Latest News
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Bolivian Defence Minister Salinas Resigns After Weeks of Mass Protests
A ministry source said that Marcelo Salinas, Bolivia's defence minister, resigned on Tuesday, after a month of protests and social unrest in the country. Another government source confirmed that Ernesto Justiniano had been selected to replace Salinas. Labor unions and groups loyal to former leftist president Evo Morales have led anti-government protests that have strangled supply chain and demanded the resignation of a centrist 'President Rodrigo Paz who took office in November 2025, ending almost two decades of leftist government. Paz has taken steps to declare a state emergency, which could see troops sent into the streets in order to restore calm. Protesters are calling on the new government to reverse austerity and address rising living costs. The conflict began in May with a workers strike that escalated to 'highway blocksades,' which cut off access to neighboring cities La Paz and El Alto. These two cities are home to around 2 million people.
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Oldelval, a company in Argentina, expects Vaca Muerta production to reach 1 million bpd before 2028
Vaca Muerta shale in Argentina is 'on track' to produce 1 million barrels of oil a day by the second quarter of 2028. This was announced on Tuesday by Ricardo Hosel CEO of Oleoductos del Valle, an oil pipeline operator. Vaca Muerta, a vast shale deposit the size of Belgium, has transformed Argentina into a rapidly growing energy producer. It also raised hopes that it could be a major exporter. Oldelval 'is responsible for the transport of oil from the Vaca Muerta fields to Argentina's 'export ports' and manages a $1.4billion pipeline that 'connects' the western 'Neuquen basin', the home of Vaca Muerta to the country's Atlantic Coast. Hosel, at an Argentinean event, said that the country would not face any problems with oil transport capacity by 2031. The Argentinean President Javier Milei has a strategy to increase Argentina's financial stability by increasing energy exports. Argentina's Energy Minister said in April that the country could reach a?1,000,000 bpd? in oil production by 2026. The current output is just over 850,000bpd. (Reporting and editing by Eliana Razewski)
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US lawmakers propose to end 12% excise duty on heavy-duty vehicles
Two U.S. Senators proposed Tuesday to 'end' the 12% federal excise tax for heavy-duty trucks. They said that this could increase sales of cleaner, newer models. Republican Senator Todd Young, and Democrat Senator Angela Alsobrooks, noted that the tax "adds between $15,000 and $30,000 to the price of a new heavy truck, trailer or semi-trailer chassis and tractor" and encourages the continued use of older vehicles. Engines from before 2010 are found in about?one fifth of the largest trucks on the roads. Alsobrooks stated that the bill would support "a modern trucking sector, allowing the adoption of newer trucks which are safer and more fuel efficient." The tax generates more than $6 billion per year that will be used to?build and repair roads. Congress has been trying to find new sources of revenue for road repairs. Diesel costs for truckers have also risen sharply since the Iran war began. (Reporting and editing by Cynthia Osterman; David Shepardson)
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The Cerrejon coalmine in Colombia temporarily suspends its operations due to road blocks
Glencore's Cerrejon Mine in Colombia is one of the world's largest open-pit coal mines. It has been forced to suspend its operations due to blockades. It said that the site had halted all mining, rail, and port operations on Monday because of a blockade which began 'May 23' and disrupted the transportation of essential supplies. Cerrejon added that the group leading the blockade will meet Thursday with 'the vice minister of government for social dialogue. In a Monday statement, Cerrejon stated that the gradual resumption will depend on whether there are no new obstructions, interruptions or impacts to mobility along the rail line and any other infrastructure related to the operation. The report did not mention the'reason behind blockades. Since years, communities around the mine have used blockades as a protest against what they claim is 'harsh pollution which has affected their health and environment. The Cerrejon mine includes a large mining area, a '150-kilometer railway line and a port located on the Caribbean coast of Colombia. Reporting by Nelson Bocanegra, Luis Jaime Acosta and Daina Beth Solon
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US LNG exports drop in May due to maintenance; Asia's share rises
