Fossil Fuels

VaroPreem Chief Executive Dev Sanyal stated on Wednesday that Europe must consider oil refining as "critical". He is preparing for further consolidation in a industry battered by decades-long closures and increased competition from newer foreign plants. Europe closed dozens of refineries over the last 30 years due to a decline in oil production and older plants struggling to compete with newer facilities in China and India. The energy company's boss said that the continent couldn't afford to lose more capacity. He was speaking on the sidelines of the World Economic Forum, which took place in Davos, Switzerland. The entire European...

Four sources with knowledge of the matter have confirmed that India's Reliance industries Ltd, the operator of the largest refinery in the world, will'receive' sanctions-compliant Russian crude oil between February and March, after a one month pause. Reliance received its last shipment of Russian crude in December, after it secured a U.S. concession allowing it to extend the deadline for ending business with Rosneft (a Russian oil company sanctioned by the U.S. government) beyond November 21. Sources said that Reliance, like other Indian refiners will purchase Russian oil from non sanctioned sellers. They did not elaborate on how many cargoes...

Saudi Arabia's National Infrastructure Fund and Humain - the artificial intelligence company of the Kingdom - announced on Wednesday that they had reached a financing deal of up to $1.2 billion. The agreement is intended to'support the expansion' of AI and digital technology in the country. According to a press release, the agreement sets out non-binding terms of financing for the development up to 250 Megawatts of AI data centre capacity to support Humain’s customers. It was announced in Davos, Switzerland. As part of an 'overall effort' to diversify economic activity and income sources away from hydrocarbons, the world's largest...

Delcy Rodriguez, Venezuela's interim President, said that Caracas had received $300 million in 'oil sales', the first proceeds of Donald Trump's announced 50-million barrel oil supply agreement with Caracas. This follows the capture earlier this month of President Nicolas Maduro. Trump announced separately on Tuesday that his country has taken 50 million barrels of oil out of Venezuela and is selling some of it to the open market. However, shipping records show the volume hasn't yet been exported. Last week, it was reported that the Venezuelan government had notified four banks that $300 million in oil revenue would be deposited...

On Tuesday, Australian shares recorded their worst session for over a week as rate hike fears shook heavyweight financials. Meanwhile, miners dropped after BHP warned that long-running negotiations with China's largest iron ore buyer are putting pressure on prices. The S&P/ASX 200 index closed at 8,815.90, a 0.7% decline. This is the steepest drop in a single day since December 15, 2025. Financials dropped by 1.1%. The four largest banks declined between 0.9% and 1.8%. According to Philip Pepe?, senior equities analysts at Shaw and Partners, the sector is losing momentum as investors are rotating out. He said that lower...

The oil prices fell on Monday, after increasing during the previous session. Civil unrest in Iran has subsided and the likelihood of an attack by the United States to disrupt the Middle Eastern major's supply has decreased. Brent crude traded at $63.85 per barrel at 0734 GMT. This is a?28-cents-or-0.44% decrease. U.S. West Texas Intermediate fell 36 cents or 0.61% to $59.08 per barrel. The contract expires Tuesday, and the March contract, which is more active, was $59.10 down 24 cents or 0.40%. The unrest was quelled by the violent crackdown in Iran on protests sparked by economic hardship. Officials...

Suzanne Clark, CEO of the U.S. Chamber of Commerce, spoke in a dimly-lit ballroom Thursday. She urged executives to "be fearless" when defending free markets against government control. The U.S. should remain "open to all, to the global exchange of ideas, goods, talent, and innovation." Comments by the president of the largest U.S.-based business lobby could be interpreted as a mild 'pushback' against President Donald Trump who has been more involved in business than any other U.S. leader. He has ordered the U.S. government to invest in tech companies, claimed 'control' over corporate equity structures, imposed tariffs and advanced immigration...

Two financial sources and a market analyst reported that four Venezuelan banks received a notification this week from the country's government that it would split $300 million in oil revenue deposited into an account in Qatar. This will allow them to sell dollars for Venezuelan companies who need foreign currency to pay materials. The U.S. seizes Venezuelan oil tanks and hits the country's main revenue stream. Venezuelan companies that need to import raw materials are forced to exchange their local bolivars, which they have earned through oil sales or transactions with foreign credit cards in the country, for dollars held...

