Oil prices drive up Maurel & Prom profit, Venezuela exports seen normalising
Maurel & Prom, a French oil company, reported a 78% increase in its net income for the first half of this year, to $191million, boosted by rising crude prices. Portzamparc, a French brokerage firm, said that 'profitability exceeded expectations due to higher oil prices. It also contained operating costs. After receiving a license to operate in Venezuela from the U.S., the company resumed its crude oil sales from Venezuela in June. However, there is still uncertainty about the country's contribution and the future of the business.
Venezuela's rusted and ugly refineries will be difficult to restore
The Paraguana refinery in?Western Venezuela was once a symbol of the oil wealth of Venezuela and its ambition to convert vast reserves of crude oil into fuels and export revenues. Today, the 955,000-barrel-per-day complex in Falcon state runs at a ?fraction of capacity, a decline decades in the making and unrelated to the strong earthquakes that struck Venezuela last month. Interviews with 'four dozen workers, contractors and residents were conducted in the months leading up to the earthquakes. One worker at the 645,000-barrel-per-day (bpd) Amuay refinery said everything looks "ugly and rusty." The open-air waste pits are nearly full.
Prices for Iranian Oil Stranded at Sea Surge
Iranian oil supplies at sea are rising after Tehran ramped up exports during the interim peace deal with the United States, but sales have been slow as China's independent refiners have turned to cheaper crude from Iraq, the UAE and Qatar.The return of U.S. sanctions this week risks leaving Tehran with more cargoes searching for buyers just as shipments arrive in Asia.In recent weeks, independent Chinese refiners based in the eastern oil hub of Shandong, known as teapots, bought 16 million to 20.5 million barrels of crude from Qatar…
Saudi Crude Supply to China Remain at Record Low in July
Saudi Arabia's crude oil sales to China are expected to stay at record lows in July as elevated prices in the wake of the U.S.-Israeli war on Iran continue to weigh on demand from the world's largest crude importer, sources familiar with the matter said.The allocations, closely watched by market participants as a gauge of Chinese demand, indicate that refiners remain reluctant to import high-priced barrels following run cuts and as they draw on domestic inventories.Saudi crude shipments also remain somewhat constrained by Iran's closure of the Strait of Hormuz…
Palmettos climb on expected output decline, but Indonesian uncertainty limits gains
Malaysian palm futures rose a little 'on Monday, after two sessions of falling prices. This was due to the lower production expected in May. However, concerns over Indonesia's biodiesel mandate and export policies capped gains. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was up 19 Ringgit or 0.42% at 4,573 Ringgit ($1,123.59). Anilkumar bagani, commodity researcher at Sunvin Group, says the market is trading higher due to expectations of a larger-than-expected decline in Malaysian palm-oil production in May. He also expects a weaker Ringgit and a rebound in energy prices.
Palmettos rise on expected output decline, but Indonesian uncertainty limits gains
Malaysian palm oil futures rose Monday, after two consecutive sessions of declines. Prices were supported by the expectation that production will be lower in May. However, concerns about Indonesia's B50 mandate for biodiesel and its export policies restricted further gains. By midday, the benchmark August palm oil contract on the Bursa Derivatives exchange was up 20 Ringgit or 0.44% at 4,574 Ringgit ($1,124.39). Anilkumar bagani, commodity researcher at Sunvin Group, says the market rose on expectations of a "larger-than-expected decrease in Malaysian palm production in May", a "weaker ringgit" and a "rebound in energy price".
VEGOILS - Palm extends its losses but still manages to post a third weekly gain
Malaysian palm oils futures continued to lose a lot of money 'on Friday. They were weighed down by Dalian oil, which was weaker, and the new export system in Indonesia. However, they still managed to make a 'third consecutive weekly gain. The benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for August delivery fell 47 ringgit or 1.02% to 4,554 Ringgit ($1,131.43) per metric ton. This week, the contract increased by 0.42%. Anilkumar bagani, head of commodity research at Mumbai-based Sunvin Group, said that the market was lower because of a sale of?Chinese vegetable oil futures.
