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Following the United States intervention in Venezuela on 3rd January, which brought an end to President Nicolás Maduro’s 13-year dictatorship, all eyes have been on the South American country’s oil industry. Once one of the world’s biggest oil producers, output has waned in recent years. However, with U.S. President Trump setting his sights on Venezuelan crude, many are speculating just how quickly its resources can be tapped. While the focus is on Venezuela’s potential as an oil power, others think that more immediate…
Colombia’s state-controlled oil giant Ecopetrol may increase spending and boost output if elevated oil prices persist amid the escalating Middle East conflict, the company’s chief executive said Thursday. Benchmark Brent crude has surged to its highest level in more than a year following U.S.-Israel strikes on Iran and disruptions to exports from the Persian Gulf. Brent climbed to more than $85 per barrel this week, up from roughly $70 before the conflict erupted on February 28. Ecopetrol CEO Ricardo Roa told analysts during the company’s…
Military strikes in the Middle East and the effective closure of the Strait of Hormuz have triggered one of the sharpest moves in European gas markets over the past year, with the Title Transfer Facility (TTF) benchmark surging on disrupted liquefied natural gas (LNG) flows. The shock is transmitting directly into European power markets, with price reactions varying according to national gas exposure. Beyond the immediate volatility, the market reaction underscores the structural linkage between global LNG supply, European electricity pricing and…
The very recent signing of two sets of major oil deals by U.S. oil giant Chevron following the forced withdrawal of Russian firms from key energy projects in Iraq is a key turning point in the West’s resurgence in the Middle East, a senior U.S. Treasury source told OilPrice.com last week. “Iraq is the heartland of the Middle East, a major Iranian ally, vital to Russian and Chinese interests, and it’s allowing a major U.S. force into the centre of its economy,” he underlined. So, what does this mean for Iraq’s energy…
Armenia and Azerbaijan are on edge, worried that TRIPP potentially could be upended by the US-Israeli attack on Iran. Hoping to shield against any spillover, Yerevan and Baku are staking out cautious stances on military developments in Iran, their southern neighbor, calling for a quick cessation of hostilities. The attack on Iran places Armenia and Azerbaijan in a delicate position. Both have moved quickly since agreeing on a provisional peace deal last summer to develop commercial opportunities with the United States, centering on the launch…
