Russia became the main oil supplier to China in 2023, overshadowing Saudi Arabia's performance in this matter.
Likewise, last year, Chinese imports of fuel oil to Russia reached a record of 9.6 million tons. For its part, “Malaysia was the next largest exporter, supplying 6.93 million tons.”…
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oil
The U.S. had a surge in its oil reserves
Commercial oil reserves in the United States experienced an unusual increase of 1.3 million barrels over the past week, altering market projections. As reported by the U.S. Energy Information Agency (EIA) last Wednesday, this change defies…
Texas Oil had its first year in red since 2020
Texas oil dropped almost 11% in value during 2023, marking its first negative year since 2020, when the COVID-19 pandemic erupted. This decline is attributed to volatile factors and, above all, to doubts about the capacity of demand to…
PDVSA-Repsol agreement will contribute to the revitalization of the oil industry
The president of the Venezuelan company PDVSA, Pedro Tellechea, indicated this Monday that they achieved the signing of a framework agreement with the Spanish company Repsol with the aim of reactivating the Petroquirquire joint venture. The…
India will buy oil from Venezuela
The relaxation of United States sanctions on Venezuela has brought new business opportunities in the oil area, where countries like India once again trust the country as a supplier of this important sector.
In this sense, Indian Oil…
PDVSA and Maurel & Prom sign agreement to produce oil and gas
PDVSA and the French company Maurel & Prom will jointly produce oil and gas in Lake Maracaibo, according to an agreement signed by both companies.
The agreement comes after the temporary lifting of several sanctions by the United…
US tightens sanctions on Iran oil
US legislators approved this Friday a bill to toughen economic sanctions on Iranian oil, with 342 votes in favor and 69 against.
The House of Representatives approved the measure that seeks to “punish international refineries and ports…
The US eased sanctions against Venezuela after the agreement for the 2024 elections
The United States government temporarily lifted some of the sanctions imposed on the Venezuelan oil sector, one day after the agreement between the government and the opposition platform of the Latin American country, as a guarantee for the…
OPEC foresees sustained increase in oil demand until 2045
OPEC foresees that the demand for crude oil will be sustained until 2045, as long as investment in new projects is maintained to respond to these energy needs.
“Our reference scenario foresees that oil demand will reach 116 million barrels…
Law for the Promotion of Non-Petroleum Exports approved by National Assembly
In an ordinary session this Tuesday, the National Assembly of Venezuela approved in first discussion the Law for the Promotion of Non-Petroleum Exports, presented by the president of the Permanent Commission of Economy, Finance and National…
Commercial exchange between Venezuela and the US grew
Trade between Venezuela and the United States experienced a notable increase of 113 % during the first half of this year compared to the same period in 2022. This rise is largely due to the resumption of Chevron operations in the South…
Saudi Arabia and Russia extended their cuts until the end of the year
Saudi Arabia and Russia announced the extension of their voluntary oil production cuts until the end of the year, which has had an immediate impact on crude oil prices. This decision seeks to stabilize prices and has taken the value of a…