The arrival of the floating platform Alula in Lake Maracaibo marks a new chapter in energy cooperation between China and Venezuela. The project, valued at $1 billion and led by China Concord Resources Corp (CCRC) in partnership with Petróleos de Venezuela (PDVSA), aims to revive production in the Lago Cinco and Lagunillas Lago fields, with a target of 60,000 barrels per day by 2026.
Venezuela’s exports rose to over 966,000 barrels per day (bpd) in August, a nine-month high, according to shipping data quoted by Reuters.
Guyana is heading towards the general elections on September 1, 2025, in a climate of high internal and regional tension.
Exxon Mobil held secret meetings this year with Rosneft, Russia’s largest energy company, to evaluate a potential return to the massive Sakhalin oil and gas project in the Russian Far East. According to sources cited by the Wall Street Journal, the plan would depend on a potential peace agreement in Ukraine and the easing of sanctions against Moscow.
The Canopus Voyager, flagged in the Bahamas, has initiated the resumption of Venezuelan oil shipments to the United States under the current sanctions framework, with a limited load scheduled for August.
PDVSA sign on a water well drilling platform during FICTEC 2018, an International Science and Technology Fair. Photo: @Testing /…
At least three oil tankers chartered by Chevron were reportedly sailing toward Venezuela on Thursday, according to Reuters.
The gradual return of Venezuelan crude to the U.S. market will also impact regional fuel prices. Photograph: Robert Way /…
In a coordinated move against the trade of sanctioned crude, Malaysia has imposed strict regulations on illegal oil transfers in its waters, while Panama has closed its doors to high-risk, aging vessels. Although pressure on the so-called “shadow fleet” is increasing, historical experience shows that such measures often face structural limitations and the constant reinvention of evasion networks.
The Organization of the Petroleum Exporting Countries and its allies (OPEC+), headed by Saudi Arabia and Russia, approved a new crude production increase of 547,000 barrels per day (bpd) this Sunday, effective September. With this move, the coalition finalizes the reversal of the voluntary cuts of 2.2 million barrels per day (mbd) implemented in 2023, completing the process in half the time initially planned.
