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.
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.
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 American oil executives held for three years in Venezuela have been found guilty of corruption charges by a judge and immediately sentenced to prison.
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 crisis is poised to deteriorate even further after one of its biggest refineries was halted over the weekend following a nearby oil spill.
India’s largest private refinery halted purchases of Venezuelan oil, putting additional pressure on the Latin American country’s beleaguered oil industry.
“Baselines matter” is one takeaway from the deal brokered over the weekend to save the market.
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 administration officials have given five energy companies with strong ties to Houston another three months in the oil fields of Venezuela.
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.
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 have rocketed over the last week, driven by US sanctions on various Chinese shippers, principally COSCO Dalian.
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.
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 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.
As the global industry assembles in Houston for the Offshore Technology Conference, it will be in the midst of a quiet American revolution.
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 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.
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.
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.
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.
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.
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.
It is a well-proven maxim that discovering oil can be more of a curse than a blessing and nowhere on the face of the Earth offers better testimony to that than Venezuela, now in the throes of political upheaval.