- Oil is trading higher around $84.75 but is set to finish the week with a loss of $3.20
- Oil is reversing some of yesterday's losses following reports of US strikes on Iranian-linked facilities in Syria and continued action by the Israeli military in Gaza
- Iran’s foreign minister warned that a broader regional conflict would not leave the US unaffected
- US GDP numbers yesterday showed the economy grew at 4.9% annualized, higher than the estimate of 4.7%
- Oil is reversing some of yesterday's losses following reports of US strikes on Iranian-linked facilities in Syria and continued action by the Israeli military in Gaza
- Chevron sees oil production from Venezuela up 15% by the end of the year (BBG)
- Chevron’s CFO said that their Venezuela production will rise to about 150 MBbl/d by the end of 2023
- The US recently eased sanctions on the country, permitting more crude sales and enabling more production
- Chevron said that their work in Venezuela “is primarily repairs to wells and facilities” and that they “don’t have a long-term license, and we would not make significant investments with a short-term license in addition to other geopolitical uncertainties that exist”
- Senator Manchin pushes for offshore oil auction following court ruling (BBG)
- The Department of the Interior planned to hold the last offshore auction until 2025 last month, but six million acres were trimmed from the auction over concerns for the endangered Rice whale, which lives in the Gulf of Mexico
- Senator Joe Manchin said, “Shrinking or further delaying lease sale 261 threatens both our energy security and climate goals and could make us more dependent on dirty foreign oil and gas”
- The Fifth Circuit Court will hear oral arguments on the issue on November 13