Oil Daily | US Sanctions Iranian Oil Smuggling Network, Aramco Expands US LNG Investments

【Others】

Ethiopia secured over $1.6 billion in investment deals in energy and minerals sectors at the Invest in Ethiopia High-Level Business Forum 2025. The deals, mainly with Chinese firms, aim to boost Ethiopia's economy through private-led growth. Notable agreements include $500 million from Huawei Mining and $600 million from Sequa Mining.

Global electric vehicle sales rose by 29% year-over-year to 1.5 million units in April, according to Rho Motion. Despite a 12% dip compared to March 2025, China's and Europe's sales supported the growth. Tesla is losing market share in both regions due to increasing competition.

Australia's Woodside Energy and Saudi Aramco signed a non-binding agreement to explore cooperation opportunities, possibly including Aramco's stake in the Louisiana LNG project. Woodside eyes further partners for the project, aiming for an expanded LNG capacity of up to 27.6 million tons annually.

Canada's new Prime Minister Mark Carney expressed support for pipeline projects, emphasizing the need for consensus. He aims to turn Canada into an energy superpower by combining oil, gas, and alternative energy sources, while stressing that pipelines alone are insufficient for achieving this goal.

The U.S. State Department imposed sanctions on an Iranian oil smuggling network selling crude to China. The network is accused of funding Iran's military and destabilizing activities. Despite enforcement challenges, the U.S. aims to curb Iran's illicit oil revenues.

During a visit of U.S. President Trump to Saudi Arabia, the nations signed economic deals, including a $3.4-billion agreement to expand the Motiva refinery in Texas. Aramco also signed LNG agreements with U.S. firms NextDecade and Sempra, emphasizing the U.S. as a prime investment location.

Namibia anticipates final investment decisions from TotalEnergies and BW Energy on offshore oil projects by late 2026. Despite challenges, such as low permeability, TotalEnergies is in discussions for its Venus project, which could significantly boost Namibia's oil industry.

Venture Global's first-quarter revenue more than doubled to $2.894 billion due to increased LNG exports from Plaquemines and Calcasieu Pass plants. Despite net income dropping 39%, the company expects adjusted EBITDA to be above Wall Street consensus. Venture Global faces contractual delivery disputes with firms like Shell and BP.