Mexico's crude exports have fallen from around 1.1 million b/d in 2020 to 503,000 b/d in December 2025 – the lowest level in the 21st century, while production has declined far less, signalling a shif

The world is still processing the nighttime raid on Venezuela by  U.S. forces on Saturday, capturing President Nicolás Maduro and his wife, and flying them to New York to face narcoterrorism and drug conspiracy charges.

Exxon, Chevron, Phillips 66 and others already operate refineries capable of processing the kind of heavy crude that comes from Venezuelan oil fields.

Initially targeted by April 2025 and subsequently pushed back to yearend-2025, a return to normal operations at the 157,000-b/d dual-coking refinery in Martinez, Calif. has

Russia oil just became less important in the intermediate and long term,” Michael Burry wrote in his Cassandra Unchained newsletter, framing Venezuela’s petroleum endowment less as a stranded relic and more as a latent lever on global pricing power.

One thing President Donald Trump has consistently promised after the U.S. ouster of Venezuelan President Nicolás Maduro is private U.S. investment in the country’s underproductive oil fields.

Refining in Europe appears to be in a state of decline but Türkiye and Eastern Mediterranean Operators are holding their own.

According to Bloomberg, at least three tankers carrying Russian crude were showing Reliance Industries Ltd.’s Jamnagar refinery on India’s west coast as their next destination.

RIL reiterated that it has not received any shipments of Russian oil in the last three weeks and is 'not expecting any Russian crude oil deliveries in January.'

Reliance Industries said on Tuesday it is not expecting any Russian crude oil deliveries in January, a move that could sharply cut India's Russian oil imports during the month to the lowest in years.