U.S. oil refiners that once were regular buyers of Venezuelan crude are jockeying to win access to coming cargoes chartered by Chevron Corp under a newly issued U.S. license, two people familiar with the matter said. The Biden administration last week authorized Chevron to expand operations in Venezuela and resume taking prized heavy crude to the United States.
* Refiners contact oil firm, vessel owners to get in queue. * Venezuela's state oil firm yet to schedule first cargo. By Marianna Parraga. U.S. oil refiners that once were regular buyers of Venezuelan crude are jockeying to win access to coming cargoes chartered by Chevron Corp (CVX) under a newly issued U.S. license, two people familiar with the matter said.
Germany and Poland have agreed to quickly boost the capacity of existing ports and pipeline infrastructure to ensure the supply of crude oil and oil products with the aim of ending imports of Russian crude oil, Germany's economy ministry said on Thursday.
OPEC+ is widely expected to stick to its latest target of reducing oil production by 2 million barrels per day when it meets on Sunday, but some analysts believe that crude prices could fall if the group does not make further cuts.
European Union governments tentatively agreed on Thursday on a $60 a barrel price cap on Russian seaborne oil - an idea of the Group of Seven nations - with an adjustment mechanism to keep the cap at 5% below the market price, an EU diplomat said.
European Union governments tentatively agreed on Thursday on a $60 per barrel price cap on Russian seaborne oil, with an adjustment mechanism that is to keep the cap at 5% below the market price, an EU diplomat said.
Brazil's state-run oil company Petroleo Brasileiro SA lowered refinery gate jet fuel prices by around 6% starting Dec. 1, data provided by the firm showed on Thursday. The fresh price cut comes after a 7.3% hike in the previous month.
Oil prices rose about a dollar per barrel on Thursday after top crude importer China eased COVID curbs in two major cities, while the U.S. dollar slumped on the view that the Federal Reserve might slow down on interest-rate hikes. The shift in China's zero-COVID strategy raised optimism about a recovery in oil demand there. Brent crude was up 90 cents, or 1%, at $87.87 a barrel by 1:05 pm EDT.
The Biden administration broke its silence on Wednesday on European Union deliberations over a $65-70 per barrel Russian oil price cap on Wednesday, warning far-lower prices cited for some Russian Urals crude shipments should be approached with caution. A U.S. official told Reuters that recently quoted Urals prices in the $52-a-barrel range do not represent broader pricing in a very opaque market.
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