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Without Institutional Change, Venezuela’s Oil Bonanza Remains Unviable

EnergiesNet — Mon, 16 Feb 2026 15:58:55 +0000

Sanctions relief, a democratic transition, and deep reforms are essential to recover production. By Francisco Monaldi When President Trump announced the capture of Venezuela’s autocrat, Nicolás Maduro, and suggested that American oil giants would swoop in to fix the country’s battered oil infrastructure, it sounded like a straightforward business proposition. After all, Venezuela boasts some of the …

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Hess Corp. CEO’s OPEC Communication Disqualifies Him From Chevron Board, FTC Says

EnergiesNet — Tue, 01 Oct 2024 12:27:07 +0000

Kevin Crowley and Leah Nylen, Bloomberg News HOUSTON/WASHINGTON EnergiesNet.com 10 01 2024 The US antitrust regulator will allow Chevron Corp. to proceed with its $53 billion acquisition of Hess Corp. on the condition Chief Executive Officer John Hess is barred from the supermajor’s board, alleging he improperly communicated with OPEC. The Federal Trade Commission said in a …

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Saudi Arabia and OPEC + Allies Delay Plan to Increase Oil Output

EnergiesNet — Fri, 06 Sep 2024 09:12:04 +0000

OPEC Plus will extend its cuts until at least December. Demand has weakened, and other countries, including the United States, are expected to continue to increase production. Stanley Redd, NYTimes LONDON EnergiesNet.com 09 06 2024 Saudi Arabia and seven other members of the oil-producing group known as OPEC Plus said on Thursday that they would …

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OPEC Crude Production Steady While Some Members Exceed Limits

EnergiesNet — Tue, 02 Jul 2024 15:52:27 +0000

Grant Smith, Julian Lee and Bill Lehane, Bloomberg News LONDON Energiesnet.com 07 02 2024 OPEC’s crude production remained steady for a third month, while some key members continued to pump above agreed limits. The Organization of Petroleum Exporting Countries produced an average of 26.98 million barrels a day in June, or 80,000 a day less than …

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OPEC daily basket price stood at $87.52 a barrel Friday, April 19

EnergiesNet — Mon, 22 Apr 2024 09:07:44 +0000

EnergiesNet News CARACASEnergiesNet.com 04 22 2024 The price of OPEC basket of thirteen crudes stood at 87.52 a barrel Friday, compared with $87.35 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi …

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OPEC Oil Output Stays Steady as Group’s Latest Cutbacks Stall

EnergiesNet — Wed, 03 Apr 2024 08:59:52 +0000

Grant Smith, Julian Lee and Bill Lehane, Bloomberg News LONDON EnergiesNet.com 04 03 2024 OPEC’s crude oil production remained steady last month while some members stalled on delivering agreed cutbacks. The Organization of Petroleum Exporting Countries pumped 26.86 million barrels of crude a day in March, according to a Bloomberg survey, barely changed from the …

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OPEC daily basket price stood at $84.98 a barrel Wednesday, March 27 – EN

EnergiesNet — Mon, 01 Apr 2024 12:13:52 +0000

EnergiesNet News CARACASEnergiesNet.com 04 01 2024 The price of OPEC basket of thirteen crudes stood at 84.98 a barrel Wednesday, compared with $85.92 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi …

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Russia orders companies to cut oil output to meet OPEC+ target

EnergiesNet — Mon, 01 Apr 2024 10:43:07 +0000

Reporting by Reuters MOSCOW EnergiesNet.com 03 29 2024 Russia’s government has ordered companies to reduce oil output in the second quarter to ensure they meet a production target of 9 million barrels per day (bpd) by the end of June in line with its pledges to OPEC+, three industry sources said on Monday. Earlier this …

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OPEC daily basket price stood at $82.61 a barrel Tuesday, March 12 – EN

EnergiesNet — Wed, 13 Mar 2024 10:41:42 +0000

EnergiesNet News CARACASEnergiesNet.com 03 13 2024 The price of OPEC basket of thirteen crudes stood at 82.61 a barrel Tuesday, compared with $82.20 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi …

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OPEC+ members extend oil output cuts to second quarter – Reuters

EnergiesNet — Tue, 05 Mar 2024 16:10:47 +0000

Maha El Dahan and Alex Lawler, Reuters DUBAI EnergiesNet.com 03 05 2024 OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil output cuts of 2.2 million barrels per day into the second quarter, giving extra support to the market amid concerns over global growth and rising output outside the …

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OPEC daily basket price stood at $82.22 a barrel Tuesday, February 27 – EN

EnergiesNet — Wed, 28 Feb 2024 09:25:08 +0000

EnergiesNet News CARACASEnergiesNet.com 02 28 2024 The price of OPEC basket of thirteen crudes stood at 82.22 a barrel Tuesday, compared with $80.83 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi …

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Going green at 50? IEA climate pivot debated at anniversary meeting – Reuters

EnergiesNet — Tue, 20 Feb 2024 15:08:22 +0000

America Hernandez and Noah Browning, Reuters PARIS EnergiesNet.com 02 20 2024 Energy ministers, oil executives and green investors gathered this week to mark a half-century since the formation of the International Energy Agency and to assess its new role as the world’s shepherd toward a green future from a fossil fuel past. The industrialised world’s …

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