Venezuela saw its oil exports slump by nearly 20% in April from March to the lowest level in nine months, after state-owned oil firm PDVSA canceled cargoes for Chevron, Reuters reported on Thursday, citing shipping documents and tanker-tracking data.
Global oil markets are entering a pivotal phase as exploration-driven reserve replacement lags. With only a few bright spots like Namibia and Guyana, estimates suggest that just 25–30% of the oil consumed each year is currently being offset by new discoveries.
Low inventories reported today by the Energy Information Administration (EIA) did nothing to staunch the bleeding, with WTI getting gutted nearly 4% on the day, and Saudi rumors throwing another spanner in the works, while new U.S. economic data suggests more pain is in store for the sector.
Indian Oil Corporation has signed a five-year deal with Trafigura to import 2.5 million tonnes of LNG in a USD 1.3 billion-1.4 billion agreement, Reuters cited chairman A S Sahney as saying on Wednesday.
Shell has increased its working interest in the Ursa platform in the Gulf of Mexico from 45.3884% to 61.3484%, the company said on Thursday.
Shell Offshore and Shell Pipeline Company completed the acquisition of additional interests in the Ursa platform and associated assets, previously held by ConocoPhillips.
Equinor subsidiary Equinor Brasil Energia has entered into agreements to sell its 60% operated interest in Brazil’s Peregrino offshore oilfield to Prio Tigris, a subsidiary of Brazilian independent oil and gas company Prio, for USD 3.5 billion, the Norwegian company announced on Friday.
US oil futures broke a three-day string of losses as equity markets strengthened and President Donald Trump threatened broader sanctions against buyers of Iranian crude.
West Texas Intermediate settled 1.8% higher, at $59.24 a barrel, after Trump said that any nation or person who buys oil or petrochemicals from Iran will be subject to secondary sanctions. It was the biggest one-day increase for US oil futures in more than a week.
TotalEnergies and OQ Exploration and Production have broken ground on the Marsa LNG plant in Oman, one year after reaching final investment decision on the project.
The 1 million ton per annum (MMtpa) liquefaction plant is being built by Marsa LNG LLC, a joint company between TotalEnergies (80%) and OQEP (20%). The LNG production, which is expected to start in the first quarter of 2028, is primarily intended to serve the marine fuel market (LNG bunkering) in the Gulf.
In contrast to Vitol, which trades with Venezuela and doesn’t operate any assets there, those other companies produce oil and gas in the country and are winding down operations ahead of the expiry of licenses issued by the US Treasury. The deadline for all the companies, including Vitol, to cease operating is May 27.
Responding to Rigzone, Dave Mount, Executive Vice President of Business Development at Louisiana-based OneSource Professional Search (OPS), said what’s surprised OPS the most is “the unexpected uncertainty caused by the tariff/trade war by the new U.S. administration”.