China has certified 147 million barrels of oil reserves in a new shale play operated by state energy giant Sinopec in the southwestern part of the country, as the world’s top crude oil importer look to boost domestic output. China Petroleum & Chemical Corporation, or Sinopec, as it is more …

The Trump administration granted Chevron a sanction exemption for its operations in Venezuela but only on the condition that no money from these operations would go to the Venezuelan government, Reuters reports, citing unnamed sources in the know. A week ago, Reuters reported that the U.S. government was considering a …

The U.S. has sanctioned a fourth oil import terminal in China for receiving Iranian oil cargoes as the State Department expanded sanctions against entities involved in trade with Iran. The U.S. Department of State designated a fourth China-based crude oil and petroleum products terminal, Zhoushan Jinrun Petroleum Transfer Co Ltd, …

Brazil’s crude oil exports to the U.S. are facing an uncertain future as Washington prepares to impose sweeping 50% tariffs on Brazilian imports starting August 1—up from the current 10%. While it remains unclear whether crude oil will be included in the list, analysts and industry groups are already warning …

India’s state-run refiners have requested urgent guidance from the government in New Delhi following a social media post by U.S. President Donald Trump, reported by AP News, announcing a 25% tariff on Indian exports to the United States effective August 1, and warning of an additional penalty tied to India’s …

Shares of U.S. LNG producers jumped in early trading Monday after the European Union agreed to dramatically increase its energy imports from the United States, pledging $250 billion in annual purchases under a new transatlantic trade framework. The move includes LNG, oil, and nuclear energy and was announced in Brussels …

Saudi Arabia is expected to raise the official selling price (OSP) of Arab Light crude to Asia for September-loading cargoes, according to trading sources cited Monday by Reuters. The anticipated hike would mark a second consecutive monthly increase as regional refining margins strengthen and domestic crude burn limits outbound volumes. …

The global diesel market is entering a new phase of structural tightening, with fresh EU sanctions targeting refined fuels from Russian crude force a realignment of trade flows across Asia, the Middle East, and Europe. Under measures confirmed on Monday by EU officials, imports of diesel and gasoil processed in …

In a pivotal shift for Eastern European energy flows, Ukraine’s state-owned Naftogaz has signed its first-ever gas supply agreement with Azerbaijan’s state-run SOCAR, leveraging the Trans-Balkan corridor to bypass Russian infrastructure for the trial delivery of Azerbaijani gas routed through Bulgaria and Romania directly into Ukraine. The shipment marks Ukraine’s …

The United States and European Union officially reached a tariff agreement on Sunday, averting a potentially crippling transatlantic trade war. Following months of contentious negotiations, U.S. President Donald Trump and European Commission President Ursula von der Leyen announced the deal at Trump’s Turnberry golf resort in Scotland. The announcement sent …