Fossil Fuels

The Iranian Foreign Ministry spokesperson confirmed that Abbas Araqchi, Iran's Foreign minister, has left?for Muscat in the Omani capital at the head of a diplomatic delegation for nuclear talks to be held with the U.S. on Friday. Officials from both sides confirmed that the U.S. has agreed to hold talks with Iran in Oman this Friday. However, they are still at odds over Washington's demand that Tehran's arsenal of missiles be included in negotiations and Iran's refusal to talk about anything but its nuclear program. Esmail Baghaei, the Iranian spokesperson, said on Thursday that Iran will engage in talks with...

The Italian tyremaker Pirelli has said that it opposes any spin-off of its 'cyber tyre' activities. This was in response to a proposal put forward by Sinochem, a Chinese shareholder, to settle a governance issue. Directors are against "any project or initiative that might lead to any form of compartmentalization, separation and/or segregation, even only partially, and of any nature," ?Pirelli said in a statement. It added that the board supported the position by a vote of 9-5, with five directors appointed in China voting against. Sinochem, a Beijing-controlled company, is the largest shareholder in Pirelli with a stake of...

Chevron Corp announced Thursday that it will be making senior leadership changes in 2026. Several long-serving executives are retiring and internal candidates will step into key roles across strategy, business development, and trading. The U.S. major oil company continues to integrate Hess' assets as it navigates a volatile market characterized by?fluctuating oil prices?, increasing capital discipline?and increased investor focus?on returns?. Frank Mount, the president of corporate business development at Chevron, will retire after 33 years in November. Jake Spiering will succeed him in August 1. He is currently the director of investor relations. Jeanine Wai has been appointed director of...

India and the U.S. are expected to sign a "formal" trade agreement in March. After that, New Delhi will lower tariffs on U.S. products, said Trade Minister Piyush Goyal on Thursday. This was the first official timeline of the adoption of the deal. Washington will then reduce the duty on Indian exports from 50% to 18% within a few days. Goyal stated that India will purchase about $500 billion worth of U.S. products over the next five years. This includes $70-80 billion of Boeing aircraft. In the deal announced Monday, U.S. President Donald Trump reduced U.S. Tariffs on Indian Goods...

A spokesperson for the Indian Foreign Ministry said that India would be willing to buy oil from Venezuela and other countries, depending on their commercial viability. "There's a long history of engagement with Venezuela." We have had a longstanding energy partnership, and are open to exploring the availability of crude oil in Venezuela and elsewhere, based on its commercial viability. Last week, U.S. president Donald?Trump agreed to lower tariffs on Indian products to 18% from 50% as part a broader trade deal Narendra Modi, he claimed, 'assured him that South Asia will stop buying Russian oil. Trump said that India...

Investors were rushing to lock in record oil prices in January, amid fears about Iranian crude supplies and Venezuelan barrels headed to the U.S. Gulf Coast. By locking in an oil price, hedging can reduce the risk for producers and protect their production from sudden changes in the market. It also gives traders the opportunity to profit during times of market volatility. Investors traded an unprecedented number of WTI contracts at Houston, which is a benchmark price for?exported U.S. Crude, on the Intercontinental Exchange, according to?exchange statistics. 1.9 million WTI contracts were traded last month. On January 30, 2026 traders...

The oil prices rose by about 3% Wednesday after a report in the media suggested that planned talks between?Iran and the United States?on Friday might collapse. Brent futures closed $2.13 higher, or 3.16% more, at $69.46 per barrel. U.S. West Texas Intermediate crude (WTI), however, gained $1.93 or 3.05% to $65.14. Axios, citing Axios on Wednesday, reported that the U.S. had rejected Iran's demand to move the location of Friday's planned talks. The price of both crude benchmarks has been a roller coaster ride this week, as news of the talks between the U.S. If a hot conflict breaks out...

Suncor Energy, a Canadian oil sands company, will present to the market options for long-term supply of bitumen this spring. This was announced by the chief executive on Wednesday. Rich Kruger, speaking to analysts in a conference call, said that the bitumen question would be one of the main themes of the new long-term strategy the company will unveil on March 31. Kruger stated, "We need to make it bold, ambitious, compelling and clear to maintain your interest and support." Suncor, based in Calgary, has spent years researching options to ensure the supply of oil sands to its Base Plant...

