Trending News: Insurance Broker Marsh Meets US Officials on Restoring Gulf Maritime Trade Amid Iran WarUS Crude Stocks Climb to Near 1-Year High as Exports and Imports Fall, EIA SaysOil Companies Shun Trump Administration’s Alaska Offshore AuctionTrump’s Hormuz Shipping Plan is too Little, too Late in Race to Avert Energy Shock: BoussoUS Treasury Secretary Bessent Says Oil Market Well Supplied Amid Iran WarAsian Markets in Free Fall as Oil Price Surge Stokes Inflation FearsIndian Refiner MRPL Declares Force Majeure on Gasoline ExportsQatarEnergy Declares Force Majeure After Halting LNG ProductionHelium players introduce surcharges as Qatar shuts gas liquefactionTrump to Meet Tech Giants on Energy Pledge Ahead of MidtermsThere is Little US LNG Producers Can do to Immediately Replace Lost Qatari CargoesGoldman Sachs Raises Q2 Brent Oil Price Forecast by $10 to $76 a BarrelHormuz Shutdown Worsens After US Hits Iranian Warship; Tankers Stranded for Fifth DayAsian LNG Prices Soar to Three-Year HighGoldman Sachs Hikes Q2 Brent Oil Price Forecast by $10Barclays Warns Grid Constraints Could Strand Renewables AssetsAlfa Laval to supply cryogenic tech for South Korea’s first liquid air energy storage plantJapan studies bio-based CO2 liquefaction from waste incinerationSolar chemistry moves NASA closer to lunar oxygen productionHelium supply confidence rocked by Gulf conflictOil Prices up 1% as Iran Crisis Disrupts Middle East SupplyJP Morgan Warns of Catastrophic Oil Supply Loss from Middle East WarOil, Fuel Contracts Break Records on Surging PricesAnalyst Outlines 2 Potential Scenarios for ConflictSaatvik Solar Displays Comprehensive Solutions at The smarter E IndiaAI-Driven Inverse Design Enables Full-Color, High-Efficiency Semitransparent Perovskite Solar CellsShipping and trade lawyers’ workloads rise as Gulf crisis disputes soarNasa resolves helium flow issue on Artemis II rocketCanada’s Heavy Crude Tightens as Hormuz Risk Ripples Through Global MarketsSanctioned Russian LNG Tanker Explodes in Mediterranean — A First of Its Kind?US Crude Oil Inventories Continue to Build While Gasoline Draws DownSolar and Storage Lessons from Space Can Power Northeast India: ShuklaGrew Energy–SEIL Boards Approve Merger Plan, Paving Way for Solar Manufacturer’s ListingDepartment of Energy Opens 3.3 GW Offshore Wind GEA-5 Auction in the PhilippinesTrump Says US to Provide Insurance to All Maritime Trade in GulfInvestors, US Crude Producers Scramble to Lock in Oil Price Spike Oil Prices Leap Higher as Iraq Shuts Down Production At Giant Oil FieldsAfrican Energy Chamber signs oil and gas cooperation deal with VenezuelaThe mouse-sized robot developed to inspect the Large Hadron ColliderSouth Korea to cooperate with the Philippines on nuclear power projectsAalo secures fuel and turbine for experimental reactorPotential for CANDU units in Turkey to be exploredHormuz Freeze Sends Brent-Dubai Spread to Multi-Year HighUS Natural Gas Futures Leap 6% as Middle East Conflict Disrupts Global SuppliesUS Considering Oil Tanker Insurance Support to Ease Middle East Crude Shipments, Sources SayIndia’s Industrial Gas Supply Slashed After Qatar Suspends OutputIndia’s gas cuts signal wider Asian pain as Gulf LNG crisis worsensIndia’s gas cuts signal wider Asian pain as Gulf LNG crisis worsensU.S. Not Planning To Tap Strategic Petroleum Reserve ImmediatelyAsian Refiners Mull Slashing Crude Processing as Iran War Threatens SupplyEuropean Gas Prices Soar 30% as Qatar Halts LNG OutputOil Prices Surge to $84 as Supply Risk Becomes RealMiddle East conflict underlines need for UK ‘to maximise existing reserves’US LNG Exports Grew in February, New Output Could Help Fill Qatar Supply GapOil Prices Keep Climbing as Expanding Conflict Heightens Supply RisksAnalysts