U.S. sanctions are choking Venezuela’s oil exports, forcing PDVSA to rely on onshore and floating storage as residual fuel inventories climb and tanker movements stall.
Indian Oil’s first Colombian crude purchase under its Ecopetrol deal signals a shift in trade flows as sanctions and shipping disruptions curb Russia’s oil exports to India.
The U.S. imposed new sanctions on companies and tankers tied to Venezuela’s oil trade, targeting vessels accused of evading restrictions as Washington ramps up pressure on President Nicolás Maduro.
EIG has acquired a 49.87% stake in Transportadora de Gas del Perú, securing a major ownership position in the country’s core natural gas pipeline system that supplies a large share of Peru’s power generation.
Rising volumes of crude stored on tankers are emerging as a bigger threat to oil prices than geopolitical flashpoints, signaling a growing global supply imbalance that could weigh on markets into 2026.
Oil prices climbed more than 1% after President Trump ordered a blockade of sanctioned oil tankers entering and leaving Venezuela, raising uncertainty around global crude supply amid fragile demand.
Shell has withdrawn from YPF’s Argentina LNG export project after completing pre-FEED work, but says it still sees the Vaca Muerta basin as a promising LNG growth market.
Venezuelan state oil company PDVSA has been forced to double discounts on crude sold to Asia, with some barrels priced up to $15 below Brent, as Russian and Iranian oil floods the market and U.S. military activity heightens loading risks near Venezuelan ports.
Vitol will supply LNG for Colombia’s new import terminal under a five-year agreement beginning in 2027, supporting the nation’s efforts to boost energy security as domestic gas output tightens.
YPF aims to approve a $20 billion, 12 MMtpy LNG export project with Eni and XRG by mid-2026, targeting first exports in 2030. The venture marks Argentina’s biggest LNG development to date and underscores its ambitions to become a regional gas exporter.
Germany’s SEFE has signed a Heads of Agreement with Argentina’s Southern Energy for an eight-year LNG supply deal starting in 2027, marking Argentina’s first long-term LNG export contract and advancing the country’s entry into the global LNG market.
A U.S. judge approved Elliott Investment Management’s $5.9 billion bid for Citgo parent PDV Holding, clearing the way for the sale of the Venezuela-owned company after years of creditor litigation. The deal still awaits regulatory approval from OFAC.
Centrica Energy signed a 15-year LNG supply deal with Exodus to deliver six cargoes annually to Honduras, marking the country’s first natural gas imports for power generation starting in 2026.
Peru is seeking to restart long-stalled Amazon oil production to supply its expanded Talara refinery, but persistent spills, Indigenous resistance, and uncertainty surrounding the North Peruvian Pipeline (ONP) threaten the country’s midstream future.
Trafigura and Oldelval inaugurated a new 6.8-mile (11-kilometer) crude oil pipeline linking Oldelval’s Allen–Puerto Rosales system to the Bahía Blanca refinery, expanding export capacity for Argentina’s Vaca Muerta basin.
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