Alexei Zabotkin, First Deputy Governor of the Central Bank, said that the outlook for Russian exports in the first quarter of 2026 will be more difficult than it was last year. This will have a negative impact on the federal budget. A?source near the government said earlier that the Russian budget deficit would be nearly three times higher than the official target at the end of 2026 due to falling Indian purchases?of Russian oil, and the widening of trade discounts. "The situation for our exports continues be challenging." Zabotkin, a RBC radio host, said that the situation is likely to...

Italian nuclear startup newcleo announced on Wednesday that it had raised 75 million euros ($88.60) in a new funding round with contributions from new investors including Italian iron and steel group Danieli and Cementir Holding. The company has raised more than 105 million euro in the last 12 months. Total funding since the?2021 foundation is 645 million euros. This funding will help strengthen our research and technology infrastructure in Europe and accelerate our expansion into the United States, said newcleo CEO Stefano Buono in a press release. Buono said recently that the developer?of small modular reactors? aimed to capitalize on...

India's trade ministry said Wednesday that the country aims to diversify energy sources in light of changing global circumstances. This comes two days after the U.S. Tariffs were lowered on Indian goods as New Delhi agreed to stop buying Russian oil. Donald Trump, the U.S. president, announced on Monday a deal to reduce tariffs from 50% to 18%. He said India will instead purchase oil from the U.S., and possibly Venezuela. In his first speech to the Parliament on the trade agreement, Trade Minister Piyush Ghoyal did not mention specifically that energy purchases would be shifted away from any particular...

Ivanhoe Mines is in advanced discussions with Congo's Gecamines state miner and Swiss commodities trader Mercuria about channeling zinc-rich concentrates from its giant Kipushi mining to the United States, under Washington's newly developed strategic stockpiling program Project Vault. The deal is part of a larger agreement between the U.S., and the Democratic Republic of Congo in the area of minerals. Washington is intensifying its battle with China for control of Africa's vast mineral deposits. Project Vault, a $12 billion supply chain security programme launched by the U.S. on Monday and backed by private capital of $1.67 billion and a U.S....

Venezuelan economic adviser Calixto Ortega stated on Wednesday that the country wants to be recognized as having one of the world's highest levels of oil production, not just the largest reserves. "We know the reference to Venezuela is that it is the country with the largest oil reserves. "We want to be known as a country with high oil production levels," Ortega said during the World Government Summit held in Dubai. Official data shows that Venezuela has the 'largest estimated oil reserves in the world. However, its crude production remains at only a fraction of its capacity because of decades...

The U.S. Embassy in Cuba has warned Americans that they are being denied entry to the country because of a recent spike in protests sponsored by the government against Washington. The report also warned that power outages and fuel shortages could cause "significant disruptions" for?American citizens in Cuba. Why it's important Washington has been blocking oil from Venezuela and other allies from reaching Cuba in recent weeks. This is causing food prices to rise and transportation costs to increase. It also causes fuel shortages, which can lead hours of blackouts. KEY QUOTES The U.S. Embassy warned on its website to...

A U.S. official announced on Tuesday that the United States had returned to Venezuela all $500 million of its initial oil sale, which was part of an 'agreement' reached between Washington and Caracas last month. An anonymous official confirmed that the last $200 million of the sale had been sent to Venezuela. The deal was made after Venezuelan President Nicolas Maduro, who was captured by a U.S. army operation on January 3, came to be. The official stated that Venezuela has received the full $500 million of the first Venezuelan oil sales. The official added that money will be "disbursed...

Marathon Petroleum bought two cargoes Venezuelan crude oil at the end of January, and executives expect their refineries to process more heavy grades. Refiners in the United States are expected to gain from President Donald Trump’s efforts to increase output in Venezuela, and to rebuild the country's deteriorating oil sector after the capture of Nicolas Maduro last month. Since Washington and Caracas met, Venezuelan crude oil exports have risen. Deal worth $2 Billion Last month, U.S. Gulf Coast Complex Refineries The U.S. produces heavy sour oil, but Venezuela's is more suitable for processing. Maryann Mannen, CEO of Marathon Oil, said:...

