Anil Mathews

Output averaged about 1 million barrels per day last year, equating to about 1% of global production.

Separately, ESDM Director General of Oil and Gas Laode Sulaeman confirmed that Indonesia's fuel supply and pricing remain unaffected, noting the country does not import crude oil from Venezuela. Authorities continue to closely monitor global developments for any indirect impacts.

The newly signed sale and purchase agreement secures the delivery of around 5.8 billion cubic meters of natural gas equivalent, translating to roughly 0.5 million tonnes per annum of LNG. Supplies are scheduled to commence in 2030 and continue for up to nine years, providing BOTAS with a stable source of LNG to support Türkiye's growing energy demand.

Phillips 66 CEO Mark Lashier said he sees a longer-term potential for growth as Venezuela - which was producing as much as 3.5 million bpd in the 1970s - ramps up production.

US President Donald Trump last month ordered a “blockade” of sanctioned oil tankers entering or leaving Venezuela, accusing Caracas of using maritime routes for drug trafficking. Two US officials told CBS News that American forces are considering boarding the tanker, preferring seizure over destruction.

For 2025, the company expects capital spending of about $5 billion and adjusted EBITDA between $16.1 billion and $16.5 billion.

Crude output at West Qurna 2 is currently steady at around 465,000 to 480,000 barrels per day. A source at the Ministry of Oil said the takeover aims to prevent potential supply disruptions stemming from international sanctions imposed on Lukoil.

According to the complaint, the bans increase construction costs, limit consumer choice, and raise long-term utility expenses for residents who would otherwise depend on lower-cost natural gas. Petaluma enacted California's first comprehensive natural gas ban in 2019, with Morgan Hill adopting a similar policy later.

Oil prices fell in choppy trade Monday, as market participants assess U.S. President Donald Trump's announcement to “free” ships that have been trapped due to the closure of the Strait of Hormuz, amid lingering tensions between Tehran and Washington.

OPEC+ says it will raise oil output by 188,000 barrels per day in June. It was the cartel's first meeting since the shock departure of the United Arab Emirates last week. The latest increase is slightly less than the 206,000 bpd raise OPEC+ announced last month. Oil exports from the Middle East remain largely choked off due to the Iran conflict.