Energy trade routes that optimize distance and costs may no longer be suitable for the fractured and fractious modern world, especially for major importers. Ongoing tensions involving Iran are pushing major oil importers to develop alternative supply routes, which increasingly bypass the supply hubs that previously dominated global energy trade. The end result is a shift away from the concentrated energy corridors of recent decades to a more dispersed network of supply lines that cost more [Read more]
Goldman Sachs sees Venezuela crude output rising, but return to pre-2018 levels unlikely
Goldman Sachs expects Venezuela's crude production to edge higher, but does not see output returning to pre-2018 levels of more than 2 million barrels per day over the next few years. It said in a note that key bottlenecks, including degraded infrastructure and an unreliable power grid, will be costly and time-consuming to fix. * Several international energy firms, including Eni, GE Vernova and Chevron, committed on Wednesday to project expansions to boost oil output in Venezuela, in a signing [Read more]
Diversified Energy to buy Birch for $1.8 billion, boost Permian footprint
U.S.-based Diversified Energy said on Wednesday it will acquire privately held Birch for about $1.8 billion, expanding its presence in the oil- and gas-rich Permian Basin. Here are a few details: * Birch produces about 68,000 barrels of oil equivalent per day and holds 480 net wells. * The acquisition will be funded primarily through a $1.5 billion asset-backed securitization arranged with investment firm Carlyle, along with existing credit facilities. * Diversified Energy and [Read more]
US crude oil output and petroleum demand rose in June, EIA says
U.S. crude oil output and demand for crude oil and petroleum products rose in June, the U.S. Energy Information Administration (EIA) said in its Petroleum Supply Monthly report, which was delayed until Tuesday. Crude output climbed to 13.79 million barrels per day (bpd) in June, up from 13.76 million bpd in May. The monthly record high was 14.00 million bpd in October 2025. U.S. demand for crude oil and petroleum products rose to 20.74 million bpd in June, up from 20.07 million bpd in May. [Read more]
US will control flow of funds from NABEP deal with Venezuela, Energy Secretary Chris Wright says
U.S. Energy Secretary Chris Wright said on Wednesday that the U.S. would have very strict control over the flow of funds resulting from an oil deal announced earlier this week with North American Blue Energy Partners (NABEP). "The United States government negotiated this deal very carefully. We take business practices and confidence and operations extremely seriously," Wright said at a press conference in Caracas. Venezuelan businessman Alejandro Betancourt, who leads the company, is not [Read more]
Iran blacklists more ships trying to sail through Hormuz, govt website shows
Iran has added more ships it deems as non-compliant and subject to fines, confiscation or detention if they try to sail through the Strait of Hormuz, according to a government website. Tehran said on August 24 it had blacklisted 45 tankers that had broken its rules for navigating the Strait of Hormuz, and would take action against any vessels transferring loads, escalating its threats over the key waterway six months into a war that began with U.S. and Israeli strikes on Iran. In an [Read more]
US crude stocks fall on strong refining activity and exports, EIA says
U.S. crude oil stockpiles fell sharply last week amid strong demand from the refining sector and higher exports, the Energy Information Administration said on Wednesday. Crude inventories fell by 4.5 million barrels to 424.5 million barrels in the week ended August 28, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.1 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 80,000 barrels in the week. U.S. exports rose by 691,000 bpd to [Read more]
Prediction market Kalshi to file for US crude oil ‘perps’, source says
Kalshi is preparing to file a perpetual West Texas Intermediate crude oil contract with U.S. regulators, a source familiar with the matter said, expanding the prediction market startup's offerings beyond cryptocurrencies and metals. The filing with the U.S. Commodity Futures Trading Commission, expected as early as next week, will seek approval for 24/5 trading of the perpetual contracts, said the source, who requested anonymity because the plans are not yet public. If approved, the WTI [Read more]
Chevron expands Venezuela position, to invest $7 billion in next five years
Chevron said on Wednesday it had agreed with Venezuela on updated terms for its joint ventures in the country and plans to invest more than $7 billion over the next five years, targeting production of about 600,000 bpd. The expansion is the culmination of several months of negotiation conducted separately from Washington's recent announcement of an unprecedented deal to take majority control of about 65 billion barrels of Venezuela's oil reserves. The agreements provide enhanced fiscal, [Read more]
Trump plan risks derailing Venezuela oil recovery: Bousso
President Donald Trump's plan to secure direct U.S. access to a large share of Venezuela's vast oil reserves could end up derailing the country's long-awaited petroleum revival by stifling competition, distorting markets and deterring the foreign investment needed to rebuild the South American nation’s battered energy industry. The plan unveiled on Monday would see Washington acquire a 35% equity stake in private oil firm North American Blue Energy Partners (NABEP), which is controlled by [Read more]
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