U.S. Swaps Venezuelan Fuel Oil For Russian Products

The United States has been raising its imports of fuel oil from Russia over the past year and a half after the U.S. imposed sanctions on Venezuela’s exports, Reuters reported on Monday, quoting data from Refinitiv Eikon. Venezuela’s heavy crude oil is suitable to process in complex refineries on the U.S. Gulf Coast, but the sanctions have cut off Venezuelan ...

Source: Oilprice.com

The Wave Of Big Oil Write-Downs Is Far From Over

BP was first. The supermajor said last month that it could book asset writedowns of up to $17.5 billion as a result of the industry crisis. Then it was Shell. The Anglo-Dutch company said earlier this week that it, too, would book sizeable writedowns on its assets, to the tune of $22 billion. It may be just the beginning. ...

Source: Oilprice.com

Houthi Rebels Target ‘Giant Oil Facility’ In Saudi Arabia

The Iran-aligned Houthi rebels in Yemen said on Monday that they had hit a large oil facility in Saudi Arabia’s southern city of Jizan with missiles and drones, while Saudi Arabia said it had intercepted and destroyed ballistic missiles and explosive-laden drones.   “With many drones our armed forces targeted military aircraft, pilot accommodation and Patriot systems in Khamis Mushait, ...

Source: Oilprice.com

Iran Expands Oil Production Capacity

Iran is taking a step that would seem counterintuitive in an environment of subdued demand for oil and oil products: it is boosting its oil production capacity, Bloomberg reports, citing a statement by oil minister Bijan Zanganeh. "It's true that our output is low because of cruel and illegal sanctions, but things won't stay the same," the official said on Iranian ...

Source: Oilprice.com

Is OPEC+ Ready To Relax Oil Output Cuts?

OPEC+ is likely to ease its crude oil production cuts from 9.7 million bpd to 7.7 million bpd starting next month as the extended oil group saw signs of improving demand. The Wall Street Journal reported, quoting OPEC delegates, that Saudi Arabia and most of the members of OPEC+ are in favor of relaxing the cuts agreed in April. ...

Source: Oilprice.com