Crude falls
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Energy secretary reveals Venezuelan oil export plan as Trump administration seeks to restart flow from world's largest oil reserves to the U.S. market.
India's crude oil reserve has gone down below USD 60 per barrel for the first time since February 2021. The country meets approximately 88 percent of its crude oil demand through imports.
It is unclear what, if anything, Venezuela would get in return for the oil, which is worth somewhere between $1.8 billion and $3 billion at current market prices.
Trump has cited Venezuela’s oil resources as motivation for capturing the nation’s leader—here’s the geology behind the news
Venezuela has the world’s largest oil reserves—but history, costs, and political risk raise questions about whether U.S. oil companies are ready to invest.
Oil and gasoline prices could rise slightly due to Venezuelan export losses and geopolitical uncertainty, though pump prices remain at COVID-19 lows.
There’s been a big benefit for Russia to see Venezuela’s oil industry collapse. And the reason is because they were a competitor on the global stage for that oil market.”
About a dozen oil tankers loaded with Venezuelan crude and fuel have left the country's waters since the start of the year in apparent defiance of the U.S. government's blockade on exports.
The country’s “extra heavy” oil packs some of the highest associated greenhouse gas emissions of any crude oil.
Everybody loses’ if production supercharged in country with largest known oil reserves, critics say
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