United States

Energy Secretary Chris Wright of the United States said that after arriving in Venezuela on Tuesday, the oil companies in the U.S. as well as?other countries will sign deals in Caracas tomorrow that will result in a more-than-doubling in crude production over the next few year. Wright is in Venezuela for a day-long visit, his second trip since U.S. troops seized Venezuelan leader Nicolas Maduro's office in January. Venezuelan oil production peaked at over 3 million barrels a day in the late 90s, but then plummeted due to a lack investment, poor management and U.S. sanction. In recent months, it...

Nvidia may be synonymous with AI, but a group of lesser-known power and cooling equipment providers is also cashing in on the global data center construction boom as developers rush to avoid infrastructure bottlenecks. The energy-hungry data centers have created a surge of demand for equipment from transformers to advanced cooling systems. This has created winners throughout Asia's supply chains, though earlier stock price gains have moderated. McKinsey predicts that data centres will be worth $7 trillion by 2030. Nvidia said last week it expected AI spending to continue for many years. It is getting harder to build data centres...

Treasury Secretary Scott Bessent stated on Tuesday that the United States will likely announce sanctions against a bank in this week as part of its economic campaign against Iran. "We will probably announce a sanction against a bank this week and another the following week." Bessent stated that he was speaking with our allies in the area, who had all expressed their support. The treasury secretary said that the United States was targeting airline leasing companies and other entities who did business with the Islamic?Revolutionary Guard Corps (IRGC) at an event held on the sidelines of a meeting of 20...

The music publishing divisions of Sony Music 'and 'Warner Music sued Anthropic at the federal court in California for allegedly using their copyrighted compositions as a basis to train Claude AI models. Sony and Warner stated in their complaint filed on Friday that Anthropic had pirated hundreds song lyrics and sheet songs from The Beatles to Taylor Swift to Michael Jackson to train Claude to respond to human prompts. This lawsuit is part of a series of similar cases filed by copyright holders, including publishers, authors, music labels, and news outlets, against tech companies for using their work in AI...

Donald Trump has accused U.S. refiners of ripping off Americans. He also called for an investigation by the Justice Department and encouraged companies to use their profits to'reduce gasoline prices, which spiked during the conflict with Iran. He is expected to welcome many of these companies to the White House on Tuesday to celebrate their efforts to maintain a well-supplied market in an effort to manage gasoline prices, which currently average over $4 per gallon. Executives have had to make an unusual calculation because of the timing. According to those familiar with the plans and the timing, companies received the...

SK On, a South Korean battery manufacturer, announced on 'Monday that it had signed a contract to supply U.S. -based NeoVolta Power 9 Gigawatt Hours (GWh), of lithium iron phosphate?battery cells. These will be used in energy storage systems over a five-year period starting 2027. In a press release, SK On said that the pouch-type cells would be manufactured at its factory in Georgia. SK On has not disclosed the value of the deal but industry estimates place it at approximately 1.5 trillion won ($1.09billion). SK On has entered into an agreement to expand its energy storage systems business in...

The Wall Street Journal reported on Saturday that the U.S. Government plans to acquire a 35% passive stake in North American Blue Energy Partners of Venezuelan businessman Alejandro Betancourt, citing "people" involved in the negotiations. The WSJ reported that the U.S. plans to also secure preferential rights for the purchase of 20% of the production costs at the company. The Pentagon's Office of Strategic Capital intends to?structure the investment through penny-warrants that would give the U.S. a?equity ownership in the business? without significant capital investments, according to the WSJ. The report was released just a day after U.S. president Donald...

Sources with knowledge of the negotiations said that Trump administration officials were working on a deal to secure long-term?access to a part?of Venezuela’s crude reserves. This could lower the price of crude imports. Sources said that the agreement, which may be signed soon and made public, will allow the U.S. to lock in a grouping of Venezuelan oilfields that are to be developed by American firms. They added that the U.S. would receive a guaranteed supply. One source said, "This is a real issue and it's being discussed at the highest level of the U.S. government and Venezuelan government." Separately,...

