Oil & Gas








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North America

Crude Oil

Representative of Elliott's affiliate says that holders of Venezuelan bonds have secured a payment pact.

A representative of bondholders in the United States told a U.S. Court on Monday that holders of a Venezuelan defaulted bond had reached an agreement for a preliminarily settlement with Amber Energy. This was part of the raised bid submitted by Elliott Investment Management to buy the parent company of U.S. refiner Citgo Petroleum this month. Recently, the court auctioned shares saw improved bids from hedge funds Elliott and Vitol affiliates. This was despite the officer who oversaw the bidding round recommending a separate $7.4 billion offer by a Toronto-listed miner Gold Reserve subsidiary. Some creditors and bidders believe that...

Oil & Gas

US Court of appeal grants Argentina's request to halt YPF share sales

The U.S. Court of Appeals granted Argentina's request on Friday to temporarily suspend a judge’s order that the country turn over its 51 percent stake in oil company YPF as partial satisfaction for a $16.1 billion verdict won by two investors. The 2nd U.S. The 2nd U.S. Circuit Court of Appeals, Manhattan, stayed U.S. district judge Loretta Preska’s June 30, 2010 turnover order until Argentina appeals. Argentina warned it could suffer irreparable damage and destabilize its economy if it sold its stake in YPF - the country's biggest energy company. The court of appeal did not give any reasons for...

Oil & Gas Exploration

Pemex preparing Texas refinery for "big block" overhaul, sources claim

Pemex, Mexico's national oil company, is preparing for the "big block" overhaul at its 312,500-barrel-per-day (bpd) Deer Park, Texas, refinery to begin in early October, people familiar with plant operations said on Friday. Sources said that the 270,000 barrel-per-day (bpd) DU-2 crude distillation unit (CDU) at the refinery will be closed for the planned 60-day overhaul. Pemex did not respond to a comment request immediately. DU-2 converts crude oil to feedstocks that are used by most of the other refinery units. The sources say that the fluid catalytic unit (FCCU), the hydrocracking unit producing diesel (HCU) (70,000 bpd), and the...

Oil Storage

Oil gains continue ahead of Trump-Putin Summit

The price of oil rose on Friday, reaching a new one-week peak after U.S. president Donald Trump warned that there would be "consequences", if Russia refused to sign a peace agreement with Ukraine. This sparked concerns over supply. The positive economic data from Japan, one of the world's largest crude importers, also helped to boost sentiment. Brent crude futures rose 16 cents or 0.2% to $67.00 per barrel at (0017 GMT). U.S. West Texas Intermediate Crude Futures rose 14 cents to $64.10, or 0.2%. The focus is on the meeting between Donald Trump and Russian President Vladimir Putin, which will...

Fossil Fuels

Citgo Petroleum returns to profitability in the second quarter

Citgo Petroleum, a U.S. refiner owned by Venezuela, reported a net profit of $100 million for the second quarter, compared to a loss of $25 million during the same period last year. The company ended the quarter with 2.6 billion dollars in liquid assets, the company said on Thursday. Before its second quarter results, the Houston-based refiner recorded two consecutive quarters with losses due to weak margins. PDV Holdings is the parent company. is being auctioned The seventh largest U.S. refiner, which processes an average of 858, 000 barrels of crude oil per day, increased its processing from 833,000 barrels...

Crude Oil

Sources say that India BPCL has bought 10 million barrels US oil through a five-month tender.

Two people familiar with the matter have confirmed that India's Bharat Oil Corp, a state-run company, has awarded a 5-month tender to European trader Glencore for 10 million barrels U.S. crude oil. This is helping India to strengthen its energy relations with Washington. India, which is the third largest oil importer in the world, has increased its imports of US crude oil as the negotiations for a bilateral agreement continue. Sources said that Glencore would deliver 2,000,000 barrels of WTI Midland Crude per month to the Indian refiner from November through March. This is double the volume BPCL had imported...

