News Desk

The Trump administration renewed Chevron Corp’s licence for three months to drill for oil in Venezuela despite sanctions, a compromise between officials seeking maximum pressure to oust socialist President Nicolas Maduro and those favoring a longer renewal for the company.The Treasury Department...






Mexico’s state oil company Pemex posted another quarter of major losses, weighed down by falling output and lower crude prices, as the heavily indebted firm faces the prospect of a fresh downgrade from credit agencies critical of its direction.President Andres Manuel Lopez Obrador has pledged to...






Chinese independent oil refiners are snapping up crude cargoes from Russia, Oman, Africa and Brazil for delivery in September-October as they ramp up operations after refining margins turned positive in July, trade and refining sources said.Strong buying interest from the refiners, also known as "...






Brazil’s state-run oil firm Petroleo Brasileiro cut its 2019 production target, sending its shares lower on concerns about how quickly the firm will be able to ramp up production.Petrobras, as the firm is known, now expects output to average 2.7 million barrels of oil equivalent per day (boepd), in...






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