News / International

Chevron Seeks Broader US License to Boos Venezuelan oil exports

US oil major Chevron is in discussions with the Trump administration to broaden a key authorization that would allow the company to increase crude oil exports from Venezuela, including shipments to its own refineries and potentially to third-party buyers, four sources familiar with the matter told Reuters. The talks coincide with negotiations between Washington and Caracas to supply up to 50 million barrels of Venezuelan crude oil to the United States. US officials stated that revenues from these shipments would be managed by a US-supervised trustee, with funds earmarked for purchasing American goods for Venezuela.

Iraq Moves to Nationalize West Qurna 2 Oilfield Operations

Iraq’s cabinet has endorsed the takeover of petroleum operations at the West Qurna 2 oilfield, one of the largest globally, following terms set out in the service contract with Russia’s Lukoil, as reported by Reuters.

Baker Hughes Completes Sale of PSI Business to Crane Company

Baker Hughes, an energy technology company, announced Monday the closing of the sale of its Precision Sensors & Instrumentation (PSI) product line to Crane Company. The transaction follows a divestiture agreement originally announced in July 2025.

Trump Administration to Hold Talks With US Oil Firms on Reviving Venezuelan Production

The Trump administration plans to meet later this week with US oil company executives to discuss boosting natural gas and oil production in Venezuela following the removal of President Nicolas Maduro, a source familiar with the matter told Reuters.

Analysts See Gradual Rise in Venezuelan Oil Output After US Action

Venezuelan crude production is expected to rise gradually following the U.S. strike and capture of President Nicolas Maduro, a development that could add to global oil supply and weigh on prices over the longer term.

India Mandates Weekly Crude Disclosures to Facilitate Strategic US Trade Deal

India has directed its oil refiners to submit weekly disclosures of crude oil purchases from Russia and the United States, a first-of-its-kind move intended to provide the Prime Minister’s Office with verified data for ongoing trade negotiations with Washington, sources familiar with the matter told Reuters. Issued through the Petroleum Planning and Analysis Cell (PPAC), the mandate aims to replace third-party estimates with official figures, thereby easing diplomatic friction over India’s energy sourcing.

Woodside Energy Signs 9-Year LNG Supply Deal with Türkiye’s BOTAŞ

Woodside Energy has signed a long-term liquefied natural gas (LNG) sale and purchase agreement (SPA) with Türkiye’s BOTAŞ for the supply of around 5.8 billion cubic meters (bcm) of natural gas equivalent, or approximately 0.5 million tons per year (mmt/y) of LNG, for a period of up to nine years starting in 2030.

Turkey Secures $9bn Russian Financing for Akkuyu Nuclear Plant

Turkey has received $9 billion in new financing from Russia for the construction of the Akkuyu nuclear power plant, said Alparslan Bayraktar Minister of Energy and Natural Resources, as the country now expects the long-delayed project to become operational in 2026.

Gazprom Supplies 38.8 bcm of Gas to China, Exceeding Planned Capacity

Russia’s Gazprom has transported 38.8 billion cubic meters (bcm) of natural gas to China through the Power of Siberia pipeline in 2025, surpassing its planned annual capacity. The achievement marks a significant milestone in the energy partnership between the two nations, with delivery volumes exceeding the previously established contractual targets for the year, according to Reuters.

PETRONAS Supplies 1mtp/a of LNG to China

PETRONAS, the Malaysian energy major, has signed a long-term liquefied natural gas (LNG) Sale and Purchase Agreement with CNOOC Gas and Power Singapore Trading & Marketing, a subsidiary of China National Offshore Oil Company (CNOOC), to supply 1.0 million tons per annum (MTPA) of LNG.

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