Iraq nationalises West Qurna 2 Oilfield Operations, Government Says
Iraqi Cabinet has approved the nationalisation of petroleum operations in West Qurna 2 Oilfield, one?of the world's largest oilfields, according to the 'provisions' of a contract signed with Russia Lukoil. The cabinet agreed to also seek approvals for financing operations via the Majnoon account. This will be boosted with proceeds from crude shipments sold by SOMO, state oil marketing company. An Iraqi oil manager said that the state-run Basra Oil Company would?cover local salaries, operational costs, and payments made to subcontractors using a?account linked to the Majnoon field to facilitate the process.
EOG Resources: Higher Venezuelan output and oversupply are weighing down on shale oil prices
Ann Janssen, finance chief at EOG Resources, said that on Wednesday oversupply from Venezuela and possibly higher production are pushing down oil prices. This trend is likely to continue for several more quarters. Brent crude futures fell about 0.6% to $60.30 per barrel as investors reacted after U.S. president Donald Trump announced that his country had "reached an accord" to import up $2 billion of Venezuelan crude. This move is expected to increase supplies to the?largest consumer of oil in the world. Trump announced over the weekend that he would temporarily place Venezuela under American?control, after U.S.
The European stock rally is stalled as traders evaluate the economic impact of Venezuela
After a string of record closings, European stocks were down?on Wednesday as investors took a break to digest the latest U.S. - Venezuela developments and awaited new economic data. The?STOXX?600 index was slightly lower at 0920 GMT a day after it reached a new closing high. Investors were cautious following the announcement by U.S. president Donald Trump that the United States has reached an agreement to import $2 billion of Venezuelan crude oil, which is expected to increase supply. In response to Trump's remarks, oil prices dropped. Shares of UK energy giants Shell and BP fell 2.4% and 3.1% respectively. The European energy index also dropped 1.7%.
The European stock rally is stalling as traders evaluate the economic impact of Venezuela
After a string of record-breaking?closes?, European stocks were subdued Wednesday as investors took time to digest recent U.S.?developments? between Venezuela and the United States. They also awaited new economic data. STOXX 600 was slightly lower at 0920 GMT a day after it had reached a new closing record. Investors were cautious when U.S. president Donald Trump announced that the United States has reached an agreement to import $2 billion of Venezuelan oil, which is expected to increase supply. In response to Trump's remarks, oil prices dropped. Shell and BP, UK's two largest energy companies, fell 2.4% and 3.1% respectively. The European?energy index also dropped 1.7%.
The price of gas in Europe is rising due to the forecasted lower temperatures for the weekend
LONDON, 7 January - Dutch wholesale gas prices and British wholesale gasoline prices rose Wednesday morning due to colder weather forecasts for the weekend and next weeks. LSEG data shows that the benchmark Dutch front-month 'contract at TTF hub increased?0.78 euro to 28.80 euros per Megawatt Hour (MWh) at 0901 GMT. The Dutch contract for the month of March increased by 0.74 Euros to 28.51 Euros/MWh. The British gas day-ahead price has increased by 2.08 pence, to?77.80 per therm. According to LSEG, temperatures will rise in the north-west Europe region and Britain over the next few days but then fall again at the weekend and over next week.
Shell purchases stakes in offshore blocks in Angola from Chevron
Shell announced on Tuesday that it has reached an agreement with Chevron to purchase a stake in two offshore blocks in ultra-deep water offshore Angola. European oil companies have announced that they will invest billions of dollars in Angola. Angola is the second-largest crude producer in Sub-Saharan Africa after Nigeria. Angola has implemented major regulatory reforms in order to 'attract investments into its energy sector. It aims to keep production at or above 1,000,000 barrels per day. "We have signed a farm-in contract with Cabinda Gulf Oil Company Ltd, a subsidiary of Chevron to acquire a 35% stake in Block 49 and 50 off the coast of Angola.
What is the current status of international oil firms in Venezuela following Maduro’s capture?
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro. Former President Hugo Chavez expropriated?assets?from foreign oil companies in the 2000s. This strengthened the state-owned PDVSA control over the oilfields of the country. Due to Washington's sanction, foreign companies must now obtain authorizations from the United States to negotiate, plan and operate projects in Venezuela. Oil exports from the OPEC nation are at a standstill.
