The U.S. government structured its 35% position in a Venezuelan oil venture as warrants that protect Washington's stake from being weakened by fresh raises of capital, a U.S. official said. Speaking on Thursday about the deal announced last week by President Donald Trump, the official said the Pentagon structured the stake using "penny warrants" in North American Blue Energy Partners (NABEP), giving it the right but not the obligation to buy the equity at a later date. Penny warrants can be [Read more]
Schedule for US energy data in holiday week
The Labor Day federal holiday on Monday, Sept. 7 will affect the release schedule of some major energy data to be issued during the Sept. 6 week. Below is the schedule for the release of U.S. petroleum, oil and natural gas supply and inventory for the week. WEEK OF SEPT 6: AMERICAN PETROLEUM INSTITUTE - OIL API's weekly petroleum stocks report will be delayed to Wednesday, Sept. 9 at 4:30 p.m. EDT (2030 GMT). The report is normally released on Tuesday. ENERGY INFORMATION [Read more]
US energy firms leave rig count unchanged for the second consecutive week, Baker Hughes says
U.S. energy firms left the overall rig count unchanged for a second consecutive week, energy services firm Baker Hughes said in its closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, held at 588 in the week to September 4. Baker Hughes said oil rigs rose by 2 to 449 this week, while gas rigs fell by 2 to 130, and other miscellaneous rigs remained unchanged at 9. The oil and gas rig count declined by 7% in 2025, 5% in 2024, and 20% in 2023 [Read more]
Russia’s Sechin says China, not OPEC, calls shots on global energy markets
Igor Sechin, chief of Russia’s top oil producer Rosneft, said on Thursday that China, not OPEC, has stabilized global oil markets by reducing crude imports by 5.5 million barrels per day this year. Sechin, the most influential Russian energy manager and a long-standing ally of President Vladimir Putin, was speaking at a Russian - Chinese business forum in the far eastern city of Vladivostok. "This year, China has effectively taken the lead from OPEC and, without being a member of any [Read more]
Gulf shipping traffic via Hormuz keeps below 10-day average, data shows
Four commodity vessels transited the key waterway of the Strait of Hormuz on Thursday, down from nine a day earlier and well below the 10-day average tally of about 15, preliminary shipping data showed. Two medium-range tankers, a Kamsarmax carrier and a Handysize vessel made up the figure, Kpler data showed by 0455 GMT on Friday. The figure excludes vessels that might have crossed the strait with their Automatic Identification System transponders turned off to avoid detection. Oil [Read more]
Citi revises Q3 2026 Brent forecast to $86/bbl
Citi on Thursday said it raised its mark-to-market Brent average forecast for the third quarter of 2026 to $86 a barrel from $80 a barrel previously, citing a longer-than-expected timeframe for the reopening of the Strait of Hormuz. Citi said it is maintaining its fourth quarter 2026 and 2027 Brent average forecasts at $70 per barrel and $65 per barrel respectively. "We believe that Iran is incentivized to try to break the blockade sooner rather than later, with its economy suffering from [Read more]
Only democratic government can provide stability for oil investors, Venezuelan opposition leader says
Only a "serious, democratic government" can provide the stability needed by investors in Venezuela's oil sector, opposition leader and Nobel Peace Prize winner Maria Corina Machado said in a video message on Thursday. International energy firms on Wednesday committed to expanding projects in the country in a signing ceremony overseen by interim President Delcy Rodriguez and U.S. Energy Secretary Chris Wright. The signings, including by Eni, GE Vernova and Chevron, represent the latest [Read more]
Oil prices hit fresh 6-week highs on renewed Middle East tensions
Oil prices hit fresh six-week highs on Thursday after new U.S. strikes on Iran and renewed Israeli threats against Tehran heightened concerns about disruptions to Middle East supplies. Brent crude futures were up $1.66, or 1.7%, at $97.29 a barrel by 1200 GMT, erasing earlier losses, while U.S. West Texas Intermediate crude futures rose $2.03, or 2.2%, to $93.04. Both contracts were heading for their fourth day of gains and hit six-week highs earlier in the session. Iran's health minister [Read more]
Venezuela’s heavy crude could be swapped for American oil to fill emergency reserve, Wright says
U.S. President Donald Trump said on Sunday that oil from a recently struck deal with Venezuela will be used to replenish the Strategic Petroleum Reserve, adding that the "topping out" process will begin shortly. But it's not that easy and Energy Secretary Chris Wright hinted as much on Wednesday while visiting Venezuela. "We'll swap you a barrel of heavy crude for a barrel of light or medium United States crude," Wright said during an interview on CNBC, calling oil markets [Read more]
A remote shale gas basin in Australia answers Hormuz security fears: Russell
Hundreds of kilometres from anything resembling civilisation, a remote shale natural gas field in northern Australia may seem like an unusual beneficiary of the Iran conflict. But energy security is once again paramount as Asia grapples with the fallout from the war, and a new scramble for long-life resources is taking shape. The Beetaloo basin lies about 600 kilometres (373 miles) from the Northern Territory capital of Darwin, a remote city closer to the Indonesian capital Jakarta (2,740 [Read more]
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