Energy Markets

Oil drops as IEA increases supply forecast and investors wait for US-Russian meeting

The oil prices dropped on Wednesday, after the IEA stated that supply has surpassed demand in this year. Investors were awaiting Friday's meeting of U.S. president Donald Trump with Russian President Vladimir Putin. Brent crude futures dropped 45 cents or 0.7% to $65.67 per barrel at 0831 GMT. U.S. West Texas Intermediate Crude futures were down 53 cents or 0.8%, at $62.64. On Tuesday, both contracts were settled at lower prices. Trump and Putin will meet in Alaska this Friday to discuss ending Russia’s war in Ukraine that has shaken the oil markets since 2022. In a recent note, PVM...

Oil & Gas

Report on the oil industry shows that US demand is slowing down

After falling the previous day, oil prices were unchanged on Wednesday. An industry report revealed that U.S. crude stocks grew last week, indicating the end of summer's seasonal demand is approaching. Brent crude futures rose 3 cents, to 66.15 per barrel at 0102 GMT. They had fallen 0.8% the previous session. U.S. West Texas Intermediate Crude Futures dropped 3 cents to 63.14, after a 1.2% decline. Market sources cited Tuesday figures from the American Petroleum Institute to report that crude oil inventories in the U.S. - the world's largest oil consumer - rose by 1,52 million barrels during the past...

Oil & Gas Exploration

Bloomberg News reported that Cenovus was in talks with Canadian Indigenous groups about MEG Energy.

Bloomberg News reported that Cenovus Energy was in discussions with Indigenous groups to buy MEG Energy together. The report cited people who were familiar with the talks. The report stated that a group of First Nations communities, including Chipewyan Prairie First Nation (Chipewyan Prairie First Nation) and Heart Lake First Nation (Heart Lake First Nation), are in discussions with Cenovus to take a C$2 Billion ($1,45 Billion) stake in MEG. Bloomberg reported that the Indigenous stake would receive financial support from both the federal government and the provincial government, with Cenovus bidding for the remainder. MEG Energy shares were up...

Refined Products

Oil prices drop as the market awaits EIA Report

The oil prices fell on Tuesday, as traders awaited a short-term outlook report from the U.S. Government following a bullish OPEC report on supply and demand. Brent crude futures fell 20 cents or 0.3% to $66.43 per barrel at 10:36 AM CDT (1536 GMT). U.S. West Texas Intermediate Crude Futures fell by 39 cents or 0.61% to $63.51. Phil Flynn is a senior analyst with Price Futures Group. He said, "We are still in a range as we await the Energy Information Administration's report this morning." Flynn stated that traders were waiting to see if EIA's report would match up...

Oil & Gas

Braskem US assets may face resistance from potential buyers

Three people familiar with the talks said that groups vying to control Brazilian petrochemical company Braskem would likely resist any sale of its U.S.-based assets. Brazilian chemical company Unipar has been in discussions to buy Braskem's plants in Texas and Pennsylvania for $1 billion. This was reported by the Brazilian newspaper O Globo on Thursday. Braskem confirmed to Unipar on Friday that they are discussing the sale unspecified Braskem properties. On Friday, Braskem shares rose about 3% while Unipar's shares jumped nearly 9% at the Sao Paulo Stock Exchange. Sources, who spoke on condition of anonymity, said that neither party...

Fossil Fuels

Kepler, a Brazilian silo manufacturer, reports weak results and looks to Argentina for growth

Kepler Weber, a maker of silos, posted lower quarterly results due to a weaker operational scenario in Brazil. However executives expressed optimism about the company's growth in Argentina. High interest rates and low grains prices have hurt Brazil's business prospects and profitability, but CEO Bernardo Nogueira says Argentina is a new avenue for growth as the economy and inflation in Argentina improve. Nogueira stated that the situation in Brazil was "dismal" as farmers had produced a record-breaking soy crop, which has pushed prices down globally. Brazil is one of the largest producers and exporters of corn, among other staple foods....

Europe

Oil & Gas

Barter has returned to Russia, as a Chinese company attempts to resolve settlement issues

Bartering is returning to Russia for the first since the chaos in the 1990s. Settlement problems caused by the conflict in Ukraine forced one Chinese company, at least, to exchange engines for steel and aluminum alloys. The economic and political chaos that followed the collapse of the Soviet Union in 1991, was a result of spiraling inflation and chronic funding shortages. This forced businesses across the country to accept payment in kind. The barter system, however, caused even more economic chaos as a vast network of contingent deals was set up to buy everything from flour and sugar to electricity...

