With higher production came a surge in Guyana’s crude oil exports in recent years. More than half of these are going to Europe, where refiners have been increasingly appreciating Guyana’s crude grades—Liza, Unity Gold, and Payara Gold. These crudes are sweeter and lighter compared to the crude of some other South American exporters, such as Mexico or Colombia.
Over the past decade, the global energy sector has turned its attention to Latin America thanks to the region’s critical role in the ongoing electrification drive. Latin America produces nearly 40% of the world’s lithium supply, and is home to over 65% of global reserves.
The independent refiners, for their part, boosted purchases of Russia’s Far East flagship ESPO blend and more February-loading cargoes were delivered to the Shandong and Jiangsu provinces, primarily to teapot refiners, Vortexa has estimated. In January, the independent refiners preferred to reduce runs rather than seek alternative barrels amid uncertainties surrounding ESPO supply.
According to the STEO, the EIA now sees the Brent spot price averaging $74.22 per barrel this year and $68.47 per barrel next year. In its previous STEO, which was released in February, the EIA projected that the Brent spot price would average $74.50 per barrel in 2025 and $66.46 per barrel in 2026.
US crude eked out a 0.2% gain for the week, barely skirting an eighth straight weekly decline that would have been its longest such losing streak since 2015. US President Donald Trump’s salvos against the country’s major trading partners have weighed on crude prices since mid-January, raising the prospect of sputtering economic growth and falling oil consumption. Long-term inflation expectations jumped by the most since 1993, painting a gloomy picture for future energy demand.
About 2 million cubic meters a day will be sent via the Arab Gas Pipeline, eventually contributing a total of 400 megawatts to the power grid, Syrian state-run news agency Sana said. The supplies were approved by Washington, Reuters reported earlier, without providing numbers.
Petronas has begun a process that may result in a sale of its 50% stake in La Amarga Chica, a venture with state-run YPF SA in the oil production heartland of Vaca Muerta, according to people familiar with the matter who couldn’t be named discussing private matters. Petronas has already been in talks with a potential suitor, one of the people said.
Previously in 2025 CNOOC Ltd. said it has put onstream two projects in the Bohai Sea and two in the South China Sea, all of which are solely owned by the company. The Bohai Sea projects are phase 2 of the Luda 5-2 North field and the Bozhong 26-6 field. The South China Sea projects are the Dongfang 29-1 field and the Panyu 11-12/10-1/10-2 Oilfield Adjustment Joint Development Project.
The petroleum development levy was increased by 10 rupees to 70 rupees a liter, according to a notification the Oil and Gas Regularity Authority posted on its website. The IMF said on Saturday that Pakistan is making progress toward receiving the second $1 billion installment of the $7 billion loan agreement it secured last year.
State giant China Petroleum and Chemical Corporation, or Sinopec, is planning to shut down for about two months the crude processing capacities at several refineries. These temporary closures from the middle of March to the end of May would affect about 700,000 barrels per day (bpd) of crude processing capacity, per data compiled by Reuters from trade and industry sources.