‘Control of Venezuela oil is shifting rapidly from boardrooms to governments', says Nigel Green of deVere Group.
Crude oil triggered a one-day bullish reversal and is challenging 50-day resistance, with confirmation above $59.00 needed to validate a broader trend change and higher targets.
The U.S.-Venezuela relationship has been a tale of fortunes made and lost, with oil at the center—and with hints of potential challenges ahead for President Trump's plan.
Billionaire energy entrepreneur and Republican donor Harry Sargeant III and his team are advising the Trump administration on how the U.S. can engineer a return of some American oil companies to Venezuela, according to four sources familiar with the matter.
Vitol, one of the world's largest commodity traders, has received a preliminary special license from the U.S. government to begin negotiations to import and export oil from Venezuela for 18 months, four sources said on Thursday.
The oil situation hasn't changed. The current lack of demand worldwide remains a problem, as does the overproduction by the US, Guyana, and others.
Economic rebuilding depends on the U.S. lifting sanctions. The wait for Venezuela — and U.S. companies — could be long.
Vitol and Trafigura, two of the world's largest commodity traders, are in talks with the administration of U.S. President Donald Trump about the marketing of Venezuelan oil, four sources familiar with the matter said.
Norway's offshore oil and gas output will remain broadly steady in 2026, but investments are seen falling by 6.6%, signalling a slowdown in activity and declining production towards the end of this decade, the country's regulator said on Thursday.
Bobi Wine, the main opposition candidate in Uganda's presidential election next week, said he would review the country's agreements with international oil firms if he won power and revise any that did not favour Ugandans.
Nigeria's anti-graft agency will press ahead with a probe into the former head of the downstream oil regulator, even after billionaire Aliko Dangote's lawyers withdrew a petition that triggered the investigation, a spokesperson said on Thursday.
Oil prices fell after the U.S. announced plans to import Venezuelan crude, increasing oversupply concerns, while mixed inventory data and bearish technical signals highlight continued market uncertainty.