Two financial sources and a market analyst reported that four Venezuelan 'banks' were informed this week that they would split $300 million of oil revenue deposited on a Qatari account. This will allow them to sell dollars to Venezuelan companies who need foreign currency to pay for material. This injection of foreign money comes after the U.S. seizes Venezuelan oil tanks and hits the country's main revenue stream. Venezuelan companies that need to import raw materials are forced to convert their local?bolivars into dollars, which the central bank holds. These dollars were generated through oil sales and transactions with foreign...

Bloomberg News reported on Friday that Swiss commodity trading group Mercuria had a profit last year of $1.3 billion, despite paying almost no taxes. Bloomberg, citing its accounts, reported that the company had reported taxation of $ 1?million? on its profit of $1.31?billion, which is an effective tax of 0.08%. Bloomberg, citing sources, reported that Mercuria, which is privately held, does not publish its results, but it recently shared its accounts for the year ending in September with lenders. Bloomberg reports that the company will prepare separate results for its calendar year ending in December. It will then finalize these...

Vitali Klitschko, the mayor of Kyiv in Ukraine's capital, said that Kyiv only has half the electricity it needs as it is facing its worst?wartime energy crises following waves of?Russian attacks against its infrastructure. Klitschko stated that Kyiv is one of the largest cities in Eastern Europe and requires 1,700 Megawatts per day of electricity to run its services. Klitschko stated that the current energy crisis is the greatest challenge facing the capital since the Russian invasion of February 2022. In an interview at his office in the heart of Kyiv, Klitschko said, "This is the first time ever in...

US officials have announced that the United States has taken another Venezuelan-linked tanker. Officials told reporters on Thursday that the United States had seized another Venezuela-linked tanker, before a meeting with?U.S. Donald Trump and Venezuelan Opposition Leader Maria Corina Machado. The seizure marks the sixth vessel that has been targeted in the last few weeks, either for carrying Venezuelan oil in its cargo or having done so previously. Officials, who spoke on condition of anonymity said that the seizure occurred in the Caribbean. Southern Command of the U.S. Military confirmed that U.S. Forces apprehended Motor/Tanker Veronica without incident. The Veronica...

Sources in the industry said that Trafigura sold its first cargo of Venezuelan crude oil as part of a 50 million barrel supply agreement between Caracas, Washington and Spain. The shipment was taken by Spanish refiner Repsol. Two sources confirmed that the cargo will be delivered in Spain to Repsol in February. Trafigura did not respond immediately to a comment request. Repsol refused to comment. This deal marks the first time that Venezuelan oil has been sold to Europe since the United States seized?the South American nation's leader earlier this month, and struck agreements with Caracas for the export of...

Indian refiners have redrawn their crude import strategies in order to move away from top supplier Russia, and increase imports from the Middle East. This could?help New Delhi to clinch a deal with the United States for lower tariffs. India became the largest buyer of discounted Russian crude oil after the outbreak of the Ukraine war in 2022. However, the trade was met with a backlash by Western nations who targeted Russia's energy industry with sanctions. Middle East producers are keeping global markets well-supplied with the help of higher production quotas set by the Organization of the Petroleum Exporting Countries....

Indian refiners are changing their crude import strategies in order to move away from Russia, the top supplier of crude oil. They will instead 'boost' imports from the Middle East. This could help New Delhi clinch a deal with the United States for lower tariffs. India was the largest buyer of discounted Russian crude oil after the outbreak of the Ukraine war in 2022. However, the trade brought backlash from Western nations who targeted Russia's energy industry with sanctions because they claimed that oil revenues helped it fund the conflict. As Middle?East producers keep global markets well supplied, prices are...

The latest trade war and foreign policy salvos from Donald Trump are upsetting the global markets. But the question is if these ructions escalate or fade, as they did in the past 12 months. It is more likely that the latter, but it is clear that investors struggle to price the fundamental shifts in geopolitical plates. The changes that have already occurred in 2026 will be truly astounding. The Trump?administration appears to have?removed Venezuela's leader and is now the Latin American nation's defacto ruler. The threat of an American response is still present after a violent crackdown in Iran on...