People familiar with the situation said that President Donald 'Trump' is expected to meet next week with U.S. fuel retailers and refiners to discuss efforts to reduce?gasoline costs. His administration is attempting to relieve the pressure on consumers from the Iran War ahead of the midterm elections in November. Trump and his Republican colleagues are facing a high political stakes as they try to protect their narrow majority in Congress. Trump's promise to lower the cost of living in 2024 is under threat as a result of higher gasoline prices and an unpopular war with Iran. Trump's approval ratings have...

The Kremlin reported on Wednesday that U.S. CIA Director John Ratcliffe met with Russian intelligence officials but did not meet Vladimir Putin during a trip to Moscow, which U.S. president Donald Trump referred to as "semi routine." Dmitry Peskov, Kremlin spokesperson, told reporters that Putin was briefed about the outcome of the visit on Tuesday. The visit came at a time when the war in Ukraine is dragging on and efforts to achieve a lasting peace with the United States and Iran are stalled. Peskov refused to reveal what was discussed or provide further details. "All I can say is...

Ryosei Akazawa, Minister of Economy, Trade, and Industry, said that Japan will not release any more crude oil in September or October. He said that the amount of crude oil purchased in September will be about 80% less than the average monthly volume last year. This is because tankers which would normally travel through the Bab el-Mandeb Strait, are now being rerouted to the 'longer Suez route. Akazawa, a Japanese?press officer, said that Japan expects the August purchase to be the same as last year, but the September?volumes are expected to decline. This is because shipments via Suez take 55...

In a filing with the Securities and Exchange Commission, Braskem said that its 'board of directors has approved filing for an out-of-court restructuring in order to negotiate $10.9 billion of unsecured debt. Braskem is Latin America's biggest petrochemical company. It has been struggling with a prolonged slump in the industry and a disaster at its salt mines?in northeastern Brazil. Both of these have severely weakened Braskem's cash position. Three sources, who spoke on condition of anonymity, said that the out-of court?restructuring proposal may include a subsequent share offering. This could pave the way for an external capital increase. Sources said...

Chris Wright, the U.S. Energy Secretary, said that after arriving in Venezuela on Tuesday that the 'deals' that oil companies from the U.S. The oil companies from the United States and other countries will sign deals in Caracas tomorrow that will result in a more-than-doubling of crude oil production over the next few decades. Wright is on a one day trip to Venezuela, the founding OPEC member. This is his second visit since U.S. troops seized Venezuela's Nicolas Maduro as leader in January. Venezuelan oil production peaked at over 3?million barrels a day in the late 1990s, but then?plummeted due...

The dollar gained on Tuesday, as renewed U.S. - Iran hostilities sent the oil prices higher. This fueled?inflation fears and sparked a global 'bond saleoff. After the first direct attack in a week, U.S. president Donald Trump has threatened to strike again against?Iran?. This has pushed oil prices over 2% higher. The yield on the 10-year Treasury note reached its highest level since January 2025. Karl Schamotta is the chief market strategist for Corpay. He said that the dollar was rising as a result of the hostilities between Iran and the U.S., which increased inflation risks and raised the possibility...

Japan's crude oil imports increased by 17% from the previous year in July, as a result of a surge in U.S. Official data released on Monday showed that?shipments, a resurgence in Saudi Arabian purchases and lower supplies from Middle Eastern producers were offset by a rise in?supplies. The Ministry of Trade, Economy and Industry reported that imports increased to 2,38 million barrels a day (11.72 millions kilolitres) for the second consecutive month despite disruptions caused by the U.S./Israeli war against Iran. Imports to?the Middle East dropped 21.4% from July. The United Arab Emirates, Japan's two largest suppliers, and Saudi Arabia...

Sources familiar with the negotiations confirmed on Thursday that officials in the Trump administration are working to reach a long-term agreement to give the United States, which oversees Venezuela's oil exports, access to a part of Venezuela's crude reserves. Sources?said that the agreement, which is expected to be signed and made public soon?, would allow the U.S. Government to lock in?a group Venezuelan oilfields that will be developed by American firms, and that the supply would be?guaranteed for? the U.S. One of the sources stated that "this is real and being discussed on the highest level of the U.S. government...

