Oil traded slightly lower on Friday as traders weighed trade talk optimism and the potential of more oil supply from Venezuela.
Friday, July 25th, 2025
ICE Brent futures remained rangebound as market participants weighed the impact of Venezuela’s potential return to the US markets, happening against the background of global macroeconomic worries subsiding a little, on the back of a US-Japan trade deal lauded by Donald Trump. OPEC+ could project another bullish narrative when its ministerial committee meets this Monday, making it likely that next week would still see Brent hovering around $70 per barrel.
Trump’s Venezuela Policy Set to Alter Radically. According to media reports, Donald Trump’s administration Is preparing to grant new authorizations to oil companies with assets in Venezuela, allowing them to operate with limitations and swap the produced oil, in a rare policy shift.
Exxon Eyes Trinidad’s Oil after Guyana Bonanza. US oil major ExxonMobil (NYSE:XOM) is reportedly in negotiations with the Trinidad and Tobago government to sign an exploration and production deal on seven deepwater blocks north of Guyana’s Stabroek block, 20 years after it left the Caribbean country.
Russia Blocks Foreign Ships from Loading Kazakh Oil. Loadings of the light sweet CPC Blend from Russia’s Black Sea port of Novorossiysk were temporarily halted due to Russia imposing new regulations this week, demanding that every tanker loading CPC receive an approval from the FSB security service.
California Wants to Keep Key Refinery Alive. California’s government is desperately trying to find a buyer for the 145,000 b/d Benicia refinery next to San Francisco, set for an early 2026 closure after operator Valero Energy (NYSE:VLO) could no longer make ends meet, offering the plant to others.
Puerto Rico Lapses $20 Billion Talks. Puerto Rico is reportedly halting negotiations with US LNG developer New Fortress Energy on a $20 billion LNG supply deal after the state’s financial watchdog vetoed it over monopoly concerns, citing NFE’s unwillingness to discuss changes to the contract.
BP’s Lube Unit Might Finally Have a Buyer. US private equity firm One Rock Capital Partners is emerging as the top bidder for BP’s lubricants business Castrol, bidding for the entire $9-10 billion asset, as previous suitors Reliance Industries and Saudi Aramco dropped out of the competition.
Argentina’s Shale Dream Goes On. Argentina’s oil and gas production hit a two-decade high in June, according to the country’s authorities, buoyed by soaring shale production from the giant Vaca Muerta basin, up 22% year-over-year with crude output already moving past 450,000 b/d.
Colombia Warns Glencore over Israel Coal Deliveries. Colombia’s President Gustavo Petro threatened to change Glencore’s (LON:GLEN) concession contract in the country if the mining giant continues to export coal to Israel, in line with Bogota’s ban on fuel exports to Israel over its assault on the Gaza Strip.
Copper Heats Up on August Tariff Deadline. US copper prices traded on the COMEX exchange reached an all-time high this week, hitting $5.93 per pound on Wednesday, ahead of the planned August 1 start of 50% import tariffs on the transition metal, as imposed by US President Donald Trump.
Norway Gives Up on Its US Wind Dreams. Norway’s state oil company Equinor (NYSE:EQNR) booked a 955 million impairment on its Empire Wind offshore wind farm in New York state after the Trump administration suspended offshore wind leases, lowering the firm’s Q2 net profit by 30% to $1.3 billion.
Tokyo Mulls Adding Alaska LNG to Trade Deal. A White House communique indicated that the United States and Japan are exploring a ‘new offtake agreement’ for the $40 billion Alaska LNG project as part of a wider trade deal that will introduce a baseline 15% tariff for Japanese exports to the US.
Steaming Saudi Summer Ratchets Up Fuel Oil Use. Saudi Arabia’s imports of Russian fuel oil rose to their highest on record last month to 212,000 b/d, as the Middle Eastern kingdom has been stocking up on fuel for electricity generation as temperatures regularly exceed 45 degrees Celsius in July-August.
Azeri Shippers Detect Contaminated Oil. UK major BP (NYSE:BP), the operator of the Baku-Tbilisi-Ceyhan pipeline that ships Azeri oil to the Mediterranean, stated that it detected organic chloride contaminants in some oil tanks at Ceyhan after loadings were halted this week, tightening the European market.
By Tom Kool for Oilprice.com