Swiss commodity trading group Mercuria posted a profit of $1.3 billion last year as it paid almost no tax, Bloomberg News reported on Friday. The company reported taxation of $1 million on its profit of $1.31 billion, an effective tax rate of 0.08%, Bloomberg reported, citing a copy of its accounts. Privately-held Mercuria does not report its results publicly, but recently communicated its accounts for the year ending September to lenders, Bloomberg reported, citing sources. The company [Read more]
International oil companies push for quick reforms in Venezuela to give them control over oil exports
Oil executives and lawyers for international oil companies are lobbying the U.S. and Venezuelan governments for changes in the OPEC member's hydrocarbon law that would give them the right to freely export the oil they produce in Venezuela, sources involved in the talks said. As the administration of U.S. President Donald Trump works to convince energy companies to start work quickly on his $100 billion reconstruction plan for Venezuela's dilapidated oil industry, many potential investors are [Read more]
US drillers cut oil and gas rigs for second week in a row, Baker Hughes says
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second week in a row for the first time since mid-December, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by one to 543 in the week to January 16, the lowest since mid-December.. Baker Hughes said this week's decline puts the total rig count down 37 rigs, or 6% below this time last year. Baker Hughes said [Read more]
US explores plan to swap heavy Venezuelan oil for U.S. medium crude to fill emergency reserve, sources say
The U.S. Department of Energy is exploring a plan to exchange heavy Venezuelan oil for U.S. medium, sour crude to fill up the Strategic Petroleum Reserve, two sources said on Friday. The Trump administration is looking to move the Venezuelan crude into storage tanks at the Louisiana Offshore Oil Port from where the crude can be shipped to refineries. In exchange for the Venezuelan crude, companies will provide U.S. medium sour crude that can go directly into SPR storage, two sources [Read more]
What excites and worries LNG exporters in 2026: Maguire
The year 2025 in the LNG sector will be one for the history books after production and exports of the super-chilled fuel smashed records and raked in billions of dollars in revenues across the global liquefied natural gas supply chain. A 25% surge in LNG purchases by European countries was a key highlight and raised hopes among gas sellers that further growth in gas use in economies such as Germany, Italy and the United Kingdom is in store for 2026 and beyond. On the other hand, lower [Read more]
US oil refiners’ weekly capacity to fall by 450,000 barrels per day, IIR Energy says
U.S. oil refiners are expected to have about 724,000 barrels per day of capacity offline in the week ending January 16, decreasing available refining capacity by 450,000 bpd, research company IIR Energy said on Friday. Offline capacity is expected to rise to 1.1 million in the week ending January 23, IIR said. The following are IIR weekly figures for offline capacity (in thousands of bpd): Week Ended Jan 16 Jan 14 Jan [Read more]
Mitsubishi to take over Texas and Louisiana shale gas assets for $7.53 billion
Japanese trading house Mitsubishi Corp said on Friday it would take over the U.S. shale production and pipelines assets of Aethon Energy Management for $7.53 billion including debt. The deal - the biggest acquisition to date by Mitsubishi - would give the company a substantial natural gas operation adjacent to the U.S. Gulf coast and the energy export facilities being developed along it. The transaction includes $5.2 billion to acquire Aethon's equity interests and $2.33 billion of net [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Thursday. WCS for February delivery in Hardisty, Alberta, settled at $14.10 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $14.30 a barrel on Wednesday. The discount on Canadian heavy crude remains more than $1 wider than it was last month. The price for Canadian heavy crude grades has fallen in the wake of heightened market [Read more]
Venezuela’s Rodriguez proposes oil reform to facilitate investment
Venezuela's interim President Delcy Rodriguez said on Thursday that she was submitting a proposal to reform the country's hydrocarbon law, as investors in the U.S. push for easier access to the South American country's oil industry. Rodriguez said the reforms would "allow these investment flows to be incorporated into new fields, fields where no investment has ever been made and into fields where there is no infrastructure." Rodriguez said funds from oil would go to workers and public [Read more]
US energy chief says US getting 30% higher price for Venezuelan oil than Venezuela did weeks ago
U.S. Energy Secretary Chris Wright said on Thursday the U.S. is getting a 30% higher price for Venezuelan crude oil than Venezuela got before U.S. special forces captured President Nicolas Maduro earlier this month. "We're getting about a 30% higher realized price when we sell the same barrel of oil than they sold the same barrel of oil three weeks ago," Wright said at a U.S. Energy Association event. Wright not detail the prices of the oil sales before and after the capture of Maduro. The [Read more]
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