The U.S. will not renew a temporary license set to expire on Thursday that widely eased sanctions on Venezuela's oil and gas sector, a State Department spokesperson said, unless progress is made by President Nicolas Maduro on commitments for free and fair elections this year. The U.S. has been concerned about Venezuela's electoral process and what it sees as Maduro's failure to meet his main promises for the July 28 presidential elections. "Absent progress by Maduro and his representatives [Read more]
US will not renew license that eased sanctions on Venezuela’s oil, gas sector unless progress made by Maduro
The United States will not renew a temporary license set to expire on Thursday that widely eased sanctions on Venezuela's oil and gas sector, a State Department spokesperson said, unless progress is made by President Nicolas Maduro on commitments for free and fair elections this year. "Absent progress by Maduro and his representatives in terms of implementing the roadmap’s provisions, the United States will not renew the license when it expires on April 18, 2024," the spokesperson said on [Read more]
Freeport LNG gas consumption running near zero for fifth day
Freeport LNG's liquefaction plant remains mostly offline for a fifth straight day, with gas utilization rates at 125 million cubic feet per day (mmcf/d), or 5% of its fully operational use, data from financial firm LSEG showed on Monday. Freeport LNG has been the second-largest U.S. LNG exporter, with an installed capacity of 15 million tons per annum (MTPA), but mechanical problems and repairs to its Quintana, Texas, plant contributed to reduced U.S. LNG output in February and March, the [Read more]
US oil output from top shale regions to rise in May, EIA says
U.S. oil output from top shale-producing regions will rise in May to the highest level in five months, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report on Monday. Production from the top basins will climb by more than 16,000 barrels per day (bpd) to 9.86 million bpd, the strongest output since December, the EIA said. U.S. shale oil production, which represents about three-quarters of total U.S. oil output, is rising due to improved well [Read more]
Halliburton, Baker Hughes may see deal pressure after SLB’s buying spree, industry experts say
Investors of Halliburton and Baker Hughes are likely to pile up pressure on the top U.S. oilfield service companies to follow the steps of bigger rival SLB in beefing up their portfolios through deals, industry experts said. SLB made a nearly $8 billion bid for ChampionX earlier this month to add new technology offerings, its second acquisition this year and the biggest purchase since 2016. "For Halliburton, Baker Hughes, they're going to get pressure from their investors, (not only) to [Read more]
US natgas futures hit over 2-week low on lower demand view
U.S. natural gas futures fell about 2% to a more than two-week low on Monday, weighed down by lower demand forecasts for this week than previously expected due primarily to a drop in feedgas to the Freeport LNG export plant in Texas. Front-month gas futures NGc1 for April delivery on the New York Mercantile Exchange were 3.4 cents lower, or 1.9%, to $1.74 per million British thermal units (mmBtu) by 10:16 a.m. ET. "As long as it's (Freeport LNG) offline, the market is going to stay little [Read more]
Iranian attacks on Israel sees only muted crude oil reaction: Russell
Crude oil's initial reaction to Iran's drone and missile attacks on Israel was muffled on Monday, with prices of the major contracts barely shifting. There were fears that the barrage of weapons fired at Israel signalled a major escalation of conflict in the Middle East, and the oil price would shift higher in response to heightened fears of possible supply disruptions. But the price moves in early trade in Asia were moderate, with global benchmark Brent crude futures and U.S. West Texas [Read more]
Russia restoring oil refining capacity knocked out by drones
Russia has been able to swiftly repair some of key oil refineries hit by Ukrainian drones, reducing capacity idled by the attacks to about 10% from almost 14% at the end of March, Reuters calculations showed. Ukraine stepped up drone attacks on Russian energy infrastructure since the start of the year, hitting some major oil refineries across the world's second largest oil exporter in attacks that sent up oil prices. Russia says the drone attacks amount to terrorism. Ukraine says its drone [Read more]
Oil prices fall after Iran attack as market draws down risk premium
Oil prices fell during trade on Monday, as market participants dialled back risk premiums following Iran's attack on Israel late on Saturday which the Israeli government said caused limited damage. Brent futures for June delivery fell 20 cents, or 0.2%, to $90.25 a barrel while West Texas Intermediate (WTI) futures for May delivery were down 33 cents, or 0.4%, at $85.33 a barrel by 0225 GMT. The attack involving more than 300 missiles and drones was the first on Israel from another [Read more]
Iran launches drone attack at Israel, expected to unfold ‘over hours’
Iran launched dozens of drones at Israel on Saturday but they will take hours to reach their targets, Israel's military said, an attack that may trigger a major escalation between the regional archenemies, with the U.S. pledging to back Israel. Two security sources in Iraq said dozens of drones had been spotted flying from Iran toward Israel over Iraqi airspace in what Iranian Press TV called "extensive drone strikes" by the Revolutionary Guards. Iran has vowed retaliation for what it [Read more]
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