Bousso: Trump offers US oil companies in Venezuela a poisoned cup
Donald Trump, the president of the United States, is offering U.S. companies an opportunity to revitalize Venezuela's vast and derelict petroleum industry. This is an offer that they might not want to accept. U.S. Representatives of the Trump administration will meet with oil executives this week to discuss increasing Venezuelan oil production. Monday is a holiday. Exxon Mobil and ConocoPhillips may find it attractive to tap Venezuela's vast reserves of oil - the largest in the world at over 300 billion barrels or about one-fifth the global stock. Venezuela's oil production has a huge potential for?increase?. After years of mismanagement, and U.S.
EUROPE GAS - European prices are rising as the cold weather continues to be in sight
LONDON, January 6 - Dutch wholesale gas prices and British wholesale gasoline prices both rose on Tuesday, after a 5% drop on Monday, as the weather forecast for the next few days was cooler than previously expected. LSEG data shows that the benchmark Dutch front-month contract was up 0.45 euros at 28.00 Euro per megawatt hour at TTF hub, or $9.61/mmBtu by 0945 GMT. The contract dropped?5% from 27.33 Euro/MWh to the previous session. The Dutch day-ahead contracts?was up by 0.16 euros to 28.68 Euros/MWh. The British day-ahead gasoline price was up 0.65 pennies at 76.15 penny per therm.
Bousso: Trump offers US oil companies in Venezuela a poisoned cup
Donald Trump, the president of the United States, is offering U.S. companies an opportunity to revitalize Venezuela's vast and derelict petroleum industry. This is an offer that they might not want to accept. U.S. Representatives of the Trump Administration plan to meet with oil executives this week in order to discuss increasing Venezuelan oil production. Monday is a holiday. Exxon Mobil and ConocoPhillips may find it attractive to tap Venezuela's vast reserves of oil - the largest in the world at 300 billion barrels or roughly one-fifth the global stock. Venezuela has a huge potential to increase its oil production. After years of mismanagement and U.S.
US Sues Two California Cities over Limitations on Gas in New Buildings
On Monday, the Trump administration filed a lawsuit against two Californian cities to stop 'local laws that restrict natural-gas infrastructure and appliances in new construction. This lawsuit is the latest attack by 'the administration on energy policies which seek to limit fossil fuel use to combat climate changes. California, a Democratic stronghold in the United States, has some of the most aggressive climate change policies around the globe. Republicans, including Donald Trump, have been attacking local Democratic efforts for years to limit gas-powered devices. In the complaint filed before the U.S.
Vistra buys Cogentrix Energy for $4.7 billion amid rising power demand
Utility Vistra announced on Monday that it has agreed to purchase Cogentrix Energy from Quantum Capital Group for $4.7 billion. The company is looking to meet the growing demand for power. The shares of the company increased by nearly 5% during extended trading. The Texas-based electricity company said that the deal included $2.3 billion cash, $900 millions in Vistra shares and $1.5 billion of debt. Tax benefits are expected to offset some of this amount. This deal follows Vistra’s $1.9 billion purchase of seven gas-fired power plants from Lotus Infrastructure Partners in May 2025. The combined capacity was nearly 2,600 Megawatts.
Explainer: Status of Foreign Oil Companies in Venezuela After Maduro’s Arrest
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro.Hugo Chavez, the former president, expropriated foreign oil companies' assets in the 2000s. This strengthened the state-owned PDVSA?control over Venezuela's oilfields. Due to Washington's sanction, foreign companies must now obtain authorizations from the United States to negotiate, plan and operate projects within Venezuela. ?Oil…
US oil companies benefit after Trump signals access Venezuelan reserves
U.S. Oil Companies' Shares jumped Monday fueled by the prospect that the U.S. could gain access to Venezuela's vast reserves of oil after President Donald Trump announced that the U.S. was taking control of Venezuela following the arrest of their president. Venezuela has the largest oil reserves in the world, but its production has plummeted over the past decades because of?mismanagement?, a lack of foreign investment after the nationalization and sanctions on the oil industry. Trump stated on Saturday that the U.S. Oil Companies, the largest in the world, would spend billions to fix the oil infrastructure and infrastructure in Venezuela.