Warn of Largest Oil Supply Disruption in HistoryWhite House Prepares Plan to Combat Oil Price SpikeIran War Pushes Middle East Oil Tanker Rates to All-Time HighChina Pressures Iran to Keep Strait of Hormuz Open to Oil and Gas FlowsSolar & Storage Ethiopia 2026 Concludes with a Grand Celebration of Renewable Energy Leadership, Innovation, and Industry ExcellenceMNRE Notifies Green Methanol Standard Under National Green Hydrogen MissionSineng Electric to Supply Central Inverter Solutions to Egypt’s 1.65 GW Benban Solar Park, One of the World’s Largest Solar Power PlantsMNRE Notifies Green Ammonia Standard Under National Green Hydrogen MissionConcord New Energy And Bridge Data Centres Partner On Hydrogen Power For Singapore AI Data CentresSemiconductor and tech supply chain challenges arise from Gulf crisisSemiconductor and tech supply chain challenges arise from Gulf crisisAir Liquide Canada acquires Barry Hamel in British ColumbiaPetronas Sees No Disruption from Mideast War for NowAtlas Copco expands US footprint with Cypress DealBlackRock, EQT To Acquire AES Corp. in $33.4B DealChevron Declares Force Majeure as Israel Shuts Leviathan Gas FieldU.S. Gasoline Tops $3 as Iran Conflict Sends Fuel Prices HigherTop 5 impacts from Qatar LNG shutdownTop 5 impacts from Qatar LNG shutdownFisher German lands Wylfa advisory contractInfrastructure attacks, Hormuz shutdown driving oil surge, analysts saySafety work planned for Chernobyl turbine hallKHNP, EMA to cooperate on Singapore SMR studyUS Not Currently Discussing Sale of Oil From SPR, Source SaysHow Have US Presidents Tapped the Strategic Petroleum Reserve During War?Global Gas Markets Shocked as Qatar Ceases LNG ProductionShipping Costs Surge as Insurers Drop War Risk Protection in GulfUS Gasoline Prices to Rise After Attack on Iran, Analysts WarnBerkshire CEO Abel Seeks to Reassure Shareholders After Taking Baton From BuffettVenture Global’s Quarterly Core Profit Nearly Triples on Higher LNG Sales VolumesPodcast | Qatar pauses LNG and the Strait of Hormuz closureDiesel Jumps 17%, Outpacing Crude Oil After Weekend ConflictFire Disrupts Operations at Ecuador’s Biggest RefineryPakistan Reroutes Oil Supply as Strait of Hormuz Crisis EscalatesDrone Strike Halts Saudi Arabia’s Largest Oil RefineryHelium: gasworld webinar to assess impact of Gulf crisisMeritus expands DFW footprint with Greens Welding Supply dealEurope CO2 market confidence creakingVideo | Hormuz closure: why helium is exposedOil, Gas Prices Surge as Iran Conflict Disrupts Middle Eastern FlowsSouth Bow Plan to Revive Parts of Keystone XL Needs Trump Approval, US Oil Pipeline LinksEthiopia’s Solar and Storage Leaders Gather for a Landmark First Edition, Execution Takes Centre Stage in Addis AbabaGoldman: Asian and European LNG Prices Could Jump 130%Ukrainian Drones Strike Major Russian Oil Export Hub on Black SeaIndia Mulls Return to Russian Oil as Iran War Halts Middle East Flows

EOG Resources Says Venezuela Oversupply is Driving Shale Prices Down

Business & Policy
January 7, 2026

(Reuters) – EOG Resources said on Wednesday that oversupply from Venezuela is driving oil prices down and it would last for several more quarters.

Brent crude futures were down about 0.6% at $60.30 a barrel in the day, while U.S. West Texas Intermediate crude lost about 1% to $56.53 a barrel.

Prices fell as investors reacted to U.S. President Donald Trump’s announcement that the country had reached an agreement to import up to $2 billion worth of Venezuelan crude, a move expected to boost supplies to the world’s largest oil consumer.

The company comments were made at the Goldman Sachs Energy, CleanTech and Utilities Conference in Miami.

Reporting by Katha Kalia and Pranav Mathur in Bengaluru; Editing by Shilpi Majumdar