U.S. to let Eni, Repsol ship Venezuela oil to Europe for debt
Italian oil company Eni SpA and Spain's Repsol SA could begin shipping Venezuelan oil to Europe as soon...
Italian oil company Eni SpA and Spain's Repsol SA could begin shipping Venezuelan oil to Europe as soon as next month to make up for Russian crude, five people familiar with the matter said, resuming oil-for-debt swaps halted two years ago when Washington stepped up sanctions on Venezuela.
The volume of oil Eni and Repsol are expected to receive is not large, one of the people said, and any impact on global oil prices will be modest. But Washington's greenlight to resume Venezuela's long-frozen oil flows to Europe could provide a symbolic boost for Venezuelan President Nicolas Maduro.
A key condition, one of the people said, was that the oil received "has to go to Europe. It cannot be resold elsewhere."
U.S. Midwest in danger of rotating power blackouts this summer
The power grid in the Central United States could be forced to impose rotating blackouts this summer...
The power grid in the Central United States could be forced to impose rotating blackouts this summer as rising demand and plant retirements may result in capacity shortfalls on the hottest days, federal energy officials said in a note on Friday.
The Midcontinent Independent System Operator (MISO) has said "capacity shortfalls in both the north and central regions of MISO ... (leave) those areas at increased risk of temporary, controlled outages to preserve the integrity of the bulk electric system."
MISO operates the power grid for some 42 million people in 15 U.S. Central states from Minnesota to Louisiana and the Canadian province of Manitoba.
Biden Doubts Will Make Saudi Visit to See Crown Prince
Crude prices nudged session highs toward $120 a barrel on Friday after President Joe Biden played down...
Crude prices nudged session highs toward $120 a barrel on Friday after President Joe Biden played down the likelihood that he will travel to Saudi Arabia to meet the kingdom’s Crown Prince Mohammed bin Salman, who would be key to deciding whether OPEC puts out more barrels to provide relief to a market choked by sanctions on Russian oil.
“I have no direct plans at the moment to go to Saudi Arabia, but there is a possibility I will go to the Middle East,” Biden told reporters at the White House. Administration officials are saying he is now expected to visit next month.
Norway Oil Workers Threaten Strike, Some Crude Output at Risk
At least 647 Norwegian oil workers plan to strike from June 12 if state-brokered wage mediation fails,...
At least 647 Norwegian oil workers plan to strike from June 12 if state-brokered wage mediation fails, labor unions said on June 3, putting some crude output at risk of shutdown although gas may not be affected.
Workers are seeking above-inflation pay increases and other changes to their contracts but have not released details of their demands.
U.S. rig count remains flat this week as oil nears $120 per barrel
The oil and gas rig count, an early indicator of future output, was flat at 727 in the week to...
The oil and gas rig count, an early indicator of future output, was flat at 727 in the week to June 3, The energy services firm Baker Hughes said that puts the total rig count up 271, or 59%, over this time last year.
U.S. oil rigs were steady at 574 this week, while gas rigs held at their highest since September 2019 at 151.
Even though the total rig count has climbed for a record 22 months in a row through May, weekly increases have mostly been in single digits and oil production is still below pre-pandemic levels.