Palm oil slips as Dalian oils and Indonesian export worries weigh.
Malaysian palm oil futures fell for the second session in a row?on Friday. Pressured by Dalian oils' weakening and worries?over Indonesia’s new export system. Lower production?expectations also offered some support. The benchmark August palm oil contract on the Bursa Derivatives exchange fell 33 ringgit or 0.72% to 4,568 Ringgit ($1,132.37), a metric tonne, by midday. The contract has already risen 0.51%, indicating a third consecutive weekly gain. Anilkumar?Bagani, head of commodity research at Mumbai-based Sunvin 'Group, said that the?market was lower on Friday as a result of soaring prices for Chinese vegetable oil.
Ecopetrol's Q1 profit drops 7.7%
Ecopetrol, Colombia's state-owned oil producer, reported on Tuesday a 7.7% decline in net profit for the first three months of 2026 from a year ago. This was due to lower sales and exchange rate effects. Higher taxes also offset gains made by a strong refining performance. The company reported in a filing to Colombia's stock market that the net profit for the first quarter was?2.89 billion pesos ($768m) on total sales which also fell?8.7%, to 28.63 trillion. The company's shares, which are owned by 88.5% of the Colombian government, saw its total oil sales fall 5.5% to 903.4 barrels of oil equivalent each day.
Santos first-quarter revenue drops due to Barossa Outage and Cyclone Narelle
Santos, Australia's largest gas company, reported a dip in its first-quarter sales revenue on Thursday. The drop was caused by a temporary -outage at the Barossa off-shore project and cyclone related disruptions of port operations along the west coast. Last month, the second largest oil and gas company in the country temporarily closed its Darwin LNG facility for maintenance on the floating production vessels at the offshore Barossa Gas and Condensate Project that supplies the facility. Santos has said that the Barossa floating storage and offloading (FPSO), which is located in South Australia, will begin to ramp up its production next week.
TotalEnergies reports strong Q1 sales despite war-related output losses
PARIS, 16 April - TotalEnergies expects to see a significant rise in earnings in the first quarter due to a strong trading performance, and also in its upstream production?and oil sales, thanks in part to the higher prices caused by war in Iran. This is despite the fact that the conflict has shut down 15% the French group's total production. In a?earnings outlook, the group said that the margin for refining fuels was $11.40 a barrel during the third quarter, an increase of 192% over $3.90 per barrel compared with a year ago. It is also flat when compared with the fourth-quarter margin of $11.40 in 2025.
Oil Sales from California’s Santa Ynez Pipeline Begin
Sable Offshore said on Monday it has begun selling oil from its Santa Ynez Pipeline System offshore California to Chevron, after resuming crude transportation earlier this month.Shares were up more than 3% in premarket trading.The pipeline system, which runs along California's Gaviota Coast, had been shut since a 2015 oil spill that polluted miles of coastline, killed wildlife and damaged local fisheries.Sable's effort to restart the system has since become the subject of a long-running dispute with California regulators and environmental groups, which have filed lawsuits challenging the reopening.The restart follows a directive from the Trump administratio
CNOOC 2025 net profit drops 11.5% despite record production
CNOOC, China's oil and gas giant, announced on Thursday that its net profit for 2025 fell by 11.5% compared to the previous year due to lower crude oil prices. This was despite record oil and natural gas production. According to a filing at the Hong Kong Stock Exchange, China's largest offshore oil producer has reported a net profit for 2025 of 122.08 billion yuan (17.69 billion dollars). CNOOC achieved its target range for oil and gas production by increasing it 7%, to a new record of 777.3 million barrels equivalent of oil (boe). The company's proven reserves for 2025 increased 6.9% from the previous year to 7.77 billion Boe.
