The US government just rolled out the welcome mat for oil companies eyeing Venezuela’s vast crude reserves, but the mat comes with a lot of fine print. Through a series of amended general licenses issued by the Office of Foreign Assets Control (OFAC), the Trump administration has fundamentally reshaped the investment landscape for Venezuela’s energy […]
The energy giant said that a substantial oil-bearing reservoir was found in its Merlin-1X exploration well, which is part of Petroleum Exploration License 39 (PEL 39). It claims that the well produced some of the most promising geological data seen in the licensing area to date, including the existence of light crude oil and high-quality […]
The International Monetary Fund (IMF) said poverty in Nigeria has reached 63% of the population as conditions remain difficult for people amidst economic reform. In a statement released following its Article IV consultation with Nigeria, the IMF said strong reforms over the past three years have improved macroeconomic outcomes and strengthened resilience. The IMF said, […]
Oil prices jumped more than US$4 (RM16.28) on Monday, with investors spooked by fresh Israeli strikes on Iran as well as renewed attacks on Lebanon a day earlier. Brent crude futures rose US$4.42 or 4.47% to US$97.15 a barrel as of 0609 GMT, while US crude futures were up US$4.07 or 4.50% at US$94.61 per […]
South Korea’s foreign exchange reserves decreased by $880 million in one month due to market stabilization measures, including a foreign exchange swap with the National Pension Service. The decline appears to reflect a slight reduction in the overall reserve level as the foreign exchange authorities injected funds to ease exchange-rate volatility. According to data released […]
President Donald Trump plans to allocate a support package of $700 million for coal power generation, citing an unnamed White House official ahead of a formal announcement by the U.S. President. The plan is to invoke the 1950 Defense Production Act, which grants the president of the country powers to provide financial support to industries […]
Companies have pledged to invest €93 billion ($108 billion) in France, with half destined for a SoftBank-backed data centre project, as President Emmanuel Macron seeks to leverage nuclear capacity to make the country a global AI leader. Macron said the 71 projects being unveiled at this year’s Choose France summit marked a record year for […]
Oil prices pushed higher Monday, with Brent crude topping $94 per barrel and WTI climbing above $90, after President Donald Trump sent a proposed Iran peace agreement back for revisions, raising fresh questions about how quickly the Strait of Hormuz can be fully reopened to global energy shipments. Brent crude was trading at $94.23 per barrel while […]
GOLD held a gain after reports that the US and Iran had reached a tentative deal to extend a ceasefire and work toward an agreement to end the Middle East war eased inflation concerns. Bullion traded around US$4,495 an ounce, after closing up 1 per cent on Thursday (May 28) despite touching a two-month low […]
For months, China’s reduced appetite for oil and LNG imports has helped ease some of the pressure on already-strained global energy markets. But Beijing’s current strategy appears less about weakening demand and more about caution amid the Iran war and the growing risks surrounding Middle Eastern supply routes. Chinese buyers have been drawing down inventories, slowing […]