A revitalized Venezuelan oil industry could lift production from 800,000 barrels daily back to its peak of 3 million, but the path will be long and costly.

SINGAPORE, Feb 1 (Reuters) - Two tankers suspected of illegal ship-to-ship oil transfers were detained and more than 512 million ringgit ($129.9 million) worth of crude oil seized 24 nautical miles west of Muka Head,

Crude oil needs Iran supply shock to break resistance, Reuters columnist says. Technical setup suggests market anticipates production disruption with breakout over $66.49.

Crude imports hit record highs, with December stockpiling estimated at 2.67 million bpd-the fastest pace since 2020-as Beijing took advantage of low prices and expanded storage capacity.

By Nidhi Verma and Jarrett Renshaw NEW DELHI, Jan 30 (Reuters) - The United States, which imposed tariffs on India last year for buying Venezuelan oil, has told Delhi it can resume those purchases soon to help replace imports of Russian oil,

Taken together, the technical structure in Brent crude strongly favors a completed corrective phase and the early stages of a trend reversal.

OPEC+ agreed to keep its oil output unchanged for March at a meeting, the producer group said on Sunday, even after crude prices hit six-month highs on concern the US could launch a military strike on OPEC member Iran.

Eight major participants, spearheaded by Saudi Arabia and Russia, reconfirmed the suspension — initially established in November 2025 — via a Sunday video summit

Commercial crude oil stocks rose last week by 3.6 million barrels as refineries ran at a slower rate, said the Energy Information Administration.

By Anushree Mukherjee and Enes Tunagur BENGALURU/LONDON Jan 27 (Reuters) - U.S. demand for imported fuel oil is set to fall this year as refiners snap up new flows of heavy Venezuelan crude, yielding more domestically produced fuel oil that can be processed into higher-value products such as gasoline and diesel.

With the US lifting some sanctions on Venezuelan oil, the Trump admin has reportedly given India a green light to tap Venezuelan oil as well as its Russian oil imports fall.

Commercial crude oil stocks decreased by 2.3 million barrels and were about 3% below the five-year average for the time of year, said the Energy Information Administration.