Oil & Gas

US adviser Navarro: India's Russian crude oil purchases must stop

Peter Navarro, White House's trade adviser, said that India's purchases were funding the war in Ukraine by Moscow and must stop. He added that New Delhi is "now cozying up with both Russia and China." Navarro, in a recent opinion piece, wrote: "If India wishes to be treated like a strategic partner by the U.S. it must act as such." Published by: Financial Times. India's Foreign Ministry said that the country was unfairly singled-out for purchasing Russian oil, while the United States continues to buy goods from Russia. U.S. president Donald Trump imposed an additional 25% tariff on Indian products...

Crude Oil

Oil prices are down after Trump-Putin Alaska Meeting

The oil markets will open with a muted reaction on Sunday following the meeting between U.S. president Donald Trump and Russian leader Vladimir Putin in Alaska. Trump stated that a full-fledged ceasefire was not his goal for Ukraine, but rather a peace agreement. Trump said that he and Putin agreed to go directly to a settlement, not through a ceasefire as Ukraine, Europe, and the U.S. have demanded. Trump announced that he would not impose tariffs on nations such as China who buy Russian oil after his meeting with Putin. Trump has threatened to impose sanctions against Moscow as well...

Western Europe

North Asia

Oil & Gas

Hungarian opposition leader asks Russia to refrain from interfering

Peter Magyar, the leader of Hungary's opposition party, has asked Russia to refrain from interfering in its politics. He said that there was no way for meaningful co-operation without respecting his country's sovereignty. The Russian Foreign Intelligence Service published a statement earlier this week in which it described Magyars as loyal to the "globalist elites", and claimed that the European Commission is considering "regime changes in Budapest." Magyar's Tisza Party, which is ahead of Prime Minister Viktor Orban’s Fidesz at the polls in the majority of polls before the parliamentary elections next spring, has published an open-letter to Russia's ambassador...

Fossil Fuels

Trump said it would be up to Ukraine decide on territorial swaps

U.S. president Donald Trump said that he would not be negotiating on behalf of Ukraine during his meeting with Russian President Vladimir Putin last Friday and would allow Kyiv to decide whether it would engage in territorial exchanges with Russia. Trump stated that his goal was for the two sides of the conflict to begin a dialogue, and any territorial swaps would be discussed at this time. "They will be discussed but I have to let Ukraine decide, and I believe they will make the right decision." "I'm not here for Ukraine to negotiate, I'm there to get them to...

Fossil Fuels

IEA increases 2025 oil forecast following OPEC+ decision to increase output

The International Energy Agency raised its forecast on oil supply growth for this year after a decision was made by the OPEC+ group of producers to increase production. It also lowered its forecast on demand due to a lacklustre level of demand in the major economies. In a report published monthly, the IEA, an agency that advises industrialised nations, said it expects global oil production to increase by 2.5 million barrels a day (bpd). This is up from 2.1million bpd, as previously predicted. The Paris-based agency predicted that the world's oil demand would rise by 680,000 barrels per day (bpd)...

Oil & Gas

Reliance is likely to return to Middle East oil in the event that Russian supplies dry up

Reliance Industries will likely return to its Middle Eastern oil sources if India succumbs to the pressure of U.S. president Donald Trump, who wants to reduce Russian imports. India is being heavily pressured by Washington to cut off its energy ties with Russia after Moscow invaded Ukraine in 2022. Reliance, India's largest buyer, operates at Jamnagar, Gujarat, the world's most advanced refining facility. It can process 1.4 million barrels of oil per day. Due to their geographic proximity, Reliance will likely switch to Middle Eastern crude suppliers if they stop buying Russian crude. Anh Pham is a senior analyst with...

Fossil Fuels

Trump's trade war may seem to be going well, but there are still obstacles.

The U.S. president Donald Trump seems to be winning his trade war, which he launched after returning to the White House, in January. He has imposed double-digit tariffs on almost all imports and reduced the trade deficit. There are still many obstacles to overcome, such as whether U.S. trade partners will fulfill their commitments for investment and purchases of goods, whether tariffs will increase inflation or slow demand and growth and whether courts will allow him to continue with his ad hoc levies. On the day of the inauguration, U.S. tariffs were effective at around 2.5%. Since then, it has...

