Latest news with #OilSupply
Yahoo
6 days ago
- Business
- Yahoo
Chevron and Valero plan to restart Venezuelan crude supplies to US refineries
Chevron and Valero Energy are reportedly in discussions to restart the supply of Venezuelan crude oil to Valero's US refineries, according to a Reuters report, citing sources. This development follows Chevron's receipt of a restricted licence from Washington in late July, allowing operations and oil exchanges with Venezuela, a nation currently under US sanctions. The permit is subject to strict terms that forbid the allocation of any oil revenue to the regime of Venezuelan President Nicolas Maduro. The licence, which came as part of a policy shift after a prisoner swap, enables Chevron to resume oil shipments, with the company set to restart deliveries this month, albeit with an initial small volume. Chevron is awaiting the allocation of cargoes for August delivery from Venezuelan state company PDVSA. Negotiations between Chevron and Valero include the revival of a ship-to-ship operation off the Caribbean Island of Aruba. This operation could potentially restart this month, pending mandatory inspections and ongoing vessel contract negotiations, according to one of the sources, the report said. Before the revocation of Chevron's licence to operate in Venezuela, the company supplied approximately 50,000 barrels per day (bpd) of Venezuelan heavy crude to Valero's refineries via Aruba in the first quarter, based on shipping data. This volume accounted for around 20% of Chevron's total Venezuelan oil exports during that time frame. The supply agreement is particularly crucial for Chevron's second-largest joint venture in Venezuela, Petroboscan, located in the country's western region. The heavy Boscan crude produced by Petroboscan has faced storage limitations, leading to production cuts in the past. Resuming the supply deal would address these challenges. "Chevron and Valero plan to restart Venezuelan crude supplies to US refineries" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Bloomberg
05-08-2025
- Business
- Bloomberg
Non-OPEC Oil Supply Growth to Peak in Early 2026, BP Says
Oil supply growth from non-OPEC producers is set to peak in early 2026, while demand remains robust, according to BP Plc Chief Executive Officer Murray Auchincloss. 'Non-OPEC supply we largely see going flat after February or March next year,' he said in an interview on Bloomberg Television after reporting earnings. Supply growth from non-OPEC will be relatively flat after that for about 12 to 18 months.
CNA
18-07-2025
- Business
- CNA
Oil steadies as mixed US economic and tariff news offset new Russia sanctions
NEW YORK :Crude oil futures were little changed on Friday on mixed U.S. economic and tariff news and worries about oil supplies following the European Union's latest sanctions against Russia for its war in Ukraine. Brent crude futures fell 24 cents, or 0.3 per cent, to settle at $69.28 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 20 cents, or 0.3 per cent, to end at $67.34. That put both crude benchmarks down about 2 per cent for the week. In the United States, single-family homebuilding dropped to an 11-month low in June as high mortgage rates and economic uncertainty hampered home purchases, suggesting residential investment contracted again in the second quarter. In another report, however, U.S. consumer sentiment improved in July, while inflation expectations continued to decline. Lower inflation should make it easier for the U.S. Federal Reserve to reduce interest rates, which could cut consumers' borrowing costs and boost economic growth and oil demand. Separately, U.S. President Donald Trump is pushing for a minimum tariff of 15 per cent to 20 per cent in any deal with the European Union, the Financial Times reported on Friday, adding that the administration is now looking at a reciprocal tariff rate that exceeds 10 per cent, even if a deal is reached. "Currently envisioned reciprocal tariffs, coupled with announced sectoral levies, could push the U.S. effective tariff rate above 25 per cent, surpassing 1930s peaks ... In coming months, the tariffs should increasingly be manifest in inflation," analysts at U.S. bank Citigroup's Citi Research said in a note. Rising inflation can raise prices for consumers and weaken economic growth and oil demand. EU SANCTIONS In Europe, the EU reached an agreement on an 18th sanctions package against Russia over its war in Ukraine, which includes measures aimed at dealing further blows to Russia's oil and energy industries. "New sanctions on Russian oil from the U.S. and Europe this week were met by a muted market reaction," analysts at Capital Economics said in a note. "This is a reflection of investors doubting President Trump will follow through with his threats, and a belief that new European sanctions will be no more effective than previous attempts." The EU will also no longer import any petroleum products made from Russian crude, though the ban will not apply to imports from Norway, Britain, the U.S., Canada and Switzerland, EU diplomats said. EU foreign policy chief Kaja Kallas also said on X that the EU has designated the largest Rosneft oil refinery in India as part of the measures. India is the biggest importer of Russian crude while Turkey is the third-biggest, Kpler data shows. "This shows the market fears the loss of diesel supply into Europe, as India had been a source of barrels," said Rystad Energy's vice president of oil markets, Janiv Shah.
Zawya
11-06-2025
- Business
- Zawya
Mideast Stocks: Gulf bourses end mixed on US-China trade-talks
Stock markets in the Gulf ended mixed on Wednesday as there was little progress in U.S.-China trade talks, dashing hopes it would ease long-standing tensions between the world's largest economies. Top officials of both countries said on Tuesday they agreed on a framework to get their trade truce back on track and remove China's export restrictions on rare earths, while offering little sign of a durable resolution. Saudi Arabia's benchmark index - which traded after a four-session eid break - gave up early gains to finish flat. Meanwhile, the kingdom's crude oil supply to China is set to dip slightly in July, Reuters reported on Tuesday, citing trade sources, but still strong for a third straight month as the OPEC kingpin regains its market share supplying the world's top crude importer. Dubai's main share index eased 0.1%, hovering around 17-year high, with top lender Emirates NBD losing 2%. The Dubai stock market remained relatively flat, suggesting potential uncertainty as the market hovers near 17-year highs, which may prompt some investors to engage in profit-taking, said Joseph Dahrieh, Managing Principal at Tickmill. In Abu Dhabi, the index inched 0.1% higher, with ADNOC Gas gaining 1.2%. ADNOC Gas said on Tuesday it had taken a final investment decision on the first phase of its Rich Gas Development (RGD) Project, awarding $5 billion in contracts to expand and improve efficiency at the project. The Qatari index added 0.2%, with Qatar Gas Transport increasing 2.8%. Outside the Gulf, Egypt's blue-chip index was up 0.1%, helped by a 2% rise in Commercial International Bank . SAUDI ARABIA was flat at 11,005 Abu Dhabi up 0.1% to 9,805 Dubai eased 0.1% to 5,596 QATAR added 0.2% to 10,713 EGYPT up 0.1% to 32,935 BAHRAIN down 0.1% to 1,923 OMAN rose 0.2% to 4,592 KUWAIT gained 0.7% to 8,983 (Reporting by Ateeq Shariff in Bengaluru; Editing by Leroy Leo)
Bloomberg
07-05-2025
- Business
- Bloomberg
India's Refiners Plan to Buy More Russian Oil on Spot Market
Some Indian refiners are planning to take more Russian crude from the spot market this year, with at least one processor seeking changes to contract clauses to allow greater buying flexibility. Indian Oil Corp., the nation's biggest refiner, is planning to have a quarter of its supply made up of Russian barrels, while Bharat Petroleum Corp. wants around a third of its processed crude to be from the OPEC+ producer. Company executives made the remarks on recent calls for quarterly earnings.