Two sources in the refining industry said that Indian refiners were not told by the government to stop purchasing Russian oil. They would require a period of wind-down to complete any purchases already in progress. The U.S. president?Donald? Trump announced on Monday a trade deal with Indian Prime Minister Narendra Modi, which included the halting of oil purchases by India from Russia. However, there were no details as to how or when these purchases would cease. Sources said that while India has slowed its Russian oil purchases refineries have already reserved cargoes for February loading and arrival in March. They...

Venezuelan workers and retirees of the state-owned oil company PDVSA hope that oil-industry Reforms sparked by U.S. Intervention last month will increase their purchasing power, as they are losing out on wages and pensions. But?their faith is measured. Some PDVSA retirees and employees in the Maracaibo oil center in Zulia have said that they expect a turnaround to make their pensions, wages and jobs more secure. "Those who remain here are doing so because they love their work." "We've been waiting for many years to see the oil we produce better compensated," said a manager at?PDVSA with over 20 years...

On Sunday, the United States accused Cuba of interfering in the work of their top diplomat at Havana after small groups of Cubans laughed at him outside the capital during meetings with residents and church representatives. On social media, the State Department accused Cuba of using "failed intimidation techniques" and demanded that Havana cease "sending individuals who interfere with diplomatic work of the United States." Charge d'Affaires Mike Hammer. The tension between the two long-time enemies has increased after U.S. president Donald Trump declared Cuba an "unusual and extraordinary threat" against the national security of the United States and announced...

Pope Leo expressed his concern about the rising tensions between Cuba and the United States on Sunday, and called for a "sincere and effective dialog" to prevent violence and further suffering of the Cuban people. Last week, U.S. president Donald Trump announced that tariffs would be placed on imports of oil from countries that provide Cuba. This is a way to increase the pressure?on Washington's old enemy after ousting Venezuelan leader Nicolas Maduro in January, who was a key ally for Cuba. Trump claimed that the tariff threat was necessary to protect the "U.S. National security and foreign policies from...

Three sources with knowledge of the situation said that the United States has informed Delhi it may resume its purchases to replace Russian?oil imports. India promised to cut its Russian crude oil purchases following Washington's tariff hikes on this activity. India is also on track to reduce its Russian oil imports in the next few months by several hundred thousands barrels per day, according to sources who declined to identify themselves. In March 2025, President Donald Trump imposed tariffs of 25% on countries that bought Venezuelan oil, including India. His administration also stepped up its campaign against Venezuelan president Nicolas...

Exxon 'Mobil 'CEO Darren Woods said to analysts on Friday that his company has the technology needed to produce barrels at higher prices from Venezuela. Woods, who had earlier in the month called the South American nation "uninvestable," made remarks at a White House event that drew a criticism from President Donald Trump. He said now he believes the U.S. government is committed to making changes to 'attract and ensure investment. Woods said that he believed the U.S. administration was committed to making changes needed to?attract and secure investment. "If you look at the current focus, it is stabilizing a...

Donald Trump, the U.S. president, threatened new tariffs against countries that supply oil to Cuba on Thursday. This is part of a pressure campaign aimed at the Communist-run island and long-time enemy of the United States. The executive order, which was issued under the national emergency declaration, did not specify tariff rates, nor did it single out any specific countries whose goods could be subject to U.S. duties. Cuba's state media reacted'shortly' after Trump's announcement. They warned that the order could paralyze electrical generation, agricultural production, water supply, and health services in an island already experiencing a crippling financial crisis....

Valero Energy announced on Thursday that it had 'purchased' Venezuelan crude oil from authorized sellers. The company expects this grade to be a major part of the heavy oil diet for its refineries as soon as next month. U.S. refining companies are expected to gain from President Donald Trump’s efforts to increase oil production in Venezuela and to rebuild the country’s deplorable oil sector after the capture of Nicolas Maduro this month. Valero said that it had engaged with all three authorized sellers, and bought barrels from each of them. This was in an email sent to customers on Thursday...