crude oil News Updates

The supertanker Marbella, whose location was a mystery for more than a year, turned on its transponder this past weekend to reveal it was sitting off the coast of Venezuela.

The Veronica is the fourth tanker seized since the U.S. ouster of Venezuela President Nicolás Maduro in a surprise nighttime raid almost two weeks ago.

The global oil industry is working through the consequences of Washington’s move. For shipowners, that means higher rates on some routes as current and future oil flows are redirected.

TotalEnergies CEO Patrick Pouyanne said it would take years to increase Venezuela’s oil output to above 3 million barrels a day from less than 1 million currently.

President Donald Trump called on oil executives to rush back into Venezuela as the White House looks to quickly secure $100 billion in investments to revive the country's petroleum reserves.

Among the companies attending are Chevron, which still operates in Venezuela, and Exxon Mobil and ConocoPhillips, which both had oil projects in the country that were lost in 2007.

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. 

Freight costs have dropped sharply and the cheaper shipping environment is encouraging U.S. crude to move offshore, supporting physical crude prices.

Trump's administration intends to control the distribution of Venezuela’s oil products globally following its ouster of President Nicolás Maduro in a surprise nighttime raid.