Oil

India’s largest private refiner, Reliance Industries, is buying Venezuelan crude again, securing the first Indian purchase of oil from the world’s top reserves holder since the U.S. took control of Venezuela’s oil sales early last month. Reliance Industries has purchased a cargo of around 2 million barrels, an anonymous source …

Equinor slashed the amount of share repurchases for 2026 to $1.5 billion from $5 billion last year while it narrowly missed earnings estimates for the fourth quarter of 2025, as higher upstream production couldn’t offset the lower oil and gas prices. The Norwegian major on Wednesday reported adjusted operating income …

Kuwait exported record volumes of very low sulfur fuel oil (VLSFO) in January after a key refinery restarted full operations following a fire-induced partial outage at the end of last year. One of the Gulf’s top crude oil exporters, which also vies to be a major fuel oil exporter, was …

The European Union is quietly preparing to take a much bigger swing at Russia’s oil trade. And this time, Brussels is aiming less at price optics and more at enforcement reality. The EU is reportedly weighing whether to scrap its Russian oil price cap altogether and replace it with a …

Sanctions from the European Union and the United States pressured Russian crude oil export revenues to a 20% decline on the year in 2025, the Financial Times reported, citing Agus pricing data. The data suggests that the discount between Russian crude and international benchmarks widened to $24 per barrel last …

Some of the biggest international oil trading houses, including Trafigura Group, will discuss with the U.S. Administration returning to oil trade with Venezuela, the global head of Trafigura’s oil division, Ben Luckock, told Bloomberg television in an interview on Tuesday. The capture of Nicolas Maduro opens the door to U.S. …

Despite the public spat between two of OPEC’s top producers, Saudi Arabia and the United Arab Emirates (UAE), the wider OPEC+ group is expected to confirm at a Sunday meeting that it would hold output steady through the first quarter of 2026, delegates from the alliance told Reuters on Friday. …

Oil prices inched higher in early Asian trading on January 2, the first trading session of 2026, as geopolitical tensions continued to provide support after the major benchmarks posted their steepest annual losses since 2020. At the time of writing, Brent crude was up 0.30% at $61.03 per barrel, while …

Several trends emerged in the energy markets in 2025 and are set to continue shaping the global oil, gas, and energy equities markets into 2026. Sure, there will be many wild cards in 2026, especially concerning geopolitics and tensions flaring up from the Caribbean to Yemen. These, while impossible to …

Venezuela has begun shutting wells that pump extra-heavy crude in the Orinoco Belt, as the U.S. blockade is squeezing shipments and filling up storage space, sources with knowledge of the plans of state oil firm PDVSA told Bloomberg. PDVSA, the key handler of Venezuela’s crude exports, mostly to China, began …