“Zombie” tankers triple Venezuela’s oil exports to China despite U.S. sanctions

While PDVSA’s internal documents show vessels like Vinland, Pacific Cape and Vision loading at the port of Jose, these vessels are not operational. Data show that they were sent to the scrapyard months prior to the scheduled loading dates in Venezuela. ...»

OPEC’s credibility on the line as factional divides deepen

OPEC ministers met on Monday and had been scheduled to talk to their non-OPEC partners on Tuesday. At one point, there had appeared to be a consensus building between ministers yesterday, but the meeting then became unusually fraught. ...»

Enbridge wins approval for Alberta oil sands pipeline to U.S. Midwest

Minnesota approved the stormwater pollution plan for Enbridge’s Line 3 pipeline replacement and expansion, the project’s last pending permit, the company said. Construction is expected to take six to nine months on a line that will add 370,000 barrels a day of capacity. ...»

Oil prices rise as OPEC+ delays a decision on output hikes

OPEC+ ministers will now meet on Thursday rather than Tuesday to allow more time to deliberate on whether to delay a planned increase in output from January. ...»

Exxon faces multi-billion-dollar writedown as fossil fuel prices struggle

Exxon disclosed it will write down the value of North and South American natural gas fields by $17 billion to $20 billion as cratering crude prices, a global supply glut and a pandemic-driven collapse in fuel sales strain the balance sheet. ...»

OPEC+ considers delaying oil production hike until April

Market-watchers have been expecting OPEC+ to agree on a three-month delay -- and if the group doesn’t deliver prices will suffer. At stake also is the credibility of the cartel whose actions have underpinned the market since the spectacular oil crash earlier this year. ...»