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A U.S. move this week to seize an oil tanker out of Venezuela is poised to make a bad situation worse for a crisis-stricken Cuba already struggling to source enough oil to power its ailing economy and electrical grid. The Communist-run nation, a nearby neighbor and long-time foe of the United States, suffers daily, hours-long rolling blackouts that have decimated productivity and tested the patience of its exhausted residents. Cuba depends on Venezuela's crude and refined products - [Read more]

Oil prices rose on Friday supported by concerns of Venezuelan supply disruptions, though they remained on track for a weekly drop amid cautious market sentiment and optimism over the prospects for a Russia-Ukraine peace deal. Brent crude futures rose 43 cents, or 0.70%, to $61.71 a barrel by 0352 GMT, and U.S. West Texas Intermediate crude was at $58.03 a barrel, up 43 cents, or 0.75%. Both benchmarks fell about 1.5% on Thursday. The U.S. is preparing to intercept more ships [Read more]

Brent crude oil is expected to average $65 per barrel next year, Barclays said on Thursday, while projecting a supply surplus for the year. "We expect a 1.9 million barrels per day surplus next year, but inventories remain low and builds continue to surprise to the downside," Barclays said in a note. It added that spare capacity is low and geopolitical tensions continue to pose asymmetric upside risks to prices. Barclays highlighted that a potential slowdown in cyclical demand remains a key [Read more]

Carnelian Energy Capital is moving to sell six of its North American oil and gas production investments, multiple people familiar with the matter said, at a time of mounting pressure on private equity firms to increase exits and return cash to investors. The moves, representing most of the Carnelian-backed companies that produce oil and gas, and about 40% of its overall investments, have raised eyebrows among industry participants because buyout firms traditionally space out sale efforts to [Read more]

The United States imposed new sanctions on Thursday on three nephews of Venezuelan President Nicolas Maduro and six ships transporting the nation's oil, Axios reported. The measures will be announced by Treasury Secretary Scott Bessent, it said. President Donald Trump said on Wednesday that the U.S. had seized a sanctioned oil tanker off the coast of Venezuela. Trump has repeatedly raised the possibility of military intervention in Venezuela, accusing it of sending narcotics to the United [Read more]

The U.S. is preparing to intercept more ships transporting Venezuelan oil following the seizure of a tanker this week, as it increases pressure on Venezuelan President Nicolas Maduro, six sources familiar with the matter said on Thursday. The seizure was the first interdiction of an oil cargo or tanker from Venezuela, which has been under U.S. sanctions since 2019. The action came as the U.S. executes a large-scale military buildup in the southern Caribbean and as U.S. President Donald Trump [Read more]

Trans Mountain has paid a regulatory fine for environmental lapses along its British Columbia pipeline route in the aftermath of a January 2024 storm. The $196,000 fine is the largest cumulative penalty of its kind issued by the Canada Energy Regulator. The regulator says when a January 2024 storm hit, the company failed to ensure enough environmental workers were on hand to handle the floodwater, and directed all of its crews to one location where weld repairs were taking place and where [Read more]

News provided by Canada Energy Regulator  Dec 10, 2025, 17:24 ET CALGARY, AB, Dec. 10, 2025 /CNW/ - Today the Canada Energy Regulator (CER) released details of its $196,000 Administrative Monetary Penalty (AMP) to Trans Mountain. Trans Mountain did not request a review of the AMP and has paid the penalty. The Notice of Violations includes four separate penalties for failing to implement environmental protection measures required by its Environmental Protection [Read more]