crude oil News Updates

Exxon Mobil said lower oil prices reduced fourth-quarter results by $800 million to $1.2 billion, one of the first signs that Big Oil is facing a tough earnings season. 

U.S. European Command announced the seizure of the Bella 1. Secretary of Homeland Security Kristi Noem revealed that U.S. forces also took control of the tanker Sophia in the Caribbean.

Valero plans to begin shutting some of the Benicia refinery operating units in February before fully winding it down by the end of April.

The White House is organizing a meeting Jan. 9 with U.S. oil company executives to discuss Venezuela. Representatives of Exxon, Chevron and ConocoPhillips are expected to attend.

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.

EIA expects the spot Brent crude price to average $55 per barrel in 2026, down from $69 in 2025 and $81 in 2024. Brent is the global benchmark for crude prices.

Key members led by Saudi Arabia and Russia will hold a monthly video conference Jan. 4, and review a decision to halt further supply hikes in Q1 after rapidly reviving production earlier this year.

Chevron has finished discharging a cargo from the vessel Searuby and is in the process of unloading ship Canopus Voyager, according to Bloomberg tanker tracking.

As tensions mount between Venezuela and the U.S., Chevron remains the only global oil company with access to Venezuela’s immense crude reserves — the largest known.

The management shake-up comes as BP lags its rivals due to a combination of corporate disasters, war, lackluster returns from its renewables efforts and some bad luck.