Japan announced on Wednesday, August 26, a plan to diversify its crude oil sources in order to reduce its dependence on the Strait of Hormuz. The plan includes working with Middle Eastern countries to build pipelines.
According to the Nikkei business daily, "the energy measures include subsidies…
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Oil companies profits in 2026
Oil companies worldwide have reported substantial profits during the first quarter and first half of the year, with cautious expectations given the Middle East conflict.
Regional scenario: Latin America and the United States
Brazilian…
Specialized oil drilling equipment arrived in Venezuela from Brazil
Brazil sent specialized oil drilling equipment to Venezuela aboard the vessel MV BBC RIO, which was received at berth 5 of the Port of Guanta, in Anzoátegui State, in eastern Venezuela.
Venezuela received 271 pieces of cargo with…
IEA predicts first drop in global oil consumption since the Covid-19 pandemic
The International Energy Agency (IEA) predicts a drop in global oil consumption this year. This would be the first decline in this sector since the Covid-19 pandemic.
According to the agency, for the rest of 2026 global oil consumption…
OPEC+ implements new moderate production increase
The energy ministers of Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman approved increasing crude oil production to 188,000 barrels per day starting in August.
This is the organization's fifth consecutive increase, amid…
Venezuela’s energy sector infrastructure suffered limited damage during earthquakes
Limited damage to Venezuela's oil, gas, and refining infrastructure was reported following the earthquakes of June 24.
According to Reuters, "most of the country's major producing regions, refineries, pipelines, and terminals are located…
OFAC issues new licenses for oil, gas, and gold trading in Venezuela
A new set of licenses was announced by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on June 10. The resolutions expand and update the authorizations for energy and mining operations related to the country.…
Venezuela’s debt to Italian oil company Eni reaches $3.3 billion
The Italian oil company Eni presented a report last week reflecting a debt of $3.3 billion owed by Venezuela's state-owned PDVSA to the firm. This comes amidst negotiations between Venezuela and the United States regarding oil and the…
Central Bank of Peru projects 2.4 % inflation in 2026
The projections of the Central Reserve Bank of Peru regarding the country's annual inflation rate place the figure at 2.4 %. This was indicated last week by the president of the regulatory body, Julio Velarde, adding that the gross domestic…
Middle East conflict accelerates relief measures in the energy sector
The Middle East conflict has repercussions at both the regional and global levels. The increase in oil prices has spread to the gas and fuel sectors, prompting the European Union to prepare contingency measures to minimize the effects on…
ExxonMobil considers return to Venezuela
The Senior Vice President of the US oil company ExxonMobil, Jack Williams, indicated last week that the company is considering sending a technical team to Venezuela to study the conditions for a possible return to the country.
The…
Venezuela and the United States strengthen a long-term productive partnership
Last week, key meetings took place between U.S. Energy Secretary Chris Wright and Venezuelan Interim President Delcy Rodríguez, as well as PDVSA President Héctor Obregón Pérez and Venezuela's diplomatic representative to the U.S. Félix…