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ADVERTISEMENT”The longer Russia wages war, the tougher our response,” High Representative Kaja Kallas declared this week after foreign ministers of the European Union formally adopted a new round of sanctions against Russia for its full-scale invasion of Ukraine.The measures blacklisted 189 vessels belonging to Moscow’s so-called “shadow fleet”, bringing the total number of ships under restrictions to almost 350.The following day, Poland made a startling announcement.”A Russian ship from the ‘shadow fleet’ under sanctions was performing suspicious manoeuvres near the power cable connecting Poland and Sweden,” Prime Minister Donald Tusk wrote on social media.”After effective intervention by our military, the…

Mexico’s Pemex plans to cut 3,000 jobs as part of a restructuring move aimed at reducing its expenses, Bloomberg has reported, citing a company document.The restructuring should lead to savings to the tune of $540 million, the document showed, by transferring over $300 million from Pemex’s personnel budget to its exploration and production department and help increase oil and gas output.The drive will also result in a more simplified corporate structure with the closure of three sub-directorates and nine management areas to streamline operations, according to the document that Bloomberg cited.Pemex reported a loss of $2 billion for the first…

BOSTON (AP) — An unusual May nor’easter was pulling away from New England on Friday after soaking the region and setting some record cold temperatures.Massachusetts and Rhode Island received the most rain, getting at least several inches. The coastal town of Kingston, Massachusetts, received 7.13 inches (18.1 centimeters) of rain in a 24-hour period ending early Friday, the National Weather Service said.Drivers were stuck in floodwaters in Cape Cod and fallen trees blocked some streets. There were no reports of injuries. Some higher elevations saw snow, with New Hampshire’s Mount Washington reporting 3.4 inches (8.6 centimeters) as of Friday morning.“Would…

A substantial drop in the spot market price for Emirati crude has triggered a demand surge from Asia, Reuters reported today, citing data for a record trade of 10 million barrels of Murban crude on an S&P Global Platts market-of-close basis this month.“Asian markets have been oversupplied with light grades for most of this cycle, driven by outages at Japanese refiners, increased UAE availability this cycle following the accelerated OPEC+ unwind, and planned maintenance at Saudi Arabia’s Petro Rabigh refinery,” Energy Aspects analyst Richard Jones told Reuters.Yet demand for Murban has done well as its premium on the spot market…

Preliminary official figures showed Norway produced 339.8 million standard cubic meters a day (MMscmd) of natural gas in April, down for the second consecutive month by both sequential and year-on-year comparisons. The figure beat the forecast by 1.3 percent or 4.2 MMscmd, according to the figures published online by the Norwegian Offshore Directorate. The Nordic country sold 10.2 billion standard cubic meters (Bscm) last month. That is down by 700 MMscm from March. According to the European Commission’s latest quarterly gas market report, Norway accounted for 50 percent of gas imported into the European Union by pipeline in the fourth…

Mexico’s state oil company Petroleos Mexicanos is discussing plans to slash over 3,000 jobs in a proposed corporate restructuring that is expected to save the company millions as the indebted driller and refiner tries to shore up its finances and boost production. Pemex aims to cut as many as 3,114 tenured employees as part of a larger restructuring push that is expected to save the company around 10.5 billion pesos ($540 million), according to a company document dated April and seen by Bloomberg News. The cuts would amount to about 28% of the operational budget for tenured personnel this year,…

By Irina Slav – May 23, 2025, 1:24 AM CDT Oil prices are expected to fall for the week as OPEC+ plans to increase daily output, contributing to market concerns of oversupply. The US dollar gained strength following the passage of a new budget bill that includes significant spending cuts and tax reductions, putting further pressure on oil prices. Demand for US crude oil storage has surged amid expectations of increased OPEC+ supply, and rising US oil inventories have added to bearish sentiment among traders. Crude oil prices were set for a weekly decline today, following a report that…

Japanese oil and gas explorer and producer Inpex Corp. has secured rights to explore the Serpang Working Area offshore Eastern Java in Indonesia. Inpex said in a media release it had won the award in Indonesia’s second Petroleum Bidding Round 2024, hosted by the Ministry of Energy and Mineral Resources. Following the award, Inpex, through its unit Inpex Serpang Ltd., signed a Production Sharing Contract (PCS) with Indonesian upstream regulator SKK Migas, Petronas Energy Serpang Sdn. Bhd. and EO Serpang Pte. Ltd. The Serpang Working Area is located about 200 kilometers (124 miles) east of Surabaya, East Java’s capital, where…

Aker BP ASA and its partners have discovered oil near the Skarv field in the Norwegian Sea, with preliminary estimated recoverable volumes of 3-7 million barrels of oil equivalent in one of the targets. The discovery consisted of wells 6507/5-13 S and 6507/5-13 A. The wells were drilled six kilometers (3.73 miles) southwest of the Skarv floating production, storage and offloading (FPSO) vessel in production license 212, according to the Norwegian Offshore Directorate. The license is part of the Aker BP-operated Skarv Unit area. Well 6507/5-13 S aimed to prove petroleum in reservoir rocks in the Fangst and Båt groups.…

(Bloomberg) – U.S. Secretary of State Marco Rubio said in a post on X that a Venezuela oil-export license will expire next Tuesday, defying earlier expectations that it would be extended. The tighter time frame would put pressure on Chevron Corp.’s operations in the sanctioned nation. The U.S. oil giant has been a major contributor to Venezuela’s economy in recent years, supplying about 20% of its output and contributing to the flow of dollars into the South American country.  That has made Chevron’s license to operate in Venezuela a big chip in negotiations between the U.S. and the…