Crude Oil

Sources say that Russia's Lukoil has set up a new oil-trading arm in Dubai.

Four sources familiar with this matter have confirmed that Litasco Middle East DMCC (LME), a trading division of Russia's Lukoil is moving its business to a newly created entity based in Dubai, as Western powers tighten their sanctions on Russian energy exports. Last month, Britain included LME on its list of sanctions against Russia. The European Union did not sanction LME but listed Litasco’s Dubai-based shipping company, Eiger Shipping DMCC in its 18th package of sanctions against Russia. Alghaf Marine DMCC was the first entity to be registered in Dubai for shipping. It was incorporated on December 31st, 2024. According...

Oil & Gas

Indian state refiners pause Russian oil purchases, sources say

Industry sources claim that Indian refineries have stopped purchasing Russian oil over the last week, as discounts are shrinking this month. Also, President Donald Trump has warned Americans against buying oil from Moscow. India, which is the third largest oil importer in the world, is the top buyer of Russian crude shipped by sea. Four sources familiar with the refiners’ plans to purchase Russian crude have told us that the country's state-owned refiners, Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum Corp. and Mangalore Refinery Petrochemical Ltd., have not purchased Russian crude for the last week or so. IOC, BPCL...

Refined Products

Panel of OPEC+ stresses the need to comply with all output limits

A panel of OPEC+ members on Monday emphasized the importance of full compliance with oil production agreements, in advance of Sunday's separate meeting of eight OPEC+ member countries to decide whether or not to increase oil output for September. Online, the Joint Ministerial Monitoring Committee (JMMC), which is composed of top energy ministers of the Organization of the Petroleum Exporting Countries, as well as their allies, led by Russia convened for a brief discussion. The JMMC is a two-monthly meeting that has the authority to call a full OPEC+ meeting to discuss market developments if necessary. In a press release...

Fossil Fuels

Sources say that Russia is set to tighten up its gasoline export restrictions in the near future.

Three industry sources who are familiar with the plans said on Thursday that Russia will introduce a stricter gasoline export prohibition, including for fuel manufacturers, in the next few days to combat rising prices. At the moment, only a small percentage of gasoline exported by resellers is restricted, but oil companies can still sell fuel overseas. "The ban has been decided." "For now, the ban is only for August and September," said one source. According to another source, the ban may be announced as early as Monday. Sources said that the restrictions would not apply to supplies to the Moscow...

Refined Products

New EU Russia curbs could increase Indian oil refiners’ reliance on traders

After the latest round European Union sanctions, Indian private refiners who have used cheap Russian crude in order to boost their margins will need to find ways to work around it and depend more on traders for finding new markets for products. In recent years, refiners like Reliance Industries or Nayara Energy have benefitted from the pressure that sanctions imposed on Russia's crude oil prices due to its invasion in Ukraine. Many of these refiners have exported their refined products to European buyers. In its 18th package against Russia, which was approved on Friday by the European Union, it banned...

Fossil Fuels

Bessent: US will not rush trade deals before August deadline. We will speak with China.

Scott Bessent, U.S. Treasury secretary, said that the Trump administration was more concerned about the quality of trade deals than their timing. The deadline to secure a deal by August 1 or face steep tariffs is approaching. Bessent said in an interview with CNBC that "we're not going rush to do deals just for the sake doing them." Bessent responded that the decision would be made by Donald Trump, U.S. president. "We'll wait and see what the President wants to do." "But again, if somehow we boomerang to the August 1, tariff, I'd think that a high tariff level would...

Fossil Fuels

Fico, the Prime Minister of Slovakia, says that Slovakia will allow new EU sanctions against Russia to be approved on Friday.

Robert Fico, the Prime Minister of Slovakia, said that Slovakia would stop blocking approval of the 18th set of sanctions by the European Union against Russia this Friday. Fico said that the Slovakia has achieved all it can at this stage, after repeatedly blocking the EU approval of sanctions to demand guarantees for damages it fears will result from a separate EU Plan to stop all gas imports to Russia by 2028. Fico stated in a Facebook video that it would be counterproductive at this point to continue blocking the 18th package of sanctions tomorrow. EU diplomats have confirmed that...