President Joe Biden’s administration intends to reimpose oil sanctions on Venezuela if Nicolas Maduro’s regime does not take steps to honor an agreement to allow a fairer vote in elections.

Oil will need to be closely watched in the coming months to ensure “a sound and sustainable market balance” during an expected surge in demand, OPEC said in its monthly oil market report.

Global oil demand won’t peak before the end of this decade due to underwhelming fuel economy standards and slowing adoption of electric vehicles in the U.S., energy researcher Enverus says.

Exxon Mobil Corp. is convinced its interpretation of intent in a Guyanese oil contract signed a decade ago will prevail in a landmark arbitration case against Chevron Corp.

Senate Majority Leader Chuck Schumer called on the Federal Trade Commission to open a full investigation into a wave of acquisitions in the oil and gas industry, arguing that the consolidation threatens competition and could lead to higher prices.

Warnings from the oil tanker industry that too few of the ships are being built are haunting the market after Houthi attacks on shipping caused widespread diversions in petroleum trades.

The U.S. sees oil production flatlining for most of this year before reaching a new record in early 2025. That would ease concerns about a supply glut that has weighed on prices.

Dry weather is set to force large oil tankers to completely stop using the Panama Canal, requiring the vessels to extend their voyages by thousands of miles, a shipping researcher said.

CAIRO — Two tankers carrying oil products and liquefied natural gas collided in the Suez Canal, briefly disrupting traffic through the global waterway, Egyptian authorities said Aug. 23.

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