The United States is shifting its strategy for Venezuela’s oil sector, prioritizing existing investors while limiting opportunities for new entrants. This move could restrict Venezuela’s ability to boost oil production and attract fresh investment.
Victor Adetimilehin
Victor Adetimilehin
Victor Adetimilehin, widely known as Vic’Adex, is a celebrated global arts in medicine fellow and a staunch ambassador for religious tolerance. Beyond his institutional affiliations, Victor is an incredibly passionate and award-winning spoken word artiste, most notably recognized for his stirring poem, "men not gods." A fervent supporter of pan-Africanism, he actively champions and bolsters Nigerian creative hubs, fostering an environment of artistic growth and cultural exchange. Victor's dedication to the arts and peace advocacy positions him as a vital influencer in bridging cultural gaps.
-
-
Oil prices rebounded on Wednesday, reversing course after earlier dipping to multi-month lows. The uptick follows positive economic data from the United States and a weaker dollar.
-
The oil market rollercoasters on Tuesday, buffeted by opposing forces. Concerns about potential interest rate hikes in the United States weighed on the market, while ongoing geopolitical tensions in the Middle East and supply disruptions due to wildfires in Canada provided some countervailing support.
-
In a move that could signal a significant shift for Big Oil, Exxon Mobil faces mounting pressure from investors unhappy with the company’s handling of climate change activism. This investor discontent centers on a lawsuit Exxon Mobil filed against two small shareholders who proposed a climate resolution.
-
The Iraqi government awarded exploration and development rights for five additional oil and gas fields to Chinese companies on Sunday, May 12, 2024. This brings the total number of licenses secured by Chinese firms to ten since the bidding process began the previous day. A solitary Iraqi Kurdish company, KAR Group, also secured bids for two separate fields.
-
Canadian pipeline company Pembina Pipeline Corp (Pembina) is throwing cold water on the idea of investing in the newly expanded Trans Mountain pipeline (TMX). The company’s chief financial officer, Cameron Goldade, expressed significant reservations during a recent earnings call.
-
The Organization of the Petroleum Exporting Countries (OPEC) is shifting its focus in oil market reporting. Instead of estimating demand for its own crude oil production, OPEC will now prioritize forecasts for demand from the wider OPEC+ group. This change reflects the growing importance of OPEC+ in managing global oil supply. OPEC+ is an alliance of major oil producers that includes Russia. The alliance has been working with OPEC since 2016 to coordinate production levels and stabilize oil prices.
-
U.S. gasoline and diesel demand have plunged to their lowest seasonal levels since the 2020 pandemic, according to new data. This slump is squeezing refining margins, threatening to disrupt two years of strong profits for refiners in the energy sector. The reasons behind the decline in demand are unclear, but it has significant implications for both refiners and consumers.
-
Saudi Aramco is maintaining its $31 billion dividend payout despite a decline in profits. This decision highlights the challenges and opportunities for the kingdom’s economic diversification plans, which include potential share sales and production adjustments.
-
Energy giant Shell has announced its decision to exit South Africa’s downstream market, following a comprehensive review of its global operations. The move comes after more than a century of Shell’s presence in the South African market.