Chevron nears deal to operate two giant oil fields in Venezuela’s Orinoco Belt
(Bloomberg) – Chevron Corp. is finalizing a deal that will significantly expand its operations in Venezuela by adding two giant oil fields in the Orinoco Belt, part of a push…
Europe Gas Prices Jump 5% to Highest Level Since 2023
European benchmark natural gas prices jumped by 5% in early morning trade on Monday as the re-escalation of hostilities between the United States and Iran intensified concerns about LNG supply…
China Coking Coal Prices Set for Record 46% Monthly Surge
Supply issues have been tightening the Chinese coking coal market for months, pushing the price of the key steelmaking raw material a record 46% in August alone, the biggest surge…
Iran Dismisses Trump Claim of Kharg Attack as Hostilities Return
Iran on Monday dismissed as “laughable” a Truth Social AI-generated post by U.S. President Donald Trump that the key Iranian oil export hub of Kharg Island is “being blown to…
Asia Steps In to Fill Diesel Supply Gap in Africa as Middle East Exports Crash
Asia’s diesel exports to Africa are surging to nearly five-year highs, as Middle East’s sales to Africa crashed to nine-year lows amid threats to shipping and refinery outages, a Reuters…
Asian Refiners Turn to Argentina as Iran War Disrupts Oil Supply
Asian crude oil importers, including China, Japan, and South Korea, have turned to buying oil from as far as Argentina to offset supply losses from the Middle East, anonymous traders…
Goldman Sachs Sees Diesel Refining Margins Soaring to $63 a Barrel
Refiners are set to reap stronger profits on the global diesel shortage, Goldman Sachs has said, revising its earlier profit forecast to double the total profits that refining companies would…
Trump Says Venezuelan Oil Will Refill U.S. Strategic Petroleum Reserve
The United States will use Venezuelan crude to refill the Strategic Petroleum Reserve, President Donald Trump said on Sunday on social media. Describing the move as a “Gift from Venezuela…
China’s LNG Imports Set to Drop 18% in August as Prices Soar
China’s liquefied natural gas imports are on track to slump by 18% in August from a year earlier, bucking a three-month-long trend of growing purchases this summer, as high LNG…
Iran Says Supertanker Hit by Mines in Strait of Hormuz
A supertanker caught fire after hitting two naval mines in the southern Strait of Hormuz, Iranian state media reported on Monday, citing Iran’s Islamic Revolutionary Guard Corps. The tanker was…
