The large-scale oil production agreement that Venezuela and the U.S. disclosed last week requires a complicated three-layer structure to develop at least a portion of the 64 billion barrels of proved reserves contained in the 17 oilfields included in the deal. If completed as it is being negotiated so far, the pact will immediately provide the U.S. with a base volume of exportable Venezuelan crude from mature fields already in operation, with total production set to grow to up to 1.5 million [Read more]
US to announce sharply lower vehicle fuel economy requirements
The Trump administration will soon announce sharply lower vehicle fuel-economy standards, reversing a push by the prior administration to force automakers to build more fuel-efficient vehicles, Transportation Secretary Sean Duffy said Monday. The National Highway Traffic Safety Administration in December proposed significantly reducing fuel economy requirements from model years 2022 to 2031, requiring a fleetwide average 34.5 miles per gallon by 2031, down from 50.4 miles per gallon (21.4 km [Read more]
Venezuela oil deal raises trouble not capital
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own.) By Robert Cyran NEW YORK, Aug 31 (Reuters Breakingviews) - One of the biggest oil deals ever is not especially artful. President Donald Trump said on Sunday that the United States would take control of 65 billion barrels of Venezuelan reserves. Details are sparse, but there's enough to significantly discount its political, legal and economic viability. Absent some crafty fine print that persuades [Read more]
Oil stocks in US Strategic Petroleum Reserve fall by 3.1 million barrels to lowest level since 1982
Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 3.1 million barrels to 286.6 million barrels last week, the lowest level since November 1982, according to data from the Department of Energy. The drawdowns are part of a U.S. agreement to release 172 million barrels from the facility. (Reporting by Anjana Anil in Bengaluru; Editing by Mark Porter) [Read more]
A look at Iran’s Kharg Island and energy sector
Oil jumped on escalating Iranian tensions, including an AI-generated post by U.S. President Donald Trump that he said showed the Kharg Island oil hub being destroyed, a claim one Iranian official said was "laughable". There was no evidence of such an attack and a U.S. official said on Monday the military had not targeted Kharg Island. Following are key facts on Iran's energy industry: KHARG ISLAND The third-largest producer in the Organization of the Petroleum Exporting Countries, [Read more]
Firms including Chevron, ONGC, GE Vernova on track to sign final pacts in Venezuela, sources say
U.S. Chevron and GE Vernova, India's ONGC, Italy's Eni and Colombia's GeoPark are on track to sign final agreements in Venezuela after months of negotiations to firm up energy projects in the OPEC country, four sources close to the preparations said. The agreements, which could be inked as early as this week, are separate from a massive Caracas-Washington pact announced last week for the United states to lock in a stake in 17 oilfields with some 64 billion barrels of proved reserves, a fifth [Read more]
Cheniere completes Corpus Christi Stage 3 LNG expansion project
LNG exporter Cheniere Energy said on Monday it had substantially completed its Corpus Christi Stage 3 expansion project in Texas, increasing its liquefied natural gas production capacity by more than 20% to 56 million tons per annum (mtpa). The expansion strengthens Cheniere's position as the largest U.S. LNG exporter at a time when the industry is adding capacity to meet growing demand from overseas markets. Here are more details: * The company said the project reached substantial [Read more]
Japan’s oil imports rise 17% in July as US supplies jump
Japan's crude oil imports rose 17% in July from a year earlier as a surge in U.S. shipments and a recovery in purchases from Saudi Arabia offset lower supplies from other Middle Eastern producers, official data showed on Monday. Imports rose to 2.38 million barrels per day (11.72 million kilolitres), the Ministry of Economy, Trade and Industry said, marking a second consecutive monthly increase despite disruptions linked to the U.S.-Israeli war on Iran. Imports from the Middle East fell [Read more]
SLB expands data center business with $3.4 billion deal for Kelvion
SLB on Monday said it will acquire cooling equipment maker Kelvion from Apollo Global and funds managed by Triton for $3.4 billion in cash, expanding its data center business as rapid AI adoption drives demand for power and cooling infrastructure. The world's largest oilfield services company will also assume about $700 million of Kelvion's debt under the deal, which is expected to close in the first half of 2027. SLB said the acquisition will expand its data center business and the range [Read more]
Experts, lawyers puzzled over US-Venezuela oil deal, call for contract transparency
A massive long-term oil deal expected to grant the U.S. access to a fifth of Venezuela's crude reserves has energy experts and lawyers questioning its legality and eventual execution, while calling on both governments for contract transparency. The unprecedented pact, announced by U.S. President Donald Trump on Friday and confirmed by Venezuela's interim President Delcy Rodriguez, will put a whopping 65 billion barrels of recoverable oil under Washington's control, a volume that surpasses [Read more]
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