oil

Opposition parties in the National Assembly have united to reject a petroleum amendment bill that would transfer oil and gas regulatory authority from the Ministry of Industries, Mines and Energy to the President, saying the change risks political interference, corruption and weakened parliamentary oversight. The move, tabled by Minister of Industries, Mines and Energy Modestus Amutse, prompted sharp objections from a cross-section of opposition groups. The Affirmative Repositioning movement, the National Unity Democratic…

Somalia welcomes Turkish naval vessels as offshore oil exploration nears start MOGADISHU, Somalia — Somalia’s deputy defense minister, Omar Abdi Ali, alongside the Somali National Army chief, on Tuesday formally welcomed Turkish naval vessels to Mogadishu, officials said, marking a visible step in the country’s effort to strengthen maritime security as offshore oil exploration moves closer to execution. Port officials said one of the ships is an oil exploration and drilling vessel, accompanied by a security support ship. The…

Trump announces U.S.-India trade deal slashing tariffs to 18%, tied to cuts in Russian oil purchases President Donald Trump said he has agreed to a trade deal with India that will cut U.S. tariffs on Indian goods to 18% from 50%, in exchange for New Delhi lowering trade barriers, curbing purchases of Russian oil and increasing energy buys from the United States — and potentially Venezuela. In a social media post after a call with Indian Prime Minister Narendra Modi, Trump said the United States would reduce its “reciprocal”…

Trump says India will buy Venezuelan oil as U.S. eases curbs, aiming to replace Russian supplies President Donald Trump said India will begin purchasing Venezuelan oil, a move he cast as helping the world’s third-largest oil importer pivot away from Russian crude as Washington loosens restrictions on Caracas. “We’ve already made that deal, the concept of the deal,” Trump told reporters aboard Air Force One as he traveled to his Florida residence from Washington. The comments followed a Reuters report that the United States…

U.S. eases some Venezuela oil sanctions, opening trade for American firms WASHINGTON — The Trump administration has lifted some sanctions on Venezuela’s oil industry to make it easier for U.S. companies to move and process the country’s crude, even as broader restrictions on production remain in place, according to the Treasury Department. The Treasury’s Office of Foreign Assets Control issued a general license authorizing U.S. entities to buy, sell, transport, store and refine Venezuelan-origin oil. The measure is intended…

Former Nigerian Minister Accused of High-Stakes Bribery Former Nigerian Petroleum Minister Diezani Alison-Madueke is currently on trial in London, facing serious allegations of accepting bribes in the form of luxury goods, high-end properties, and the use of a private jet from individuals vying for lucrative oil and gas contracts. Alison-Madueke is confronting five bribery charges alongside one count of conspiracy to commit bribery, all of which she vehemently denies. During the proceedings at Southwark Crown Court,…

U.S. asserts control over Venezuela’s oil ‘indefinitely’ after raid that seized Maduro; Caracas reports 100 dead WASHINGTON — The Trump administration said it will dictate decisions to Venezuela’s interim authorities and market the country’s oil “indefinitely” following a U.S. special forces raid that captured President Nicolás Maduro and his wife, an escalation officials cast as part of what President Donald Trump has called the “Donroe Doctrine” of regional dominance. The claim of sweeping U.S. control — over a nation with…

U.S. forces have seized a Russian-flagged oil tanker in the North Atlantic for alleged sanctions violations tied to Venezuelan crude, capping a multiweek pursuit that unfolded under the eye of nearby Russian naval assets but ended without confrontation, U.S. officials said. U.S. European Command, which oversees American forces in the region, said the operation was conducted jointly with the Department of Homeland Security. The tanker evaded an earlier boarding attempt near Venezuela and was intercepted as it moved north in…

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U.S. President Donald Trump said Venezuela’s interim government will deliver up to 50 million barrels of oil to the United States, with proceeds from the sale “controlled by me” as president to benefit people in both countries. He announced the move would be executed immediately by Energy Secretary Chris Wright. “The Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America,” Trump posted on his Truth Social platform, adding that…