President Trump recently blamed Ukrainian attacks on Russian refineries for causing a spike in diesel prices, but analysts say the Iran war is probably a bigger factor.
Washington imposed sanctions on Inspur because of its work with the Chinese military. But the company’s subsidiary kept shipping Nvidia’s best chips to feed China’s leading A.I. firms.
A private oil company has struck a deal with the Trump administration to develop 17 areas in Venezuela, an effort that experts say will take years and billions of dollars.
The U.S. energy giant, which stayed in the country after other Western companies left, will invest $7 billion in the country to more than double its production there.
The Trump administration’s deal with a private oil company to increase oil production in the South American country could take many years to come to fruition.
Venezuela is believed to have one of the world’s largest reserves of oil but it produces very little oil because of mismanagement, corruption and U.S. sanctions.
The president said an agreement between the countries covered more than 65 billion barrels of reserves. A U.S. official said it would involve a partnership with a private company.
An oil refinery in Punto Fijo, Venezuela, in 2021. Venezuela’s president, Delcy Rodríguez, said a U.S. oil deal would have a “significant impact on our nation’s revival.”
Oil companies and governments are consuming their once vast stockpiles as Iran and the United States continue to struggle for control over the Strait of Hormuz.
A Chevron-chartered oil tanker was anchored near Maracaibo, Venezuela, in February. Chevron is the only U.S. oil company with a major footprint in the country.
The company, which filed for bankruptcy protection in 2017, stands to benefit from growing support for nuclear power and President Trump’s deal with Saudi Arabia.
The company, which filed for bankruptcy protection in 2017, stands to benefit from growing support for nuclear power and President Trump’s deal with Saudi Arabia.
The preliminary U.S.-Iran deal temporarily waives restrictions that have limited the country’s oil sales and how much money it has been able to make from those exports.
The Netherlands blocked a U.S. company from buying a Dutch firm that handles its national ID system, saying it would create a “threat to the public interest.”
Some analysts said the main international oil price, which was up 6 percent on Monday, could climb much higher in the coming weeks if the Strait of Hormuz doesn’t reopen.
An oil refinery in Carson, Calif. The possibility of continued fighting has raised concerns about how long the world’s stockpiles of oil and fuels will last if the Strait of Hormuz does not reopen.
Clinical trials in China are getting attention at an international oncology gathering in Chicago. China’s surging biotechnology industry is fueling alarm that U.S. dominance in the field is waning.
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