Economics
Opinion: U.S. oil refiners win, Chinese rivals lose in Trump’s Venezuela strike
Speaking on Saturday after announcing Maduro’s arrest on Truth Social, Trump said he would maintain the U.S. embargo on exports of sanctioned Venezuelan crude oil for now, but also stated that the U.S. would run Venezuela "for a period of time," suggesting U.S. restrictions could be lifted very soon.
India asks refiners for weekly Russian oil import data as it seeks U.S. trade deal
India became the biggest buyer of discounted Russian seaborne crude following the 2022 outbreak of the Ukraine war. But those purchases have fueled a backlash from Western nations, which have targeted Russia's energy sector with sanctions, arguing that oil revenues help fund Moscow's war effort.
Serbia's NIS gets U.S. approval to resume production in its refinery
The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) imposed sanctions on NIS in October as part of broader measures against Russia's energy sector after granting a series of waivers since January.
Residual fuel fills Venezuela's storage tanks as exports cut to minimum
Most ships bound for Venezuelan ports for December and early January cargo deliveries have made U-turns, as the blockade spooks even vessels not under sanctions.
Indian Oil buys first Colombian oil under Ecopetrol contract
Indian refiners are scouting for crude as tighter U.S. and European Union sanctions on Moscow's producers and vessels are disrupting Russian oil imports.
China begins issuing second batch of 2026 crude import quotas to refiners
The newest allocation, combined with a small batch issued in late November, accounts for about 70% of the refiner's total quota for next year.
Ghana's Tema oil refinery restarts after 9-yr shutdown
Refining began on December 19 at the 45,000-bpd refinery, which had been shut since 2017.
Five energy market trends to track in 2026, the year of the glut
This past year was a wild one for the oil and gas industry, punctuated by the 12-day Israel-Iran war in June, U.S. President Donald Trump's trade wars, the intensified targeting of energy infrastructure in Russia in its war against Ukraine, OPEC’s often perplexing production decisions and the recently threatened U.S. blockade of Venezuela.
Serbia's NIS gets U.S. approval to negotiate sale of Russian stake
The U.S. Treasury Department's Office of Foreign Assets Control imposed sanctions on NIS in October, as part of broader measures against Russia's energy sector, after granting a series of waivers since January.
China's teapots boost Russian ESPO buying amid record discounts
Discounts for Russian ESPO Blend crude loading in January have widened to a record $7–$8 per barrel versus ICE Brent upon delivery in Chinese ports, as Western sanctions pressure weighs on the grade.
- OXEA confirms final investment decision for major capacity expansion at plant 7/10
- TotalEnergies ships to Asia the first cargo produced by the ECA LNG plant 7/10
- ADNOC L&S expands LNG fleet with order for four new carriers 7/10
- India's ONGC plans to build 13-MMbbl national strategic oil reserve 7/10
- Russian refineries, oil terminal, tankers hit, Ukraine says 7/10
- Tajikistan says it has 60 days' fuel in reserve amid Russian supply crunch 7/10
