At the close of this Wednesday, March 6, Brent crude oil reached USD 82.83, which according to oil industry specialists represents an increase of 0.25 %.
Among the factors that favor this upward trend is the current positive macroeconomic scenario, so analysts consider that the trend could continue…
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PDVSA and Repsol strengthen binational cooperation
Strengthening cooperation between the oil companies of Spain and Venezuela has been the main focus of the visit of the Minister of Energy and Petroleum of Venezuela and president of the state-owned oil company of Venezuela, Rafael…
US overtakes Saudi Arabia in oil production
The US already produces 40% more oil than Saudi Arabia, and the gap continues to widen. This situation, which seemed unimaginable less than 10 years ago, has become a reality thanks to the success of fracking (hydraulic fracturing) and…
Russia is the main supplier of oil to China
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…
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…