Glencore cops to global bribery scheme, to pay $1bn penalty
Glencore has agreed to pay penalties of $1.06 billion to US and Brazilian authorities. More is to come in a UK settlement with the Serious Fraud Office (SFO).
Venezuela
‘Distressed’ crude from Venezuela, Iran stacks up off Singapore
Oil stored in ships has been piling up off key Asian ports as a crackdown in China on private crude oil processors has blunted purchases and disrupted flows, including some US-sanctioned barrels from Iran.
TotalEnergies, Equinor exit Venezuela venture amid foreign exodus
French oil company TotalEnergies and Norway’s Equinor decided to quit a key venture in Venezuela, adding to an exodus of foreign firms in recent years as the country’s energy industry has withered.
Pacific Island nation tells Venezuela ‘that oil tanker isn’t ours’
The island nation of Palau says a tanker that recently loaded Venezuelan crude was using a false signal to disguise its identity, potentially putting the Pacific country in the crosshairs of U.S. sanctions.
Six US oil executives jailed in Venezuela
Six American oil executives held for three years in Venezuela have been found guilty of corruption charges by a judge and immediately sentenced to prison.
Threat of Venezuela sanctions has Reliance buying Canadian crude
Venezuela’s dwindling oil exports were dealt another blow as one of India’s top refiners secured millions of barrels of Canadian crude on concern that the U.S. is poised to step up sanctions against Caracas.
Venezuela’s fuel shortage set to get worse after refinery halted
Venezuela’s fuel crisis is poised to deteriorate even further after one of its biggest refineries was halted over the weekend following a nearby oil spill.
Venezuela oil crisis deepens as Indian refiners halting imports
India’s largest private refinery halted purchases of Venezuelan oil, putting additional pressure on the Latin American country’s beleaguered oil industry.
Fudging the OPEC+ deal numbers
“Baselines matter” is one takeaway from the deal brokered over the weekend to save the market.
US imposes sanction on Russian firm Rosneft in Venezuela
The Trump administration has announced sanctions on a Russian state-controlled brokerage that has helped the Venezuelan government skirt an US oil embargo and enabled President Nicolas Maduro to keep his grip on power in the South American country.
Trump gives five US oilfield service firms another three months in Venezuela
Trump administration officials have given five energy companies with strong ties to Houston another three months in the oil fields of Venezuela.
Petrobras sharpens deepwater focus in quest for value
Petrobras is in a state of transformation, company officials said at a press conference in London, with an eye on selling down assets and tackling debt – in tandem with major expansion plans.
Impairments cut Halliburton’s pre-tax earnings in half
Pre-tax earnings at Halliburton were nearly halved in the first nine months of 2019 amid asset impairments and write-downs of its Venezuelan investments.
Tanker prices spike as sanctions bite
Tanker prices have rocketed over the last week, driven by US sanctions on various Chinese shippers, principally COSCO Dalian.
Oil firms face rising threat of government sanctions
Oil and gas companies face an increasing risk of government investigations and significant financial penalties if they do not take appropriate steps to comply with international sanctions measures.
Chevron can stay in Venezuela until October despite sanctions, US says
The Trump administration is allowing Chevron to continue operating in Venezuela at least until October despite US sanctions aimed at ousting President Nicolas Maduro by choking off revenue from the world's largest crude reserves.
Pressure on Trump to bring an end to Chevron’s Venezuela presence
Pressure is mounting on U.S. President Donald Trump to end Chevron Corp.’s 100-year presence in Venezuela as he seeks to exert maximum pressure on the embattled regime of Nicolas Maduro.
US energy powers ahead
As the global industry assembles in Houston for the Offshore Technology Conference, it will be in the midst of a quiet American revolution.
Clashes rock Venezuela as Guaido and Maduro vie for power
Opposition leader Juan Guaido took a bold step to revive his movement to seize power in Venezuela, taking to the streets on Tuesday to call for a military uprising that drew quick support from the Trump administration and fierce resistance from forces loyal to socialist Nicolas Maduro.
Crude at five-month high as U.S. gasoline stockpiles tumble
Crude closed at a five-month high after U.S. government data showed the biggest decline in gasoline stockpiles since 2017, offsetting an increase in crude inventories.
Oil above $70 ‘must be a positive’ as North Sea investors remain cautious
Higher crude prices should encourage North Sea oil companies to dial down the caution and bring forward more new projects, a prominent petro-economist said yesterday.
Colombia sees gain in Venezuela’s pain
As neighboring Venezuela collapses, Colombia is hoping to lure oil majors with an unprecedented bidding system: Producers can propose drilling anywhere, at any time, and the country will look into it.
World Bank arm says Venezuela owes nearly $9bn to ConocoPhillips
Financially struggling Venezuela must pay Houston's ConocoPhillips $8.7 billion for the government's expropriation of the company's investments in Venezuela more than a decade ago, a legal dispute arm of the World Bank ruled Friday.
Maduro gets oil lifeline from Russia after US sanctions hit
Just as Venezuelan state-run oil company PDVSA was running out of an obscure product needed to thin out its crude and keep exports flowing in the wake of U.S. sanctions, Russia is coming to the rescue.
Vitol expects oil to rally as OPEC, Venezuela cause shortage
The world’s largest energy trader says oil prices are set to rally further as OPEC output cuts and American sanctions on Iran and Venezuela cause a "shortage" of the low-quality heavy crudes refiners rely on.