CNOOC's 2025 net profits drop 11.5% despite record production
CNOOC, China's oil and gas giant, announced on Thursday that its net profit for 2025 fell by 11.5% compared to the previous year due to lower crude oil prices. This was despite record oil and natural gas production. According to a filing at the Hong Kong Stock Exchange, China's largest offshore oil producer reported a net profit for 2025 of?122.08 billion yuan (17.69 billion dollars). CNOOC achieved its target range for oil and gas production by increasing it 7%, to a new record of 777.3 million barrels equivalent of oil (boe). The company's proven reserves for 2025 increased 6.9% over the previous year?to 7,77 billion boe.
OPEC data show that Russian oil production fell by 56,000 bpd during February.
According to a copy of OPEC's monthly data, reviewed on Wednesday, Russian oil production fell by around 56,000 barrels a day or 0.6% in February compared to?January, bringing it down from 9.184 million bpd. The U.S. has imposed pressure on India, Russia's second largest buyer, to reduce crude oil exports. Since February, Russian crude oil sales to India'started to recover' after Washington granted Indian refiners a 30-day waiver of sanctions to purchase Russian oil loaded onto vessels starting March 5, to offset the global energy crunch caused by the Iran War. Russia is the third largest oil producer in the world, after the U.S.A. and Saudi Arabia.
US Energy Chief: US considers selling oil from strategic reserves
Energy Secretary Chris Wright stated on Monday that the U.S. may consider coordinating oil sales from its Strategic Petroleum Reserve with those of other countries as prices have soared during the war against Iran. Wright said that the U.S. also has "some options" to allow more sales of Russian crude oil in tankers in Asia. Washington, for example, issued a waiver late last week allowing the sale of Russian crude oil currently stranded on sea to continue into India. Wright, speaking to reporters at a Colorado natural gas plant, said: "We're talking about coordinated releases from SPR." The U.S. SPR is located off the coasts?of Texas and Louisiana.
Russian Urals Prices Tops Brent in Indian Market for the First Time
Russian flagship Urals oil is selling at a premium to the Brent international benchmark at delivery in Indian ports for the first time ever, fuelled by rising demand due to the Iran war, traders said on Friday.The U.S.-Israeli war against Iran, which began a week ago, has choked the Strait of Hormuz, the main route for global oil.Russian oil had traded at a discount of several U.S. dollars per barrel to Brent in Indian ports since the start of conflict in Ukraine in 2022 as Russia diverted oil sales to Asia after the EU imposed an embargo on Russian sales.
Venezuela suspends 19 oil, gas production-sharing contracts signed under Maduro, sources say
Four sources familiar with the matter said that Venezuela's oil ministry suspended 19 contracts signed with private companies under the?administration? of President Nicolas Maduro. Sources say that the suspension of the contracts has not affected the oil and gas production in the country. The sources added that the state oil giant PDVSA sells the crude produced by the contracts even though they are suspended. Sources said that Washington and Caracas would review contracts and could recommend "revocating" some of them. Sources say that the Venezuelan and U.S. governments are reviewing credentials of companies who signed the contracts.
Venezuela suspends 19 oil, gas production-sharing contracts signed under Maduro government, sources say
Four sources with knowledge of the?move? said that Venezuela's Oil Ministry has suspended a total of?19 oil-production-sharing contracts signed by?private companies under President Nicolas Maduro. Sources say that the suspension of the contracts has not affected the oil and gas production in the country. The sources added that the state oil giant PDVSA continues to sell crude oil produced under these contracts even though they are suspended. Sources said that Caracas and Washington would review contracts and could recommend revoking certain of them. Sources say that the Venezuelan and U.S.
Maurel & Prom, a Venezuelan oil firm, says that teams are fully mobilised after the US issued key authorization.
Maurel & Prom has a team in Venezuela that is fully mobilised, and'ready for the next stages of development', said its chief executive on Thursday. This was after the U.S. - added the French oil producer?to a a list of companies authorized to increase operations in Venezuela. M&P stopped exporting oil from Venezuela in the second quarter last year, after President Donald Trump suspended its license along with?other companies. The company had hoped to resume oil sales from 'the OPEC-member after U.S. troops captured and ousted President Nicolas Maduro early in January. The company's shares jumped by 6% at the opening of Paris trading.