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Escalating attacks on Middle East shipping corridors and crude shut-ins sparked severe supply shortage concerns, pushing oil benchmarks toward an 8% weekly gain. The IEA forecast a steep global suppl…
The IEA slashed its 2026 global oil demand outlook by 2.5 million bpd while warning supply will plunge by 5.7 million bpd amid US-Iran tensions. With over 10 million bpd in Gulf output shut in, crude…
Escalating clashes between Houthi rebels and Saudi Arabia threaten key oil-producing areas. Saudi leaders face tough choices over retaliation, stoking supply disruption concerns across global energy …
Saudi Arabia shut down its key East-West crude pipeline after drone attacks launched from Iraq. The outage halts an essential bypass route around the Strait of Hormuz, escalating Middle Eastern suppl…
TotalEnergies made an offshore discovery in Angola, adding 6,000 bpd via fast-track tie-backs, while securing new exploration blocks. Major energy producers, including ExxonMobil and Chevron, are act…
Following a massive deal securing control over Venezuelan crude reserves, the U.S. is now targeting Venezuela's gold and critical minerals. While Washington seeks to reduce reliance on China, dilapid…
Chevron announced a $7 billion investment over five years to double Venezuelan oil output to 600,000 barrels per day. Leveraging its established presence and sub-$20 per barrel extraction costs, the …
GeoPark secured a 25-year contract with PDVSA to develop the Bare Block in Venezuela, aiming to more than double output by decade's end. The move aligns with broader efforts to reopen Venezuela's oil…
Eni signed a 25-year production sharing agreement with Venezuela's PDVSA to operate the Junin 5 heavy oil field. Eni plans to invest $1.5 billion annually to significantly expand production from its …
The U.S. secured a 100-year deal controlling 65 billion barrels of Venezuelan oil reserves via North American Blue Energy Partners. Part of Trump's revived Monroe Doctrine, the agreement targets addi…
Rosneft dispatched the first crude shipment from its massive Vostok Oil project in Eastern Siberia despite Western sanctions. Holding roughly 7 billion tons of reserves, the project is planned to ram…
European stocks slipped as tensions escalated around the Strait of Hormuz following U.S. strikes on Iranian tankers. Rising oil prices sparked ECB rate hike fears, pressuring the DAX down 0.3% despit…
Chevron will invest over $7 billion in Venezuela over five years to double crude production to 600,000 bpd at sub-$20 costs. The expanded output and infrastructure rehabilitation signal rising medium…
Brent crude dipped to $95 per barrel but surged nearly 8% weekly amid escalating US-Iran tensions and potential Strait of Hormuz disruptions. Gains were tempered by rising Iraqi oil exports and expec…
President Trump pressed U.S. refiners to lower gasoline prices immediately, but producers noted facilities are already operating at near 98% capacity. With 7 to 8 million bpd of global refining capac…
Chevron reached a 52-week high driven by Venezuelan output reaching 250,000 bpd, Guyana assets, and a 20-year power deal with Microsoft. Meanwhile, Washington's separate 100-year lease agreement high…
Strait of Hormuz transit disruptions and conflicting flow data drive tanker rates to record highs. Fleets are actively avoiding Persian Gulf waters, severely choking crude supply routes and driving u…
Chevron committed $7 billion over five years to Venezuelan joint ventures to double output to approximately 600,000 barrels daily. Following recent U.S.-Venezuela reserve agreements, the investment s…
Saudi Arabia aims to replace over 1 million b/d of domestic oil consumption by 2030 using natural gas, renewables, and eventually nuclear power. Reducing domestic burn frees more crude for global exp…
US energy firms, including Chevron, signed multibillion-dollar deals with Venezuela to ramp up oil production following an agreement granting the US access to massive crude reserves. The deals aim to…