The preliminary data of financial firm LSEG shows that U.S. liquefied gas exports dropped to 10.2 million metric tonnes (MT) in the month of May, which is the?lowest amount this year excluding January's shorter months, due to seasonal maintenance. The decline was primarily due to planned outages at several export plants as operators completed spring maintenance, after delaying earlier work in the year. Cheniere Energy, along with some U.S.-based exporters, had delayed maintenance in March in order to maximize shipments into Asia. This was due to supply disruptions caused by reduced Qatari supplies that resulted in almost 20% loss in global volumes. Cameron LNG, in Louisiana, reduced its feedgas demand due to annual maintenance of Train 2 and ongoing pipeline work. Golden Pass LNG, in Texas, saw a near-zero intake of gas for several days as it continued commissioning the plant. Cheniere's Sabine Pass in Louisiana also reported a sharp decline in feedgas flow in mid-May because of maintenance. Despite lower overall exports, shipments into Asia reached a record high. According to LSEG data, the U.S. shipped 3.68 MT of total shipments to?Asia, which is just under 36%. The rise was due to a pricing arbitrage. Asia's JKM benchmark traded at a higher price than Europe's TTF. The Asian spot LNG price fell slightly but remained high in May, with JKM at an average of $17.75 for a million British thermal unit (mmBtu), compared to $17.92 per MMBtu in April. The benchmark was roughly 10% higher than Europe's TTF which averaged $16.11 per million British thermal units (mmBtu) in May, up from $15.34. Europe was the top destination for U.S. exports of LNG, with 5.13 MT or slightly more than 50%. LSEG ship tracking data shows that this was down from 6,14?MT or almost 56% in April. According to LSEG data, exports to Latin America reached?600,000.00 tons or?6% of all volumes. This is the highest level seen since the U.S./Israeli war against Iran. According to LSEG data, exports from the U.S. to?Latin America have decreased since the beginning of the war. LSEG data shows that Egypt has reduced its monthly purchases to about 300,000 tonnes, or roughly half of its usual 600,000 tonnes. Two cargoes have been delivered to African countries while just 3% of the?U.S. At the end of last month, LNG cargoes were still on the water. This indicates that spot buyers have access to these cargoes. Despite lower U.S. output of LNG, preliminary LSEG results show that global LNG exports remained stable in May at 33.8 MT, slightly less than the 33.99 MT exported in April, and down from the 35.66 MT exported in March.
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Spain records record high temperatures at sea for May
The port authority of Spain reported record sea temperatures for the month of May along most of the?coastline. This comes as the UN predicts a moderate to strong El Nino that could cause global temperatures to rise in the coming months. According to the Spanish port authority, six of the 14 buoys on the coast and 12 of the 15 buoys in deep water recorded their highest temperatures ever for the month May. Ruben del campo, spokesperson of Spanish weather agency AEMET, stated that the phenomenon was caused by human-caused climate changes. "Over the past decade, we've had just seven record-breaking cold days, while we've had 221 record hot days," del Campo said. He added that this was due to a?"constant" rise in global temperatures. Del Campo said that the'record-breaking sea temperatures in May were not related to El Nino. El Nino is expected to peak in November and October.
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US to invest $8 billion in Azerbaijan energy, according to US officials
Caleb Orr, Assistant Secretary of State for the United States, said that a U.S.-Azerbaijan delegation signed 'commercial agreements' worth more than $8 billion and Washington will invest in Azerbaijan's energy sector. Orr said that the United States wanted to play a bigger role in Azerbaijan’s energy infrastructure projects. Orr responded to a query by saying, "We plan concrete investments in the?energy?sector." He said ExxonMobil was still an important partner for Azerbaijan, after signing a Memorandum of Understanding on new exploration possibilities at the Baku Energy Week?last year. Washington also supports Chevron's new exploration agreement signed during this year’s event. Orr stated that "we expect to be able to assist Azerbaijan in growing its role as the central hub of the Middle Corridor, for energy transit to Europe and the rest of the world." The Economic Dialogue was held in accordance with a Strategic Partnership Charter?signed by U.S. Vice-President?JDVance during his visit to Baku, Azerbaijan, this February. Mikayil Jabbarov, Azerbaijan's Economy Minister, said that Azerbaijan, the United States, and Azerbaijan had identified energy, investment and regional connectivity as key areas of cooperation. (Reporting and editing by Alistair Bell, Nailia Bagirova)
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NEOM, a Saudi company, offers a niche market for Gulf importers
