After coming into office, the administration of President Donald Trump has eliminated licenses for oil companies to operate in Venezuela, despite initial hints that it would continue them, with presidential envoy Richard Grenell’s visits to Caracas. This means that sanctions on state-owned PDVSA are fully back on. Chevron, the main U.S. corporation on the ground, is back to having only a secret license for minimum maintenance and security, as it still a shareholder in four joint ventures.
Israel launched a series of airstrikes on Tehran’s critical energy infrastructure early Sunday, setting ablaze the city’s main gas depot and a major oil refinery, as the conflict with Iran intensified into its most destructive phase yet. The attacks, part of a broader Israeli offensive targeting Iran’s energy sector, have heightened fears of a wider regional war and sent ripples through global oil markets.
ADNOC’s investment arm XRG, in consortium with Abu Dhabi Development Holding Company (ADQ) and investment firm Carlyle, has submitted a final non-binding indicative proposal to acquire 100% of Australian independent E&P player Santos, the companies announced on Monday.
The major five-year contract, worth approximately $203 million (£150 million) is effective from 1st July 2025. The scope encompasses ASCO’s full suite of integrated logistics services, including quayside operations, warehousing, materials management, marine gas oil, environmental services, aviation, customs, freight forwarding and ships agency.
Oil jumped and stocks slid after Israel attacked Iran’s nuclear program facilities and killed senior military commanders in a significant escalation of tensions in the Middle East.
Perenco Congo has confirmed a major investment project with the construction of a new offshore platform, Kombi 2. Kombi 2 is currently under construction at the Nieuwdorp shipyard (Netherlands) by Dixstone, a sister company of Perenco, which provides integrated solutions for the oil and gas industry.
The OPEC+ group was likely betting on robust demand during the peak summer driving season when it decided to start accelerating the oil production hikes in May. The market proves it has been right.
At the end of the second quarter and the start of the third quarter, demand growth will not lag supply growth materially, according to analysts.
The oil and gas industry is pushing back against the methane policy adopted recently by the European Union aimed at limiting emissions of the potent greenhouse gas.
Energy Secretary Chris Wright does not expect U.S. crude oil production to decline in 2026, although the Energy Information Administration forecast such a development.
Crude oil analysts are in a rush to revise their forecasts in the wake of Israel’s attacks on Iran as geopolitics trumps fundamentals yet again.
“Oil could spike toward $80 if Middle East tensions escalate and supply risks materialize, but rising OPEC+ output may cap gains and revive oversupply concerns into autumn,” Saxo Markets chief investment strategist Charu Chanana said, as quoted by Bloomberg.