The administration of President Donald Trump has issued a license allowing Chevron to produce oil in Venezuela despite existing sanctions, according to sources consulted by The Wall Street Journal.
Chevron has successfully completed its $53 billion acquisition of Hess after winning a legal battle against ExxonMobil.
Chinese refineries posted their highest level of activity since September 2023 in June, processing 15.2 million barrels per day (bpd) of crude oil, up 8.5% from the same month last year. The rebound was due to the end of seasonal spring maintenance and improved refining margins — particularly for diesel — which encouraged plants to ramp up operations ahead of the summer demand peak.
Venezuela’s oil production saw a slight increase in June, according to the Organization of the Petroleum Exporting Countries’ (OPEC) monthly report.
The oil cartel predicts that the world will need nearly 123 million barrels per day in 25 years, driven by developing economies, despite the rise of electric vehicles and renewable energy.
Monómeros is seen by the Colombian Government as a fundamental pillar for agricultural development, food price stability, and regional integration….
The OPEC International Seminar has established itself as the organization’s premier dialogue forum outside of technical and ministerial meetings. Held periodically in Vienna since 2001, this event brings together energy and oil ministers from member and non-member countries, executives from major oil companies, academics, analysts, and representatives of financial institutions. Its purpose is to discuss trends in the energy market, demand evolution, the energy transition, and the role of fossil fuels in a changing world. This year’s edition, the ninth, takes on special relevance amid geopolitical tensions and growing demands to reduce carbon emissions.
US oil company ExxonMobil has returned a portion of the strategic Stabroek Block to the State of Guyana, fulfilling a contractual clause and avoiding areas affected by the territorial dispute with Venezuela. The measure, announced by Guyana’s Ministry of Natural Resources, comes after years of exploration along the Atlantic coast that have transformed Guyana’s economy.
A U.S. court official overseeing the auction of PDV Holdings, the parent company of Citgo Petroleum, has recommended the $7.38 billion bid.
Venezuela’s oil exports rose by 8% in June, reaching an average of 844,000 barrels per day (bpd), driven by a significant increase in shipments to China. The uptick helped offset the country’s loss of access to U.S. and European markets after Washington revoked key licenses.
