Venezuela’s crude and fuel exports fell in July by some 10% from June to average 727,000 barrels per day (bpd), as Chevron and other partners of state oil firm PDVSA were waiting for U.S. authorizations to resume operations and exports that were prohibited in May. Venezuela also exported about 227,000 …

Tankers loaded with Russian crude that had stayed idle off India’s coast for days discharged their cargo at Indian oil import terminals over the weekend, in defiance of the U.S. threats of additional “penalties” on the world’s third-largest crude importer for buying Russian oil. While Indian refiners last week were …

BP announced on Monday a significant oil and gas discovery in Brazil’s prolific offshore Santos Basin, the supermajor’s biggest in 25 years. BP’s exploration well in the deepwater Bumerangue block found an estimated 500 meter (1,640 ft) gross hydrocarbon column in high-quality pre-salt carbonate reservoir with an areal extent of …

Goldman Sachs has maintained its oil price forecast for Brent crude, seeing the benchmark averaging $64 over the fourth quarter of the year despite recent developments that have pushed both Brent and West Texas Intermediate higher. “Increasing pressure on Russia and Iran sanctioned oil supply poses an upside risk to …

Private Chinese oil companies are expanding their presence in Iraq, joining China’s state majors in pouring billions into the development of hydrocarbons in the OPEC member. Per a Reuters report, Chinese independents in Iraq are about to see their collective output there rise to half a million barrels daily by …

OPEC+ is inching toward a pivotal decision this weekend: whether to greenlight another 548,000 bpd in production hikes for September, effectively fast-tracking the return of 2.2 million bpd in voluntary cuts a year ahead of schedule. The Joint Ministerial Monitoring Committee (JMMC) already met last week and stopped short of …

A Kazakh appellate court has sided with the international oil majors operating the Kashagan oilfield, overturning a massive $4.2 billion environmental fine over sulfur storage practices. The North Caspian Operating Company (NCOC)—a consortium that includes Eni, Shell, ExxonMobil, and TotalEnergies—hailed the decision as confirmation that their sulfur handling meets both …

Chevron Corporation beat Wall Street estimates of its second-quarter profit as Permian production surged and U.S. and worldwide oil and gas output jumped to record highs. Chevron reported on Friday adjusted earnings of $3.1 billion, or $1.77 per share, for the second quarter of 2025, compared to adjusted earnings of …

Pakistani refiner Cnergyico will import Pakistan’s first U.S. crude oil cargo in October following the trade and energy cooperation deal the two countries signed earlier this week. Cnergyico will import on October 1 million barrels of American crude via top commodity trader Vitol, Usama Qureshi, vice chairman of the biggest …

Chinese solar power companies shed a third of their workforce last year, amid intense competition and overcapacity that drove losses, Reuters has reported, citing company filings. Also, last year and this year so far, more than 40 sector players have gone bankrupt, delisted, or been bought by other companies from …