ne of President Trump’s first orders of business following the initial burst of executive orders was to declare he would ask OPEC to ramp up its oil production to bring down prices.
Cargill has signed a sales and purchase agreement for a 50% stake in Brazilian sugar and renewable energy firm SJC Bioenergia, adding to the 50% already owned by Cargill and giving it full control of the firm, Cargill announced on Thursday.
Producing light crude, the development is expected to reach 22,300 barrels of oil equivalent a day in peak production this year. Bozhong 26-6, which has an average water depth of about 20 meters (65.62 feet), holds over 200 million cubic meters (7.06 billion cubic feet) of proven oil and gas in place, according to the state-backed company.
Oil edged down as US President Donald Trump’s renewed pledge to drive down the price of crude overshadowed his push for tighter Iranian sanctions.
Quebec has long resisted proposals to build new oil and gas pipelines through its territory. US President Donald Trump’s threats against Canada might change that.
The discovery in the country’s northern Mediterranean waters was announced by Egyptian Prime Minister Mostafa Madbouly, who was quoted by news outlet Caliber.
TotalEnergies CEO Patrick Pouyanné expects US financing for the company’s USD 20-billion Mozambique LNG project to be approved in the coming weeks, Reuters reported on Wednesday.
A statement posted on OPEC’s website on December 5 highlighted that OPEC+’s required production level for 2025 and 2026 is 39.725 million barrels per day. That statement pointed out that the required production level for Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman “is before applying any additional production adjustments”. It also noted that UAE required production has been increased by 300,000 barrels per day and added that this increase will be phased in gradually starting April 2025 until the end of September 2026.
Chevron is the only major oil producer with a waiver from the US government to operate in Venezuela despite sanctions against President Nicolás Maduro’s regime. The company produces about 20% of Venezuela’s oil and helped boost exports to a five-year high in 2024, nearing Maduro’s goal of 1 million barrels per day.
West Texas Intermediate slid 2.3% to settle at $71.03 a barrel Wednesday as Trump’s positions on everything from war in the Middle East to tariffs on energy weigh on sentiment. Investors pulling out of crude and fuel markets triggered a $17 billion net outflow in the week ending Jan. 31, JPMorgan Chase & Co. analyst Tracey Allen wrote in a note to clients.