Spain did not import any crude oil from Venezuela in April, ahead of a U.S. deadline in May for foreign operators to wind down operations in the South American country, official Spanish data showed on Friday. Earlier this year, Spain’s imports of crude oil from Venezuela jumped by nearly 60% in January and February compared to the same period of 2024. Spain’s energy major Repsol was one of several foreign companies, which also included U.S. Chevron and Italy’s Eni, allowed by the Biden Administration to operate in Venezuela and…

Spain did not import any crude oil from Venezuela in April, ahead of a U.S. deadline in May for foreign operators to wind down operations in the South American country, official Spanish data showed on Friday. Earlier this year, Spain’s imports of crude oil from Venezuela jumped by nearly 60% in January and February compared to the same period of 2024. Spain’s energy major Repsol was one of several foreign companies, which also included U.S. Chevron and Italy’s Eni, allowed by the Biden Administration to operate in Venezuela and…

The Dangote oil refinery in Nigeria, Africa’s largest crude processing facility, has been buying increasing volumes of U.S. crude WTI despite the fact that Nigeria is the biggest crude oil producer in Africa. But Africa’s top OPEC member has been struggling to materially boost domestic crude output, so the 650,000-barrels-per-day refinery has been sourcing more WTI crude as the facility is ramping up to capacity. So far this year, U.S. crude has accounted for a third of the purchases of the Dangote refinery, according to vessel-tracking…

Slowing fuel demand in China and weaker growth elsewhere have prompted the biggest private refiners in India to raise their fuel sales at home as margins abroad are falling. Reliance Industries of billionaire Mukesh Ambani, as well as Nayara Energy, whose largest shareholder is Russia’s oil giant Rosneft, are increasing their fuel sales in India, Reuters reports. India’s fuel demand growth remains solid and will rise at a steady clip in the coming years. India’s growing demand contrasts with trends in China in recent months. Chinese…

The UK’s upcoming industrial strategy should include action to slash energy costs which are among the highest in the world and hinder growth, the House of Commons Business and Trade Committee warned in a report on Friday, as business leaders are also calling for a decisive action to cut industrial energy costs. The UK government is set to unveil an industrial strategy next week—Britain’s first such strategy this decade—to spur growth in an ever-changing geopolitical and trade landscape. The Industrial Strategy “must…

The Permian basin has been the chief growth driver for U.S. shale oil production. The most prolific shale basin in North America has been the focus of attention for industry players and traders alike. But there might be a problem with the Permian. U.S. oil growth may be a bit too dependent on it. For proof, look no further than the Energy Information Administration’s drilling productivity report, which is now part of its Short-Term Energy Outlook. Month after month, the EIA reveals that of all major oil basins in the country, the Permian…

Nuclear energy stocks have been on a tear again after U.S. President Donald Trump signed executive orders that will facilitate the expansion of nuclear energy production, including expediting the regulatory approvals for new nuclear reactors. The Trump administration intends to reform the nuclear energy sector by overhauling the Nuclear Regulatory Commission (NRC), allowing the DoE to build nuclear reactors on federally-owned land, enhancing research at the U.S. Department of Energy and expanding domestic uranium mining and enrichment. And, Big…

The National Petroleum Reserve in Alaska could see more oil and gas exploration if the Trump administration is successful in reversing Biden-era limits on drilling for hydrocarbons in an area that is also the country’s largest tract of undisturbed land. Reuters said the move is consistent with Trump’s goal to slash regulations on oil and gas development and increase domestic fuels production as part of his energy agenda. Last year the administration of Joe Biden prohibited oil and gas leasing on 10.6 million acres of the National Petroleum…

Having arrived in Central Asia to make deals, Italian Prime Minister Giorgia Meloni did a lot of name-checking during a policy address at the Astana International Forum. First, she went for the low-hanging fruit, giving a shout-out to Marco Polo, pointing to the legendary 13th century Venetian merchant-explorer to support her assertion that it is in “the DNA of the Italian people” to seek new trade possibilities. She then dusted off a name that had fallen out of favor for decades — Halford Mackinder, the early 20th century British…

Via Metal Miner   India is seeing mixed reactions to U.S. President Donald Trump’s new announcement that he is imposing a 50% tariff on all steel and aluminum imports from the country. While the Indian Government sought to play down the new Trump tariffs, with one minister dubbing its impact as “minor,” some analysts, experts and trade bodies are not too sure. Many from this lobby have already expressed grave concern about the likely fallout of the new wave of tariffs on India’s steel and aluminum sectors. Some Officials…

