Latest News Updates From Lucia Kassai

Chevron, the sole Western supermajor permitted to pump Venezuelan oil, is loading tankers at the fastest pace in seven months as the U.S. government moves to control the nation’s crude riches. 

A small fleet of ships booked by Chevron is sailing to Venezuela as the company emerges as the only exporter of the country’s oil following the ouster of President Nicolas Maduro by U.S. forces.

Shell's former head of oil trading in the U.S. was stiffed on his 2020 bonus by more than $29 million, he claims in a lawsuit.

U.S. Gulf Coast refineries are operating at their highest capacity for this time of year since 1992 as they capitalize on strong fuel demand from Mexico and Brazil.

Some of the top U.S. oil refiners are throttling back operations at their facilities this quarter, adding to concerns that a global glut of crude is forming.

The Biden administration will likely need to tap oil from the country’s emergency reserves to counter a spike in gasoline prices and amid inflation fears during the summer driving season.

A fleet of tankers laden with Russian diesel heading to the U.S. East Coast may help to alleviate the most expensive retail prices for the fuel in seven years.

U.S. inventories of distillates — used as diesel for both transportation and heating oil — are enough to meet just 31.2 days of demand, according to the Energy Information Administration. That’s the tightest it has been for this time of the year since 2000.

The U.S. Treasury Department levied sanctions on Mexican trading company Libre Abordo SA de CV for buying Venezuelan oil via oil-for-humanitarian-aid agreements with the embattled country.