crude oil News Updates

The move comes after months of Trump pressing India to cut its reliance on cheap Russian crude. Trump said that India would also start to reduce its import taxes on U.S. goods to zero.

The deal, expected to close in the second quarter, illustrates how shale companies are pushing to consolidate, as many of the best U.S. drilling sites have been tapped.

It could be days before power is restored across the South, where more subfreezing temperatures are expected by Jan. 30 in areas unaccustomed to and ill-equipped for such cold.

A massive winter storm that swept the U.S. over the weekend crippled oil and gas producers and the industrial plants that refine the raw commodities into everything from gasoline to plastics.

The U.S. sanctions aim to prevent the targeted Iranians from doing business with Americans or accessing U.S. accounts. The targeted vessels are from Palau, Panama and other jurisdictions.

Oil executives and industry leaders have stressed companies need political and legal reforms, contract certainty and security guarantees before investing in Venezuela.

The increase in rationing threatens to widen the discount for Canadian oil at a time when crude prices are already falling amid a glut of supplies.

U.S. military forces seized a seventh tanker near Venezuela on Jan. 20 as the Trump administration continues to pressure the South American country to halt its use of sanctioned ships.

The U.S. government plans to allow more trading companies beyond Vitol Group and Trafigura Group to purchase Venezuelan crude, a Trump administration official said.

Venezuela’s acting President Delcy Rodríguez used her first state of the union message Jan. 15 to advocate for opening the crucial state-run oil industry to more foreign investment.