Libya's eastern-based parliament has approved a 69 billion Libyan dinar ($12.7 billion) budget for its Development and Reconstruction Fund, overseen by Belgassim Haftar, son of eastern military commander Khalifa Haftar.  The fund is intended to finance infrastructure projects over the next three years, but is sparking major political backlash in the midst of a brewing crisis that has seen armed clashes in Tripoli in May and June, risking all-out civil war.  A group of 113 members of the House of Representatives (HoR) have urged Speaker…

Libya's eastern-based parliament has approved a 69 billion Libyan dinar ($12.7 billion) budget for its Development and Reconstruction Fund, overseen by Belgassim Haftar, son of eastern military commander Khalifa Haftar.  The fund is intended to finance infrastructure projects over the next three years, but is sparking major political backlash in the midst of a brewing crisis that has seen armed clashes in Tripoli in May and June, risking all-out civil war.  A group of 113 members of the House of Representatives (HoR) have urged Speaker…

Libya's eastern-based parliament has approved a 69 billion Libyan dinar ($12.7 billion) budget for its Development and Reconstruction Fund, overseen by Belgassim Haftar, son of eastern military commander Khalifa Haftar.  The fund is intended to finance infrastructure projects over the next three years, but is sparking major political backlash in the midst of a brewing crisis that has seen armed clashes in Tripoli in May and June, risking all-out civil war.  A group of 113 members of the House of Representatives (HoR) have urged Speaker…

Net zero costs which push up energy prices and “anchor” businesses’ ambitions to grow must end, the boss of the Confederation of British Industry (CBI) will tell government officials at an event in London on Thursday evening.  Rain Newton-Smith, the chief executive of the Confederation of British Industry (CBI), is set to urge the Treasury and Department for Business and Trade to roll out an industrial strategy that tackles high UK energy costs which currently far surpass prices seen in competing economies such as France,…

The European Commission has given Bulgaria the go-ahead to join the eurozone single currency region as of January 1, 2026, the country's second major step in just one year on its path to full integration into the European Union. The commission, which met on June 4 to convey its decision on the issue, said Bulgaria fulfils the four nominal convergence criteria that are used to evaluate whether a country is ready for euro adoption. "The euro is a tangible symbol of European strength and unity," said European Commission President Ursula von der Leyen.…

Japan’s top refiner, Eneos Corp, has reported an unplanned shutdown at its 77,000 bpd No.3 crude distillation unit (CDU) at the Kawasaki refinery near Tokyo. The outage began June 4 with no timeline given for a restart. While the scale of the disruption is relatively modest in global terms, the implications run far deeper. This is the latest in a string of outages for Eneos—one CDU was just brought back online in Mizushima after planned maintenance, while another in Sakai remains offline until July. But more critically, it reflects…

The United States posted a record surge in industrial exports in April, driven by strong global demand for materials such as chemicals, metals, and petroleum byproducts — even as crude oil exports fell by over $1.1 billion, highlighting volatility in energy trade patterns. According to U.S. Census Bureau data released Thursday, total exports of industrial supplies and materials rose by $10.4 billion month-over-month — a key driver behind the U.S. trade deficit narrowing to $74.6 billion. However, crude oil exports, which usually serve…

The ambitious plans of Iraqi Prime Minister Al-Sudani to reinvigorate paused agreements and forge new initiatives in the state’s vitality sectors with the world’s energy giants—from Eastern Asia to Europe and the U.S.—were seen as potential drivers for achieving energy independence and rapid development. These moves also seemed to bolster his bid for a second term as Prime Minister. However, recent developments show a difficult road ahead, despite significant steps taken toward his goal. Iraq’s energy infrastructure,…

Sustainable aviation fuel (SAF) is the most promising lever known today to accelerate progress toward a net zero future, says Delta Air Lines. The clean jet fuel, which can be made from used cooking oil, wastes, or plants, reduces carbon dioxide (CO2) emissions by up to 80%, the aviation industry says. However, SAF faces many challenges on the runway to take off. Scale and cost are the two biggest and interconnected challenges for the industry to begin replacing petroleum-based kerosene. High Costs, Low Availability “Unfortunately, there…

Calgary-based Vermilion Energy Inc. will sell its assets in the United States for $88 million (C$120 million), which will complete its exit from the U.S. and allow it to reduce debt and focus on natural gas assets in Canada and Europe. The assets in the sale consist of about 5,500 barrels of oil equivalent per day boe/d of production, of which 81% is oil and liquids, as well as 10 million barrels of oil equivalent of proved developed producing reserves, Vermilion Energy said on Thursday. Vermilion Energy expects to close the transaction in the…