Oil prices posted modest rises on Wednesday, extending gains from the previous session, supported by robust U.S. economic growth and the risk of supply disruptions from Venezuela and Russia. Brent crude futures climbed 4 cents, or 0.06%, to $62.42 a barrel by 0117 GMT, while U.S. West Texas Intermediate crude added 3 cents, or 0.05%, to $58.41. Oil had risen by more than 2% on Monday, with Brent registering its biggest daily gain in two months and WTI climbing the most since November 14. [Read more]
Malaysia’s Petronas signs LNG supply deal with China’s CNOOC
Malaysian state-owned energy firm Petroliam Nasional said on Wednesday it would supply Chinese offshore oil and gas company CNOOC with 1 million metric tons per annum of liquefied natural gas (LNG). The agreement between Petronas LNG and CNOOC Gas and Power Singapore Trading & Marketing builds upon existing cooperation between the two companies, Petronas said in a statement. In 2021, Petronas signed a 10-year LNG supply agreement with a subsidiary of CNOOC valued at about $7 billion. Both [Read more]
US tells UN it will deprive Venezuela’s Maduro, drug cartel of resources
The United States told the United Nations on Tuesday it will impose and enforce sanctions "to the maximum extent" to deprive Venezuelan President Nicolas Maduro of resources as Russia warned other Latin American countries could be next. U.S. President Donald Trump's administration has for months waged a campaign of deadly strikes against suspected drug trafficking boats off the Venezuelan coast and the Pacific coast of Latin America. He has threatened strikes on Venezuelan land. "The [Read more]
US drillers add oil, gas rigs for first time in three weeks, Baker Hughes says
U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks, energy services firm Baker Hughes said in its closely followed report on Tuesday. The oil and gas rig count, an early indicator of future output, rose by three to 545 in the week to December 23. Baker Hughes released the rig count report a few days early due to the Christmas Day holiday. Despite this week's rig increase, Baker Hughes said the total count was still down 44 rigs from this time last [Read more]
Venezuela resorts to floating storage as onshore tanks fill up amid ship seizures
Venezuela's state-run oil company PDVSA has started filling up tankers with crude and fuel oil it has in storage as inventories mount amid moves by the U.S. to seize Venezuela-linked ships, according to company documents and shipping data. The U.S. Coast Guard this month intercepted the Skipper and Centuries tankers in the Caribbean Sea, both fully loaded with Venezuelan crude, and was this week pursuing a third empty vessel that was approaching the OPEC country's shore. The actions targeting [Read more]
AI data centers are forcing obsolete ‘peaker’ power plants back into service
* AI data center electricity demand revives peaker power plants * Peakers emit more pollution when they run than typical power plants * The power plants are often located in low-income, minority communities By Laila Kearney Dec 23, CHICAGO - In Chicago’s working-class Pilsen neighborhood, a 60s-era oil-fired power plant rises up from an industrial lot behind Dvorak Park, which in warmer weather is packed with children climbing on its colorful playground and zooming down [Read more]
Oil steady as market weighs Venezuela, Russia supply risks
Oil prices held steady on Tuesday after rising more than 2% in the previous session, as the U.S. said it might sell the Venezuelan crude it has seized, while Ukraine's attacks on Russian vessels and piers heightened fears of supply disruption. Brent crude futures edged lower by 6 cents, or 0.1%, to $62.01 per barrel by 0440 GMT. U.S. West Texas Intermediate (WTI) crude slipped 9 cents, or 0.16%, to $57.92. On Monday, Brent posted its best daily performance in two months and WTI climbed the [Read more]
Trump says it would be ‘smart’ for Venezuela’s Maduro to leave power
U.S. President Donald Trump said on Monday it would be smart for Venezuelan President Nicolas Maduro to leave power, and the United States could keep or sell the oil it had seized off the coast of Venezuela in recent weeks. Trump's pressure campaign on Maduro has included a ramped-up military presence in the region and more than two dozen military strikes on vessels allegedly trafficking drugs in the Pacific Ocean and Caribbean Sea near the South American nation. At least 100 people have been [Read more]
US might keep or might sell oil seized near Venezuela, Trump says
U.S. President Donald Trump said on Monday the United States would maybe keep and maybe sell the oil it had seized off the coast of Venezuela in recent weeks, adding the United States would also keep the seized ships. "Maybe we will sell it, maybe we will keep it," Trump said, adding it might also be used to replenish the United States' strategic reserves. (Reporting by Jarrett Renshaw and Steve Holland, Editing by Chris Reese) [Read more]
Oil loading in Venezuela slows, more ships make U-turns after new US interceptions
Tanker loading in Venezuela dwindled on Monday, with most ships moving oil cargoes only between domestic ports following U.S. action against two more ships and as state-run energy company PDVSA struggles to recover from a cyberattack, according to tracking data and sources. The U.S. Coast Guard this month seized a supertanker under sanctions carrying Venezuelan oil and tried to intercept two more Venezuela-related ships over the weekend, U.S. authorities said. One of them is an empty ship under [Read more]
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