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An oil tanker seized by Iran two years ago was released, with satellite images showing the vessel off the coast of Oman, against a backdrop of mounting US pressure on the Persian Gulf state. The St Nikolas — seized in January 2024 in retaliation for what Iran called at the time the US “theft” of Iranian oil — was released on Jan. 9, its managers Empire Navigation Inc. said in a statement. The ship arrived near Oman on Jan. 10, they said.  The vessel was seen north of the Sohar anchorage off the coast of Oman, TankerTrackers.com Inc., which specializes in using…

The Norwegian Ministry of Energy has offered 57 new production licenses to 19 companies on the Norwegian Continental Shelf under the APA 2025 (Awards in Predefined Areas) licensing round, as the country moves to slow an expected decline in oil and gas output and sustain energy deliveries to Europe.  The licenses span Norway’s three main offshore regions, with 31 awards in the North Sea, 21 in the Norwegian Sea, and five in the Barents Sea. All licenses carry binding work programs requiring either active maturation or relinquishment back to the state. “Norway is Europe’s most important energy supplier,…

2026-01-13T19:42:22.809Z Share Copy link Email Facebook WhatsApp X LinkedIn Bluesky Threads lighning bolt icon An icon in the shape of a lightning bolt. Impact Link Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in. A new trial date has been set in Elon Musk’s fraud case against Sam Altman. The case is now set to go before an Oakland federal jury in April and last through May. Last week, the judge cleared the case to go before a jury, citing Musk’s evidence. The…

(BOE Report) – Venezuela’s state oil company has begun reopening some of the wells it and its joint venture partners had shut amid a strict U.S. embargo, as crude exports resume with two shipments departed on Monday, three sources close to operations said. The OPEC country’s oil exports had remained almost at a standstill since December, with only U.S. Chevron exporting crude from its joint ventures under a U.S. authorization, leaving millions of barrels stuck in onshore tanks and vessels. The country’s overall crude output fell to some 880,000 barrels per day (bpd) last week, from 1.16 million bpd in late November, with…

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Equinor has been awarded 35 new production licenses by the Norwegian Ministry of Energy in this year’s APA, Awards in Predefined Areas.  Jez Averty, Equinor’s senior vice president for subsurface, the Norwegian continental shelf Photo: Arne Reidar Mortensen / ©Equinor Equinor will gain access to attractive acreage in the North Sea, the Norwegian Sea and the Barents Sea, strengthening the foundation for the company’s exploration activity, production and long-term value creation on the Norwegian continental shelf (NCS). Twenty-one of the awards are located in the North Sea, ten in the Norwegian Sea, and four in the Barents Sea,…

(Bloomberg) – Reviving Venezuela’s oil industry will take years and cost billions of dollars, limiting the country’s impact on global markets in 2026, according to TotalEnergies CEO Patrick Pouyanne.  Image: Petroleum Economist and World Oil President Donald Trump is exhorting American oil firms to return to the South American country and ramp up production, after deposing Venezuela’s leader Nicolas Maduro. Still, producers have raised concerns about jumping back into Venezuela with Pouyanne’s counterpart at ExxonMobil Corp. saying the country is currently “uninvestable.” The comment by Exxon CEO Darren Woods invited Trump’s wrath on Exxon, even as other oil…

At the American Petroleum Institute’s annual State of American Energy event, API President and CEO Mike Sommers framed the coming decade in blunt terms: energy demand is rising fast, and pretending otherwise is no longer a political luxury that the United States can afford.Looking back nearly two decades, Sommers reminded the audience that in 2007 the U.S. produced just 5 million barrels of oil per day and relied heavily on imports, including from Venezuela. “Energy strength doesn’t happen by chance,” he said. “It is a choice.” That contrast, he argued, explains how the U.S. became the world’s leading oil and…

Last week US President Donald Trump announced that Venezuela’s interim authorities will turn over up to 50 million barrels of oil to the United States, before later declaring his administration will control Venezuela’s oil sales “indefinitely”. Decrying the state of Venezuela’s oil sector, including that the South American country now pumps a fraction of what it used to, Trump said, “We’re going to have our very large United States oil companies — the biggest anywhere in the world — go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure, and start making money for the country.” While that…

(Investing) – Oil prices rose further Tuesday, gaining for a fourth consecutive session on elevated supply disruption risks following significant anti-government protests in Iran. At 08:05 ET (13:05 GMT), Brent Oil Futures expiring in March rose 2% to $65.15 per barrel, and West Texas Intermediate (WTI) crude futures gained 2.4% to $60.75 per barrel. Brent contract reached over a seven-week high in the previous session, while the WTI benchmark rose to a one-month high. Iran unrest fuels supply fear premium Iran, a key OPEC producer, is facing its biggest anti-government demonstrations in years, with widespread violence and reported heavy casualties as…