US Enery Secretary Wright says Venezuela could absolutely get over 1mln bbls a day and scale from there, via CNBC
Newsquawk Staff ·
US Enery Secretary Wright says Venezuela could absolutely get over 1mln bbls a day and scale from there, via CNBC.
What it means
US Energy Secretary Wright’s statement on Venezuela’s potential to exceed 1 million barrels per day is significant for the oil market, suggesting a possible increase in global supply. If realized, this could pressure oil prices downward, especially if combined with other supply dynamics. Traders should consider the implications for energy stocks and related currencies, particularly those tied to oil production.
- Dutch PM says no European ally is willing to buy Russian crude
- ADNOC reportedly informed some Asian refiners that it may begin delivering Upper Zakum crude via a new pipeline to the Fujairah terminal in early 2027, allowing shipments to bypass the disrupted Strait of Hormuz, according to Bloomberg
- TTF rises to EUR 100/MWh for the first time since December 2022
- Russia and Azerbaijan are discussing natural gas swap supplies, reports Interfax
- US White House says the oil agreement with Venezuela will deliver a total of 65bln barrels
Related headlines
- Syria and Iraq discuss exporting Iraqi oil via the Baniyas pipeline2 hours ago
- UAE’s Sharjah temporarily closes all its beaches as a precautionary measure after an oil spill, according to a statement3 hours ago
- Equinor (EQNR NO) CFO says must be prepared for some demand destruction in Europe due to high gas prices; production from the Johan Sverdrup field is down 11% to date and it expects a larger decline next year4 hours ago
- Black Sea CPC oil exports to decline 2% M/M in November, sources report4 hours ago
- Russian Deputy PM Novak says they are open to work with US partners on energy, but there are no current discussions around a return to specific projects4 hours ago
- The European Parliament’s environment committee will vote on reforms to the EU Emissions Trading System (EU ETS) on 1st December 20265 hours ago
- US Transportation Secretary Duffy is to announce approval of a license application for an USD 8.2bln deepwater LNG export port at Port Houston during a visit to Texas on Wednesday, Punchbowl reports6 hours ago
- Equinor (EQNR NO) CEO says what happens in the Middle East determines the price of oil, refined products and gas; hopes that Britain will approve the Rosebank oilfield6 hours ago
- A drone strikes an oil pipeline in Sudan’s Red Sea State, causing damage and an oil leak, Al Hadath reports, citing its correspondent7 hours ago
- Vietnam's government is considering cutting special consumption tax on gasoline to zero14 hours ago
- US President Trump says he is terminating Biden's methane regulations14 hours ago
- US Weekly Private Energy Inventory Data (bbls): Crude -2.0mln (exp. +0.5mln), Gasoline +2.4mln (exp. -1.3mln), Distillate +0.4mln (exp. -0.9mln), Cushing -0.5mln18 hours ago
- CRUDE WRAP: WTI (Z6) SETTLES USD 1.86 LOWER AT 99.90/BBL; BRENT (F7) SETTLES USD 1.33 LOWER AT 109.41/BBL20 hours ago
- US Energy Secretary Wright says the suspension of sanctions on Russia is temporary; US is ramping up LNG exports20 hours ago
- US President Trump says he is travelling to a rally in Corpus Christi, Texas, where the US will receive 1mln barrels of Venezuelan oil as a result of the military operation, followed by the biggest oil deal in the history of the world22 hours ago