International

The plan of exporting and testing Kenya’s crude under a pilot plan by Tullow Oil, ended on June 2, as timelines for development in the East African nation slowed.

The U.S. Department of the Treasury said on Tuesday that the country has raised its sanctions on Venezuela’s oil industry, focusing this time on maritime companies and their assets who have been assisting the Latin American country in getting its blacklisted crude oil to market.

Venezuela's President Nicolas Maduro on Saturday announced a hike in gasoline prices after two decades of frozen values at the pump, as part of a system to fill vehicles and motorcycles with subsidized fuel up to monthly quotas and pay internationally indexed prices over those levels.

The plan to cut oil output by 9.7 million barrels per day by the Organisation of Petroleum Exporting Countries (OPEC+) and its allies led by Russia is nearing a compromise.

A series of oil and gas licensing auctions has been scrapped by the Trump Administration due to the impact of the Covid-19 pandemic.

Heavier oils from Angola and Congo remained steady at high prices on Friday, while Nigerian oil fared lower amid a large glut of unsold cargoes.

Chevron is planning a 10% to 15% reduction in its global workforce this year, the biggest cut to headcount yet among global oil majors following the Covid-19 pandemic.

Oil prices edged lower on Friday after U.S. inventory data showed a weaker fuel demand in the country. Brent crude dropped 25 cents to $35.04 a barrel, while US West Texas Intermediate (WTI) crude was down 53 cents at $33.18 a barrel, Reuters reported.

The Shell Nigeria Exploration and Production Company, SNEPCo, says it has shut the Bonga oil export terminal for routine maintenance.

Due to COVID-19, yards in Singapore are currently closed, but yards in China have re-opened and are running near normal capacity, SBM Offshore says, following closure due to the Chinese New Year and COVID-19 restrictions.