With 30 years of Wall Street experience, Co-Editor-in-Chief Todd Campbell explains why ConocoPhillips’ position on the Venezuela oil rig is a reality check for the energy sector. Energy companies have felt significant pressure over the past year as OPEC production has increased, leading West Texas crude oil prices fell to $62 a barrelbelow Permian Basin … Read more
By Marianna Parraga and Shariq Khan HOUSTON/NEW YORK, Feb 3 (Reuters) – U.S. Gulf Coast refiners are struggling to absorb a rapid increase in Venezuelan crude shipments since last month’s landmark $2 billion supply deal between Caracas and Washington, pressuring prices and leaving some volumes unsold, according to traders and shipping data. Weak U.S. demand … Read more
By Libby George and Trevor Hunnicutt LONDON/WASHINGTON, Jan 23 (Reuters) – U.S. controls on Venezuela’s oil exports have seized barrels that had serviced debt to China, lining up another potential showdown between the two superpowers that could further complicate the South American country’s path out of default. About a tenth of Venezuela’s $150 billion foreign … Read more
Isfahan Refinery, one of the largest refineries in Iran. – Fatemeh Bahrami/Anadolu/Getty Images The United States is weighing whether to strike Iran as turmoil intensifies for the country’s authoritarian regime. Iran’s government is at its weakest point in years, destabilizing yet another OPEC nation less than two weeks after the United States toppled Venezuela’s government. … Read more