Latest Stories
Venezuela gains VLCC market share as Hormuz disruptions reshape global oil trade
Disruptions to crude flows through the Strait of Hormuz have reshaped global Very Large Crude Carrier (VLCC) trade, allowing Venezuela to expand its share of long-haul oil shipments
US watchdog launches review of $13bn Venezuelan oil revenue fund
The inquiry follows requests from lawmakers for greater transparency over the management of the proceeds
Venezuela oil contract overhaul advances despite delays in final agreements
Venezuela is pressing ahead with the overhaul of dozens of oil joint ventures under its new hydrocarbons framework, even as outstanding permits and ancillary agreements continue to slow the completion of projects
Kazakhstan's OPEC+ oil output target to increase in September
Kazakhstan's OPEC+ crude oil production target will increase by 10,000 barrels per day (bpd) to 1.628mn bpd in September after seven participating countries agreed to raise their combined production target by 188,000 bpd.
Italy is Europe’s top LNG importer in July as Rome hedges against volatile market
Europe’s largest LNG importer changed from the Netherlands in June to Italy in July.
Iran nears first output milestone at South Pars Phase 11
Iran is on the threshold of full commissioning of one of the two production platforms at Phase 11 of the South Pars gas field, putting it on course to achieve nearly half of the phase’s planned gas output.
ADNOC overhauls crude pricing formula
Abu Dhabi National Oil Co. (ADNOC) will abandon its futures-based pricing formula for Abu Dhabi crude grades from November 1
Brazil’s Petrobras nears key Amazon well target
Petrobras is less than 500 metres from reaching the target reservoir at its Morpho exploratory well in the Foz do Amazonas Basin, bringing the company closer to completing the first drilling campaign in Brazil's Equatorial Margin.
Brazil targets cheaper gas for industry
Brazil’s Petrobras lifts jet fuel prices
Petrobras has raised average jet fuel prices to distributors by 1.9%, its latest monthly adjustment as the state-run oil company continues aligning domestic aviation fuel prices with global oil and currency movements.
Petroecuador lifts Lago Agrio-Libertador output as Ecuador pushes crude growth
Petroecuador has increased crude production at its Lago Agrio-Libertador asset to 26,230 barrels per day (bpd), up from 19,800 bpd recorded in February 2025, as Ecuador seeks to strengthen oil output and public revenue, the state-owned company said
Brazil’s Petrobras extends PLSV fleet contracts
Petrobras has extended charter and service contracts for four pipelay support vessels (PLSVs) operated by a joint venture between DOF and TechnipFMC, securing the vessels for continued subsea operations offshore Brazil.
Mongolia’s fuel supplies dropping fast as Russian export curbs bite
Mongolia reportedly has around 17 days' of petrol left, with motorists queueing five to six hours to fill up, as Russian export restrictions bite.
Cuba restores power gradually after nationwide grid collapse amid fuel shortages
Cuba began gradually restoring electricity on August 3 after the national power grid collapsed late on August 2, marking another nationwide blackout as fuel shortages and ageing infrastructure continue to strain the island's energy system
Brazil opens federal gas market
Brazil has approved new rules allowing federally owned natural gas to be sold directly to the country's liberalised market through competitive auctions, a measure the government says could lower gas prices and improve industrial competitiveness.
Brazil caps gas prices to Brent
Brazil's state natural gas distributors have published the first long-term supply contracts incorporating Brent crude price floors and ceilings, a move aimed at reducing price volatility for industrial consumers while maintaining oil-linked pricing.
Thai baht nears 15-month low as oil prices rise
The Thai baht has fallen to its weakest level in more than 15 months, pressured by higher oil prices, a stronger US dollar and elevated US Treasury yields.
Lao state fuel enterprise profit jumps 70% in 2025
Laos’ state-owned fuel company increased its profit by more than 70% in 2025 as it prepares for a possible stock market listing.
Hunt oil signs Venezuela agreement to assess crude development opportunities
María Julia Aybar, the company's senior vice president and country manager for Peru and Latin America, said the Dallas-based producer views the initiative as an opportunity to expand its regional footprint
Chevron expects Venezuela to repay debt by early 2027 as output climbs
Chevron Corp. expects to recover all outstanding debt owed by the Venezuelan government by early 2027, Chief Financial Officer Eimear Bonner told investors during the company's earnings call on July 31
Follow us online