Venezuela is closely examining plans to leave Opec, according to people familiar with the matter, delivering a fresh blow to the oil cartel it helped create more than six decades ago. The idea of an exit has been a topic in conversations with US officials, and no final decision has been made, said some of […]
JP Morgan and Santander will lead a fundraising operation for Argentina LNG, Bloomberg has reported, citing unnamed sources who said the total could reach $15 billion. One of these told the publication the companies involved in the project aimed to make a final investment decision by November. The Argentina LNG project is a partnership between […]
Iran has discovered more than 7.5 trillion cubic feet (212.4 billion cubic metres) of natural gas in a field in the southern Fars province, Oil Minister Mohsen Paknejad said on Sunday (August 23), according to state media. The discovery comes as Iran works to repair energy infrastructure damaged during its war with Israel and the […]
The reinstated U.S. blockade on Iranian oil exports is effectively preventing Tehran from exporting oil, making Iran’s oil volumes irrelevant for global oil market balances, Bob McNally, president of Rapidan Energy Group, told CNBC on Thursday. The U.S. brought back the blockade in the Gulf of Oman aimed at preventing Iran from exporting its oil […]
India’s Oil and Natural Gas Corporation has secured a license from the U.S. Office of Foreign Assets Control to return to Venezuela, Indian media have reported. India’s largest oil and gas company has a 40% stake in the San Cristobal oil project and an 11% stake in the Carabobo project but was forced to curb […]
The International Energy Agency on Wednesday projected a larger decline in global oil demand this year than previously estimated as the continued closure of the Strait of Hormuz weighs on consumption. Oil consumption is now forecast to decline by 1.6 million barrels a day in 2026, about 510,000 barrels more than the agency’s prior estimate, […]
Tankers entering the Red Sea to load Saudi oil are signalling Egypt and the Suez Canal as their destinations instead of Saudi ports, as shipping companies try to avoid attacks by Yemen’s Houthi movement. The shift comes after the Iran-backed group announced a blockade of Saudi ports in late July and attacked vessels linked to […]
The Yemeni Houthis have struck Saudi Arabia’s southern province of Najran in the latest flare-up of Middle Eastern hostilities, killing 11 civilians, Reuters has reported, citing a spokesman for the military coalition led by Saudi Arabia that fights the Houthis in Yemen. The news comes on the heels of reports that Iran is considering […]
India’s ONGC is poised to take over operation of two Venezuelan oil projects from state-owned PDVSA, which would give the Indian producer direct operational control over assets of the world’s largest proven crude oil reserves. Reuters exclusively reported Wednesday that ONGC expects to sign new agreements “very soon” under Venezuela’s new petroleum law after years […]
The National Economic Council (NEC) approved the refinancing of the company’s Project Gazelle facility on Monday, allowing NNPC to replace the remaining balance of the original 2023 financing with a new structure that provides additional liquidity on improved terms. Government officials say the arrangement will not only inject fresh capital into the economy […]