Salam Studio & Stores, a distributor based in Qatar, had gone weeks without receiving its Red 'Bull shipments. This prompted it to try a 'little-used route. In the fourth month of conflict, and despite the effective closure of 'the Strait of Hormuz', its products were scattered across India and Sri Lanka ports, and Gulf hubs that it usually relies on were hit by Iranian fire, and faced capacity constraints. Salam, fearful of losing market shares, chose an untested option: shipping cargo via the Port of NEOM in Saudi Arabia, a Red Sea facility that is now promoting itself as a quicker alternative to traditional trade routes. This demonstrates the extent to which some Gulf companies are willing to go in order to maintain the flow of goods, as the war disrupts regional supply chains. Shipping data suggests that such workarounds are niche and only offer speed for certain cargoes, not a solution for wider supply disruptions. FASTER, BUT MUCH CHEAPER Adam Mulla, the director of distribution at Salam, said that the company initially ordered a single truckload in order to test out the route from Europe to Gulf. This corridor spans both land and sea legs. He said that it took us less time than usual, but the costs were much higher. The shipment arrived in 22 days - almost half the time it usually takes to get from Europe to the Gulf. The company was so encouraged that it ordered 15 additional truckloads. It paid about $10,000 for each load compared to $2,500 per load before the war. Mulla explained that the extra costs were due to higher fuel and insurance prices, rather than port charges. NEOM was the brainchild Saudi Crown Prince Mohammed Bin Salman. It was first unveiled as a futuristic city project a decade before it had to be scaled back due to cost overruns. The port has been repositioned to be part of a more efficient trading corridor. NICHE SOLUTION "Europe-Egypt-NEOM-GCC: your faster route," the port said in a post on its official LinkedIn page, describing a mix of sea crossings and trucking aimed at speeding goods into the six Gulf Cooperation Council (GCC) markets, ?and adding that importers from several European countries were already using it. NEOM didn't provide any details or respond to a?request for comment. However, shipping data shows that its role is still limited. According to Kpler, data firm, the majority of traffic in the port is made up by roll-on/roll off vessels. The port had no container activity until April. Over 95% of the shipping activity is concentrated on just two vessels. "NEOM?remains an niche RoRo port with stable, but limited activity," Kpler added, adding that there had been no signs of a surge in rerouting since the Iran War began. Since late February, Iran has prevented 'nearly all' shipping into and out of the Gulf. This has disrupted a fifth of global oil and gas flow and left hundreds of vessels unable transit the Strait of Hormuz. Salam was attracted to NEOM by the congestion in Jeddah, Saudi Arabia's major Red Sea port. Mulla stated that "they chose NEOM as it has no traffic."
Chevron reshuffles leading ranks, moving head office to Texas
U.S. oil company Chevron Corp. stated on Friday it was replacing several longstanding supervisors. in a reshuffle of senior jobs which it was moving its. head office to Houston from San Ramon, California.
The modifications come as the business works to cut expenses and restore. leadership after a series of setbacks, including operational. challenges in Australia and Kazakhstan and an unanticipated. arbitration conflict that has postponed its plan to get Hess. Corp.
. The management changes signal a generational change. Nigel. Hearne, executive vice president of Oil, Products & & Gas, will . retire after 35 years with the company and be changed from Oct. 1 by Mark Nelson, Chevron's vice chairman.
Rhonda Morris, vice president and chief personnels. officer, will retire after 31 years with the company and will be. been successful by Michelle Green, vice president, Person Resources,. Oil, Products & & Gas, reliable January 1, 2025.
Colin Parfitt, vice president, Midstream, will retire after. 29 years with the company and be changed on Oct. 1 by Andy. Walz, presently president, America's Products.
Previously this year, CFO Pierre Breber likewise retired.
CALIFORNIA
Chevron said it would move the company's head office. from San Ramon, where it was born 145 years earlier as Pacific Coast. Oil Co, to Houston. The business has actually been bitterly contesting. state guidelines on its oil producing and fine-tuning operations. in the state.
California's oil output a century earlier totaled up to it being. the country's fourth-largest crude producer, however oil majors have. been taking out amid increasing taxes, climate guidelines and. diminishing oil fields.
Chevron anticipates all corporate functions to move to. Houston over the next five years. Positions that support its. California operations, which includes oil fields and 2. refineries, will remain in San Ramon, it added.
Chevron CEO Wirth and Vice Chairman Mark Nelson will move to. Houston before the end of 2024, the company said.
Chevron has roughly 7,000 staff members in the Houston location and. about 2,000 workers in San Ramon.
(source: Reuters)