liquefied natural gas production through equity holdings to 18 million metric tons per annum by early 2030s from 12.8 million now, via projects such as LNG Canada, a company spokesperson said on Tuesday. LNG Canada is the first major LNG facility in North America with direct access to the Pacific Coast and the country's first-ever LNG export cargo has been shipped from the Pacific Coast en route to Asia, a spokesperson for Shell-led LNG Canada said on [Read more]
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