Chevron's planned $7 billion investment in Venezuela will come entirely from cash generated by the U.S. oil major's three existing joint ventures in the country, not new outside capital, CEO Mike Wirth said on Friday. "We'll live entirely within the means of those ventures' ability to generate cash, not bring in cash from the outside," Wirth said at a University of Texas at Austin energy conference. (Reporting by Sheila Dang in Austin;) [Read more]
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Advantage Announces Closing of Wembley Disposition
(TSX: AAV) CALGARY, AB, Sept. 11, 2026 /CNW/ -- Advantage Energy Ltd. ("Advantage" or the "Corporation") is pleased to announce that it has completed the previously announced sale of its assets in the Wembley area of Alberta (the "Wembley Assets") for gross cash proceeds of $316 million, prior to closing adjustments (the "Transaction"). The Transaction closed earlier than the timing anticipated in Advantage's August 26, 2026 press release following satisfaction of all regulatory requirements and [Read more]
Yemen’s Houthis reach strategic island at mouth of vital shipping lane
Yemen's Iran-aligned Houthis on Friday reached the strategic island of Perim in the Bab el-Mandeb Strait, four Yemeni government sources told Reuters, potentially tightening their grip on one of the world's vital shipping routes. Earlier, two sources from the Saudi-backed, internationally recognised Yemeni government said its forces had withdrawn from Perim and that the Houthis had also taken the mainland Red Sea coastal town of Dhubab, which faces the island. If the Houthis gain full [Read more]
Saudi oil supply hits more than three-decade low after Houthi attacks, IEA says
Saudi Arabia's crude supply fell 2.3 million barrels per day on the month to 6 million bpd in August, the lowest level in more than three decades, the International Energy Agency said on Friday, citing attacks on Saudi energy facilities. The drop follows the targeting by groups linked to Yemen's Houthis of ships transiting the Bab el-Mandeb, Saudi Arabia's Jazan refinery and shipping near Yanbu, the IEA said in a report, and Iran-backed militias in Iraq using drones to hit Saudi Arabia's [Read more]
Satellite imagery shows smoke in vicinity of Saudi Arabia’s East-West oil pipeline
Satellite imagery showed smoke on Thursday in the vicinity of Saudi Arabia's East-West oil pipeline. There was no confirmation from Saudi Arabia of an incident in the area, and the Saudi government media office and state oil giant Aramco did not immediately respond to requests for comment on the smoke visible in the imagery verified by Reuters. The East-West Pipeline has become vital to Saudi Arabia since the outbreak of the war as state oil giant Aramco used it to ramp up crude flows from [Read more]
Banks hike oil price forecasts on prolonged Gulf disruptions
Banks including Goldman Sachs, Bank of America, and Commerzbank raised their Brent price forecasts this week, as persistent disruptions to Middle East shipping tightened oil markets and drove crude prices to multi-week highs. * Commerzbank on Friday raised its year-end Brent oil price forecast to $85 per barrel from its previous forecast of $75/bbl. * Goldman Sachs on Monday raised its Brent and West Texas Intermediate crude oil price forecasts by $5 a barrel for December 2026 and 2027, [Read more]
IEA warns 2026 oil supply gap will widen on delayed return of normal Gulf flows
Global oil supply and demand will fall further than previously thought this year, the International Energy Agency said on Friday, as a lack of progress in ending the Iran war delays the return of normal Middle East flows into 2027 and sends fuel prices soaring. An increase in attacks on oil tankers in Middle East shipping routes has helped send crude prices towards $110 a barrel this week for the first time since May. But this hike is overshadowed by the surging price of fuels such as diesel, [Read more]
How China’s oil majors helped Beijing prepare for an energy crisis
China's state oil companies have been at the forefront of Beijing's increasing prioritisation of energy security over the past decade, making investments that have helped soften the blow from the closure of the Strait of Hormuz. Since 2018, Sinopec, PetroChina and CNOOC Ltd have spent hundreds of billions of dollars drilling domestically while also building and filling oil storage tanks to fulfill Beijing’s energy security mandates. After the U.S.-Israeli war on Iran began in February, they [Read more]
Hormuz shipping traffic falls to single digits, data shows
Vessel transits at the Strait of Hormuz fell to seven on Thursday from 11 the previous day, preliminary ship-tracking data showed on Friday, well below the 10-day average of 15. Of the seven vessels, two Panamax ships exited the strait, one carrying fertiliser and the other sailing in ballast, according to data from ship tracker Kpler as of 0306 GMT. Five vessels entered the strait, including a Panamax vessel carrying dry bulk cargo, a Handysize vessel laden with steel, a Handysize vessel [Read more]
Global bonds buckle as surging oil prices inflame inflation risks
Global bond yields spiked to new highs and sharemarkets slumped on Friday as soaring oil prices inflamed inflation risks, sending investors scrambling to price in more policy tightening from central banks across the globe. Brent crude climbed to a four-month high of $109.97 a barrel on Friday after a 6% overnight jump, capping a weekly gain of nearly 13%. Oil flows remained restricted through the Strait of Hormuz as the U.S. and Iran traded attacks, while Iran-aligned Houthis seized control [Read more]
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