(BOE Report)– Venezuela’s debt crisis is one of the largest unresolved sovereign defaults in the world, the legacy of years of economic collapse and U.S. sanctions that severed the country from international capital markets. The country has been in default since late 2017, when it missed payments on international bonds issued by the government and state oil company PDVSA. Since
(BOE Report) – Venezuela’s oil exports rose slightly to some 921,000 barrels per day (bpd) in November, the third-highest monthly average so far this year, as the country used more diluents to produce exportable grades, according to shipping data and documents. The OPEC producer is under increasing political pressure from the U.S., which has struck a score of alleged drug-smuggling
(Oil Price)– The United States has denied a sanctions waiver to Serbian refinery Naftna Industrija Srbije (NIS), majority owned by Russian state energy firms and sanctioned by the United States, forcing Serbia’s only refinery to shut down, Serbian President Aleksandar Vu?i? said on Tuesday. “We expected to get a license from the US government for continued oil supplies to our refinery
(BOE Report)– Russia sees scope to boost oil exports to China and to deepen cooperation on supplies of liquefied natural gas, Deputy Prime Minister Alexander Novak said on Tuesday in Beijing. China and India have become the main buyers of Russian oil since the start of Russia’s military campaign in Ukraine in February 2022. China imports roughly 1.4 million barrels
(Investing) – Oil prices edged marginally higher Monday, steadying after last week’s sharp losses as markets weighed the prospects of a potential peace deal in Ukraine. At 07:50 ET (12:50 GMT), Brent Oil Futures expiring in January edged up 0.2% to $62.08 per barrel, while West Texas Intermediate (WTI) crude futures rose 0.7% to $58.20 per barrel. Both contracts recorded losses of nearly
(World Oil)– Russian energy giant Lukoil PJSC dissolved the supervisory board of its international business, the latest sign of how U.S. sanctions — the first of which begin on Friday — are affecting the firm. As part of the dissolution, the Moscow-based firm “recalled” Sergei Kochkurov, chief executive officer of the parent company, as well as Evgeny Khavkin and Gennady
(Oil Price) – Nearly a third of Russia’s current seaborne oil export potential is now stuck in tankers as the U.S. sanctions upend crude flows and Russia’s top buyers, China and India, are still struggling to assess the implications of the sanctions, according to JPMorgan. “Russia’s oil exports are entering a new phase of disruption as sanctions targeting Rosneft and Lukoil
(World Oil) – Governments across Europe and the Middle East are rushing to ensure the sprawling oil operations of Russian energy giant Lukoil PJSC can keep running after the U.S. Treasury sanctioned the company and then quashed a key bid for its assets last week. Russia’s second-largest oil company runs a vast international operation that includes oil fields, refineries and filling
(World Oil) – Russia’s Lukoil PJSC declared force majeure on oil shipments from its giant West Qurna 2 field in Iraq, according to a person with knowledge of the matter. The move is a sign that sanctions against Russia’s No. 2 oil producer are beginning to impact its international operations. The U.S. announced penalties against the firm last month as part
(BOE Report) – Morgan Stanley on Monday raised its Brent crude forecast for the first half of 2026 to $60 a barrel from $57.5, citing the decision by OPEC+ to pause quota hikes in the first quarter of next year and recent U.S. and EU sanctions on Russian oil assets. The bank expects a “substantial surplus” in the oil market
(Oil Price) – The U.S. is increasing pressure on Hungary to cut off its reliance on Russian oil imports and vows to work with Hungarian authorities and neighboring countries to help Budapest wean off Russian supply, a senior U.S. diplomat says. Matthew Whitaker, the U.S. Ambassador to NATO, rejected in a Fox News interview suggestions from Hungarian politicians that the U.S.
(BOE Report) – The latest U.S. sanctions on a major Chinese crude oil terminal have forced refining group Sinopec to divert a supertanker and ask some plants to cut crude processing rates, according to ship tracking data and Chinese consultancies. A supertanker carrying oil to the Chinese port of Rizhao in Shandong province changed its destination over the weekend
