The volume of Venezuelan oil exported under a flagship $2 billion supply deal with the U.S. reached about 7.8 million barrels on Wednesday, vessel-tracking data and PDVSA documents showed, highlighting slow progress that has prevented the state oil company from fully reversing recent output cuts. Caracas and Washington earlier this month agreed a deal, following the U.S. capture of President Nicolas Maduro, to sell up to 50 million barrels of Venezuelan crude stored in tanks and aboard [Read more]
Saudi Arabia crude exports rise to 7.378 mln bpd in Nov
Saudi Arabia's crude oil exports in Nov rose to 7.378 million barrels per day from 7.098 million bpd in Oct, official data showed on Wednesday. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website. (Reporting by Bengaluru Commodities Desk) [Read more]
Wright tells oil executives that Venezuela’s output can rise 30%
U.S. Energy Secretary Chris Wright told oil company executives on Wednesday that Venezuela's output can rise 30% from its current level of 900,000 barrels per day in the short- to medium-term, three executives who attended the meeting said. Raising crude output from Venezuela, which sits on the world's largest oil reserves, is a top objective for U.S. President Donald Trump after U.S. forces seized Venezuela's leader Nicolas Maduro in a raid earlier this month. Wright's closed-door meeting [Read more]
Europe’s energy weak spot reemerges in Greenland dispute: Bousso
Spiralling trade tensions between the U.S. and Europe over President Donald Trump’s bid to buy Greenland have once again left the bloc highly vulnerable in a geopolitical tussle because of its heavy dependence on a single supplier for its critical energy needs. Less than four years ago, Europe’s economy was dealt a harsh blow in the wake of Russia’s full-scale invasion of Ukraine, as nations had to rapidly find alternatives to the abundant Russian natural gas they had relied on for decades. [Read more]
Global oil demand growth to rise in 2026, IEA says
The International Energy Agency revised its 2026 global oil demand growth forecasts higher on Wednesday in its latest monthly oil market report, suggesting a slightly narrower surplus for the market this year. The IEA now expects global oil demand to rise by 930,000 barrels per day (bpd) this year, up from the 860,000 bpd growth forecast in its previous report. That suggests global oil supply will exceed demand by 3.69 million bpd this year, according to Reuters calculations based on the [Read more]
Global LNG supply set to jump in 2026, limiting prices and spurring demand
Global liquefied natural gas (LNG) output is set to jump this year, easing constraints seen since the 2022 Ukraine war and dampening prices, which could spur demand including from top importers China and India, analysts say. This year marks the start of a large wave of supply that analysts expect to last until 2029, depressing prices that could drive more demand from emerging economies. "2026 is expected to be a transitional year for the LNG market," said Kpler. "The market is expected to [Read more]
Cenovus considers selling some Alberta assets valued around C$3 billion, sources say
Canadian oil producer Cenovus Energy is considering a sale of conventional oil and gas assets in the Deep Basin of Alberta as it looks to cut debt after the recent takeover of oil sands rival MEG Energy, two sources familiar with the matter told Reuters. Cenovus has reached out to potential buyers in recent weeks to gauge interest in the assets, which could fetch around C$3 billion ($2.17 billion), the sources said. They cautioned the plans are still at an early stage, and Cenovus could [Read more]
APA curtails quarterly US natgas, NGL production on weak prices
Oil and gas firm APA Corp said on Tuesday it curtailed production by about 91 million cubic feet per day of U.S. natural gas and 7,600 barrels per day of U.S. natural gas liquids in the fourth quarter in response to weak prices. It expects fourth-quarter average realized natural gas prices in the U.S. to be 15 cents per thousand cubic feet (Mcf) and $4.30 per Mcf globally. APA’s fourth-quarter transaction, reorganization and separation costs rose to $36 million, up from $18 million in the [Read more]
Venezuela has received $300 million in funds from oil sales, acting president says
Venezuela's interim president Delcy Rodriguez said on Tuesday that the country has received $300 million from oil sales, the first proceeds from U.S. President Donald Trump's announced 50-million-barrel oil supply deal with Caracas, following the capture of President Nicolas Maduro earlier this month. Trump said separately on Tuesday his country had taken the Reuters reported last week that four Venezuelan banks had been notified by the country's government that they would split $300 million of [Read more]
Trump says US has taken 50 million barrels of oil out of Venezuela
U.S. President Donald Trump said on Tuesday that his administration had taken 50 million barrels of oil out of Venezuela, and was selling some of it in the open market. "We've taken 50 million barrels of oil out of Venezuela in the first four days. We've got millions of barrels of oil left. We're selling it in the open market. We're bringing down oil prices," Trump told reporters in a briefing at the White House. (Reporting by Trevor Hunnicutt; Writing by Christian Martinez) [Read more]
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