Asia's crude oil imports in August were still far below levels before the Iran conflict began, which raises questions about how much crude actually leaves the Middle East. According to Kpler's data, the top-importing continent will see arrivals of 23,12 million barrels a day (bpd). This is a slight decrease from July, when 23.36 million bpd was recorded. Imports are also down by almost 4 million barrels per day (or 14%) from the average of 26.91 million barrels per day in the three-month period ending February. The United States and Israel launched an attack on Iran on 28 February, prompting...

Saudi Arabia's crude oil exports rose from a record low of just 3.434 million barrels per day to 3.993 million barrels per days in June. The crude oil production of the country increased from 6.560 to 7.122 millions bpd between May and June. JODI has data on Saudi crude exports and outputs dating back to 2002. Riyadh, and other members of the Organization of Petroleum Exporting countries provide monthly export data for publication on the JODI website. The U.S. and Iran signed a MoU in June that allowed'more vessels to cross the Strait of Hormuz,' according to UBS analyst Giovanni...

The oil prices rose in the early trading on Wednesday. They have risen for a?fourth straight day due to supply uncertainty. Investors weighed contradictory messages from Washington and Tehran on whether or not the 'Strait of Hormuz' is open to ships. Brent crude futures climbed?26 Cents, or 0.29% to $91.28 at 0004 GMT. U.S. West Texas intermediate crude futures rose 37 Cents to $85.31 a bar. The two contracts reached their highest levels since July 24, as the hopes for peace between Iran and the U.S. faded. Donald Trump, the U.S. president, said that no talks are taking place with...

The price of oil rose on Tuesday, as the prospect of a deal to end the Middle East conflict seemed further out of reach. Iran said it would adopt a more aggressive stance while the U.S. refused to extend a ceasefire. This increased concerns about the energy supply. A senior Iranian official said on Monday that Iran would adopt a "fully offensive' military posture as efforts to negotiate an end to the U.S. war have stalled. Washington has also ruled out the extension of a temporary ceasefire. The progress made towards peace talks, and the resumption of oil-tanker traffic in...

On Friday, President Donald Trump urged Americans accept slightly higher gas prices as a 'cost of stopping Iran from obtaining a nuclear bomb. He also said that he would declare the Strait of Hormuz an American territory. These comments highlight the increasing political risk that Trump faces as higher fuel costs collide with the campaign promise he made to reduce energy costs. Democrats are already trying to make the economic fallout of the Iran 'war' an issue leading up to the midterm elections in November. In a Garden 'City speech, Trump said that Americans who "pay just a little bit...

Retail sales in the United States fell for the first nine months in July as the boost from large tax refunds faded. This suggests a significant slowdown in spending by consumers at the beginning of the third quarter. It was also a payback for Amazon's decision to move its Prime Day event from July to June, while other retailers offered competing promotions. Gasoline prices have also fallen, which has affected service station receipts. The report, which added to the unexpected job losses and mild inflation figures from last month, boosted financial market expectations of a Federal Reserve rate hike in...

Prices of oil?inched up on Friday, after the United States threatened an indefinite naval blockade against Iran. This rekindled concerns about supply after the previous session's drop on a weakened outlook for demand as well as a large build-up of U.S. stockpiles. Brent futures were up 1 cent or 0.1% to $87.08 per barrel at 0247 GMT. U.S. West Texas Intermediate crude futures increased 6 cents to $81.00 a bar. Brent rallied for six sessions and WTI rose for five, putting the benchmarks on course for a weekly increase of around 4%. Susan Bell, senior Vice President for Oil Commodity...

After falling in the previous session due to a weaker global demand outlook, oil prices climbed a little bit on Friday. The U.S. had threatened to?maintain a naval blocade against Iran indefinitely. Brent futures were up 9 cents or 0.1% to $87.16 per barrel at 0130 GMT. U.S. West Texas Intermediate crude futures were up 4 cents at $81.29. Both benchmarks dropped more than 2% the previous session, paring their gains after a six sessions rally for Brent, and a five sessions rise for WTI. However, they were still on track to achieve a weekly rise of about 4%. The...