Oil Daily | EU May Resume Russian Gas Imports Amid Peace Talks, Chevron's Venezuela Waiver Under Review

【Oil-Producing Countries Dynamics】

President Trump is considering extending Chevron's sanction waiver for Venezuela, which could impact China's involvement in Venezuela's oil industry. Chevron's operations in Venezuela are crucial for the local economy, contributing significant revenues through crude exports.

Nigeria's Dangote Refinery has halted sales of petroleum in naira, citing misalignment with crude procurement obligations in U.S. dollars. This suspension comes after Nigeria's government scrapped a costly fuel subsidy, affecting local fuel prices.

Petroecuador declared force majeure on its SOTE pipeline after a landslide caused a significant oil spill. While local fuel supply is ensured, exports of Oriente crude have been suspended.

The EU is considering resuming Russian pipeline gas imports to stabilize energy markets amid a potential Russia-Ukraine peace deal. This proposal highlights geopolitical dynamics and energy market shifts.

Privately-managed Chinese ports continue accepting sanctioned Russian oil tankers, reflecting China's strategic adjustments to maintain cheaper crude imports despite U.S. sanctions.

【Latest Oil Policies】

Oil executives met with President Trump to discuss faster permitting for new projects, emphasizing regulatory efficiency over oil price discussions. The industry's focus remains on legislative support for development.

Canadian energy executives urge political leaders to declare an energy crisis and prioritize key projects, advocating regulatory reform and infrastructure expansion for enhanced energy exports.

【Industry News】

Greenpeace faces a $660 million penalty from Energy Transfer for damages to the Dakota Access pipeline, potentially bankrupting the environmental group, highlighting tensions between industry and activism.

European ESG funds are investing in fossil fuel expansion projects, with NGOs accusing them of greenwashing. New naming rules could improve transparency, but many funds remain unaffected.

【Company News】

Vitol will acquire stakes in West African upstream assets from Eni for $1.65 billion. The deal aligns with Eni's dual exploration model and Vitol's expansion into upstream and downstream sectors.

【Others】

The stronger ruble and weaker global oil prices reduce Russia's oil blend value below the federal budget target, impacting economic considerations amid geopolitical developments.