A new license issued by the US Treasury Department's Office of Foreign Assets Control (OFAC) has extended the auction of the Citgo refinery until March.
The document states that it "temporarily prevents creditors from invoking US courts to collect debts against the Citgo Petroleum Corporation."…
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oil
Venezuela announces partial reform of the organic hydrocarbons law
Last Thursday, January 22, the Venezuelan Parliament approved in its first reading the Draft Partial Reform of the Organic Hydrocarbons Law.
According to the country's National Assembly, "the draft maintains the status of an organic law,…
China announces discovery of seventh oil field in the Bohai Sea
The discovery of a new oil field in the Bohai Sea, China, by the end of 2025, is the seventh since 2019 and further strengthens the country's oil wealth, according to the China National Offshore Oil Corporation (CNOOC).
The new Qinhuangdao…
International oil companies set demands to return to Venezuela
Donald Trump, President of the United States, is advancing his plans to maximize commercial profits from Venezuelan oil, calling on international oil companies to return to the South American nation.
These companies, however, have…
Emerging markets projections for 2026
With just a few days left in 2025, emerging markets remain the focus of investors' attention, who see significant economic potential in these subregions.
Focus Economics analysts have studied the situation in each group of countries,…
OPEC+ maintains oil supply levels
OPEC+ announced that it will maintain its current global oil supply levels until April 1, 2026. The production cuts established in 2022 will also remain in effect, but only until December 31 of the same year.
The alliance, led by Saudi…
Alaskan oil production to increase 13 % in 2026
Recent data from the U.S. Energy Information Administration (EIA) indicates that Alaskan crude oil production will increase by approximately 13% in 2026, reaching 477,000 barrels per day, the highest figure since 1980.
Alaska, a producing…
Venezuela aims for increased oil production in 2026
Oil sector analysts indicate that production in Venezuela could increase to 1.5 million barrels per day by the end of 2026 if the growth rate recorded since 2023 is maintained.
According to petroleum engineer and consultant Germán Márquez,…
IEA raises global oil supply growth
The International Energy Agency's forecasts for global oil supply at the end of 2025 and for 2026 were raised to 3.1 million and 2.5 million barrels per day, respectively.
This is reflected in the IEA's recent report on this market,…
Ecopetrol assumes offshore projects following Shell’s withdrawal from Colombia
The withdrawal of Shell's branch in Colombia, EP Offshore Ventures Limited, leaves Ecopetrol with full control of the COL-5, Purple Angel, and Fuerte Sur offshore contracts in the Colombian Caribbean Sea.
Although Shell's withdrawal from…
Petroperú projects to close 2025 with losses of $223 million
The president of the Peruvian oil company Petroperú, Alejandro Narváez, presented the company's balance sheet for the end of this year last week, with estimates of $223 million.
At the close of 2024, this figure stood at $774 million,…
OPEC+ to increase crude oil production to 548,000 barrels per day
Crude oil pumping will increase to 548,000 barrels per day starting August 1, according to a decision by OPEC+.
The measure was agreed upon by 22 members of the Saudi-led organization through a virtual meeting last Saturday, July 5.
In an…