Orban: US involvement in Venezuela is good for energy markets
The U.S. decision that led to the ouster of Venezuelan President Nicolas Maduro should have a positive effect on the world's energy markets, said Hungarian Premier Viktor Orban on Monday. He added that both Venezuela and the U.S. would control half of all global oil reserves. Special Forces, the largest U.S. intervention since 1989's invasion of Panama in Latin America, swooped in on Caracas with helicopters over the weekend to apprehend Maduro and then take him to New York for a drug charge. Orban's ally Donald Trump of the United States, who exempted Hungary for 2026 from U.S. energy sanctions, made it clear that he wanted to share in Venezuela's oil wealth.
Japan's Osaka Gas begins unit at new 1,25-GW gas fired power plant in Himeji
Osaka Gas said that it had started commercial operations at its new 1,25-gigawatt, gas-fired power station in Himeji, Western Japan, on Jan. The company that also provides electricity said the plant consists of two 622.6 megawatt units. The No.2 unit is expected to start operations in May. According to a statement from the company, this facility uses natural gas as fuel and a high-efficiency gas-turbine combined-cycle system for power generation. Osaka Gas will increase its domestic thermal power production capacity to 3.2 GW from 2 GW once both units come online. Gas is a viable transition fuel to achieve the nation's net-zero emissions goal by 2050.
EUROPE GAS - European prices are easing due to profit-taking and milder weather.
Gas prices fell in Europe and Britain on Monday after reaching a month-high in the previous session. Traders took some profits and forecasts for less windy and cold weather eased demand. LSEG data shows that the benchmark Dutch front-month contract for the TTF hub fell by 1.23 euros to 27.60 Euro per megawatt hour or $9.45/mmBtu at 0916 GMT. The contract was closed on Friday at the highest level since November 27. The Dutch day-ahead contracts was down 1,22 euros to 28.20 Euros/MWh. The British gas price for the day ahead was 0.65 pence lower at 77.75 cents per therm. Analysts at Engie EnergyScan stated that Dutch prices were falling primarily due to profit-taking.
Egypt and Qatar sign an MOU to increase LNG sales and import collaboration, Egypt says
Egypt and Qatar have signed a'memorandum of agreement' to enhance cooperation in LNG sales and imports. This includes 'terms' for supplying Qatari shipments into Egypt's Ain Sokhna port and Damietta port, Egypt's Petroleum Ministry announced on Sunday. QatarEnergy stated in a press release that the agreement included supplying Cairo with up to 24 cargoes of liquefied gas for the summer. Egypt, the Arab World's largest?nation has been working to diversify its energy sources and increase its gas production. The production began to decline?in late-2022…
Sources say that OPEC+ will maintain oil production despite tensions among its members
OPEC+ agreed to?maintain a?steady?oil output during its Sunday meeting, according to an OPEC+ delegates and a source who was familiar with the talks. This is despite the political tensions that exist between Saudi Arabia and UAE and the capture by the U.S. of Venezuela's president. The eight members of OPEC+ who pump about half a world's oil will meet on Sunday after oil prices dropped more than 18% between 2025 and 2020, their steepest annual drop since 2010. Saudi Arabia, Russia and the UAE along with Kuwait, Iraq, Algeria, Kazakhstan, Kuwait and Oman have all increased their oil production targets from April until December 2025 by 2.9 million barrels a day…
Sources say that OPEC+ will maintain oil production despite tensions among its members
OPEC+ delegates reportedly said that despite the political tensions between Saudi Arabia and the UAE?and U.S. capture the president of smaller producer 'Venezuela,' OPEC+ is likely to maintain steady oil production at its Sunday meeting. The OPEC+ meeting on Sunday, which includes eight members who pump about half of the world's crude oil, was called after oil prices dropped more than 18% between 2025 and 2020, their biggest drop in a year since then, amid concerns over an increasing oil supply. Saudi Arabia, Russia and the UAE along with Kazakhstan…