Crude Oil News

Citgo, the crown jewel of Venezuela's assets overseas, had also been a key supplier of refined products to Venezuela.

An unexpected drop in crude stockpiles in the U.S., the world's biggest oil consumer, also supported prices.

Although crude prices initially surged, they have since stabilized. For basmati exporters, demand is expected to remain steady.

The question is whether China is likely to continue boosting its crude stockpiles in 2026.

Kazakhstan's biggest oilfield, Tengiz is likely to restore less than half of its normal production by February 7 as it slowly recovers from a fire and power outage, two sources familiar with the matter told Reuters.

PDVSA still dominates the sector but faces acute financial and operational constraints persist.

The company, which generated about half a billion dollars of revenue in Venezuela in 2012, said it had maintained an ongoing presence in Venezuela, supporting licensed oil producers with their activities.

The reform would give PDVSA's joint-venture partners more control over projects, direct access to proceeds from oil sales and more flexible operating conditions.

She emphasized that deliberate, sustained investments are essential to unlock growth and deliver tangible benefits to citizens.

A smaller tanker, the Barbados-flagged Volans, also departed from Jose on Sunday carrying some 450,000 barrels of Venezuelan crude to the Bullen Bay terminal in Curacao, the LSEG data showed.