The latest trade war and foreign policy salvos from Donald Trump are upsetting the global markets. But the question is if these ructions escalate or disappear, like they did in the past 12 months. It is more likely that the latter scenario, but it is clear that investors struggle to accurately price the fundamental shifts of the geopolitical plates. The changes that have already occurred in 2026 will be truly astounding. The Trump administration removed Venezuela's leader, and it appears that he is now the de facto ruler of the Latin American nation. The threat of an American response is...

Petroperu workers in Peru launched a 72 hour strike on Monday to protest the plan to privatize a part of the firm. The company claimed that operations were normal and the government declared the walkout illegal. Jose Luis Saavedra is the general secretary of the union of administrative workers. He said that at least 30% of their 2,200 unionized employees had taken part in the strike on Monday. Saavedra said by phone that "the speed at which the government wants privatize Petroperu" is shocking. Petroperu, however, said that its facilities were all operating normally. It also guaranteed that fuel supplies...

Chile has delayed its goal to reach a peak annual copper production of 6 million metric tonnes by several years, and cut a significant portion of its estimates for upcoming years. The report, released by the state-run Cochilco on Monday, was a result of falling ore grades, and changes to the mining plans. Andean countries, which are the largest producers of metal in the world, have made adjustments in their mining plans. Cochilco stated that in its 2025-2034 forecast, Chile's copper production is expected to reach 5.86 million tons by 2034 after reaching a high of 6.06 million tons the...

Coal India, which is focused on coking coal, has been scouting for partnership opportunities to mine rare-earth metals in?Australia and Russia as well as Argentina, Chile, and several African nations, said a senior?executive from its unit. This move follows China's decision to restrict exports of rare-earth materials late last year. The restrictions threaten operations in industries such as autos and electronics, which rely on these?critical minerals. "In our own country as well as in other countries, we will?invest. We are going explore. We are also working with other companies to find rare earth metals. Manoj Kumar Agarwal, Chairman and Managing...

This week, Venezuelan crude was offered to the?U.S. Gulf Coast refiners are getting barrels from Canada at a premium, according to two traders. A trader said that Venezuelan Merey-16 crude oil was being offered at a discount around $6 to Brent futures for U.S. Gulf Coast deliveries earlier this week. West Canadian Select settled at Houston on Tuesday at a discount of approximately $12.50 to Brent. Last week, global commodities?traders Vitol & Trafigura reached agreements with the U.S. government to help sell Venezuelan oil that was stranded. This came after the interim Venezuelan government agreed to export 50 million barrels...

A person with knowledge of the matter said that Brazilian billionaire Joesley Batista had met with Venezuela's interim president Delcy Rodriguez before and after he met with U.S. government officials. He reassured them, according to a source familiar with the situation, that she seemed ready to allow investment in her country's oil and natural gas industry. Source: The Batista's family energy firm Fluxus is evaluating Venezuelan business opportunities. They have consolidated South American assets ever since they acquired it in 2023. Fluxus, Batista and the holding company J&F have declined to comment. The billionaire's?shuttle diplomatics, whose meatpacker JBS is a...

Magda Chambriard, the CEO of Brazil's state oil company Petrobras, announced on Tuesday that it has been producing one million barrels per day since Friday at its offshore Tupi Field. The Petrobras' effort to boost production at the declining oilfield, which was once Brazil's largest, led to the achievement. Chambriard stated, "It's the rescue of an important symbol for Brazil." She said in a statement that Petrobras has two giant oil fields, Tupi and Buzios, which have the potential to produce more than '1 million bpd. Both fields are located in Brazil's presalt Santos Basin, off the coasts of Rio...

The Venezuelan parties in the?court ordered auction of Citgo Petroleum's parent company have asked a U.S. The board of supervisors of the refinery said that a court of appeals should vacate the ruling of a 'judge' who ordered the sale to an affiliate of Elliott Investment Management. After?two years? of bidding, Delaware Judge Leonard Stark has approved a bid for $5.9bn from Elliott's Amber Energy to purchase Citgo Holding's parent company, PDV Holding. This was after?two rounds?of bidding in a sale that was organized to pay creditors up to $19bn?for debt defaults?and expropriations?in Venezuela. The sale order triggered opposition by...