Oil Daily | ConocoPhillips Wins Court Approval to Seize PDVSA Payments Amid Ongoing Legal Dispute

【Oil-Producing Countries Dynamics】

ConocoPhillips has advanced in its efforts to recover payments from Venezuela's PDVSA, as a Trinidadian court approved the seizure of PDVSA's payments related to the Dragon Gas project. This follows a long legal battle over nationalized assets and aims to enforce a $1.33 billion arbitration claim.

Pemex's oil production dropped by 6% in August compared to the previous year, with crude oil output at its lowest in over 40 years. The Olmeca refinery, aimed at reducing fuel imports, produced significantly less than expected. Claudia Sheinbaum will continue government support for Pemex.

【Industry News】

Indian refiners plan to increase refining capacity by up to 800,000 barrels per day by 2030 to meet domestic demand. India's refining capacity rose significantly over the past decade, and further expansions are planned to address consumption growth. India is expected to drive a substantial portion of global energy demand growth.

【Company News】

TotalEnergies announced a deal to acquire a 45% stake in gas-producing assets in Texas' Eagle Ford basin from Lewis Energy Group. This boosts its LNG portfolio, with plans to expand its U.S. LNG export capacity. A recent regulatory setback affected the Rio Grande LNG project.

【Others】

WTI Houston has gained significance as U.S. crude oil exports surge, particularly to Europe. Trading volumes on the WTI Houston contract have reached record highs. The growing importance of WTI Houston contracts has helped stabilize oil prices amidst low crude stocks at the Cushing hub.