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 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]

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]

Devon Energy and Coterra Energy are exploring a potential merger, in a deal that could create one of the largest independent U.S. shale producers, people familiar with the matter said. A possible combination, which would rank among the largest between U.S. energy producers in recent years, comes as U.S. crude prices remain pressured by a near-term global oil glut and the prospect of higher supplies entering the market in coming years from Venezuela. The two companies are said to be in [Read more]

Russia's federal budget revenues from oil and gas dropped by 24% in 2025 to the lowest level since 2020, according to Finance Ministry data, as oil prices fell while the rouble appreciated. Oil and gas revenue is the leading source of cash for the Kremlin, making up a quarter of federal budget proceeds that have been drained by heavy defence and security spending since Russia began its military campaign in Ukraine in February 2022. The ministry reported that oil and gas revenues fell last [Read more]

Abu Dhabi state oil firm ADNOC is weighing entering Venezuela's energy industry and could seek a partnership with another international producer to participate in the nation's gas projects, Bloomberg News reported on Thursday, citing people familiar with the matter. Reuters could not immediately verify the report. XRG, ADNOC's international investments arm set up in late 2024, declined to comment. Bloomberg said ADNOC's interest was preliminary and would depend on clear legal and financial [Read more]

China praised on Thursday a visit to Beijing this week by Canadian Prime Minister Mark Carney, calling it "pivotal" in work to recalibrate ties following months of intense re-engagement. The remarks by China's top diplomat Wang Yi were made in a meeting with Canadian counterpart Anita Anand, who is part of Carney's delegation on the first visit by a Canadian prime minister since 2017. "This marks the Canadian prime minister's first visit to China in eight years, representing a pivotal and [Read more]