Market Brief
Daily market recaps with key events, stock movements, and global influences
Chevron wins Amazon oil blocks; exits Venezuela amid crisis; closes Scotland office in UK restructuring.
Chevron closed at $153.02 on July 9, rebounding from late June lows
Prax Group parent entered administration, putting UK’s Lindsey refinery at risk; Chevron to close Scotland officePrax Group Parent Company Enters Administration, Lindsey Oil Refinery on River Humber at Risk with 420 Jobs; Chevron Closes Scotland Office
UN cites worsening crisis in Venezuela, linking Chevron’s exit to rising hyperinflationUN Reports Worsening Human Rights Crisis in Venezuela with Torture, 28 Disappearances, Chevron Exit Impact; Venezuela Accuses US of Kidnapping 18 Children
California regulators dropped a proposed refinery profit cap; moves to ease fuel standards and permittingCalifornia Energy Commission Backs Off Profit Cap; Democrats Push Fuel Imports, Ease Gasoline Standards, Citing Chevron on Regulatory Burden
Libya launched its first oil and gas bid round since 2007; Chevron among interested majorsLibya's NOC and Turkey's TPAO Sign MoU for 10,000-Km Offshore Seismic Survey, Recognizing Greek Islands' Jurisdiction
Libya’s NOC and Turkey’s TPAO signed an MoU for a 10,000-km offshore seismic surveyLibya's NOC and Turkey's TPAO Sign MoU for 10,000-Km Offshore Seismic Survey, Recognizing Greek Islands' Jurisdiction
Brazil awarded 19 Foz do Amazonas oil blocks to Petrobras, ExxonMobil, Chevron, and others for R$844 millionBrazil Awards 19 Oil Blocks in Foz do Amazonas Basin Covering 283,000 km² to Petrobras, ExxonMobil, Chevron for R$844 Million
Brazil’s Equatorial Margin auction raised nearly R$1 billion; nine companies won blocks across 172 offeredBrazil Awards 19 Oil Blocks in Foz do Amazonas Basin Covering 283,000 km² to Petrobras, ExxonMobil, Chevron for R$844 Million
Chevron acquired 125,000 acres in Texas–Arkansas for U.S. lithium operationsChevron Acquires 125,000 Acres in Texas–Arkansas to Launch U.S. Lithium Operation
TotalEnergies acquired a 25% stake in 40 Chevron-operated Gulf of Mexico blocksTotalEnergies Acquires 25% Stake in 40 Chevron-Operated Gulf of Mexico Blocks, Strengthens PETRONAS Partnership, PETRONAS-ENI JV Planned
PETRONAS and ENI advancing upstream JV; TotalEnergies expanding partnership with PETRONAS in MalaysiaTotalEnergies Acquires 25% Stake in 40 Chevron-Operated Gulf of Mexico Blocks, Strengthens PETRONAS Partnership, PETRONAS-ENI JV Planned
U.S. Supreme Court to hear Chevron, Exxon bid to move Louisiana coastal lawsuit to federal courtSupreme Court to Hear Chevron, Exxon Bid to Shift Louisiana Coastal Case to Federal Court
Chevron’s recent activity highlights a focus on both conventional and transition assets. The company’s participation in Brazil’s Foz do Amazonas auction, alongside other majors, reinforces its commitment to offshore exploration despite ongoing legal and environmental challenges in the region. Regulatory outcomes and local opposition will be key for project timelines.
In the U.S., Chevron is expanding its Gulf of Mexico footprint through a partnership with TotalEnergies, while also moving into lithium extraction in Texas–Arkansas. The lithium acquisition marks a step toward diversification, but commercial viability will hinge on successful deployment of Direct Lithium Extraction technology.
On the legal front, the Supreme Court’s decision to review the Louisiana coastal lawsuit could set important precedents for future climate litigation against energy companies. A shift to federal court may reduce legal risk exposure for Chevron and peers.
Regulatory developments in California—specifically the withdrawal of a refinery profit cap and proposals to ease gasoline standards—could offer some relief to refining margins, though Chevron continues to cite regulatory burdens. In Europe, the administration of Prax Group’s parent and Chevron’s Scotland office closure reflect ongoing pressure in the refining sector.
Traders should watch for updates on Brazil’s regulatory environment, progress on Chevron’s lithium project, and signals from the Supreme Court case. Volatility in refining and geopolitical risks, particularly in Venezuela and Libya, remain relevant for supply outlooks and regional margins.
Chevron wins Amazon oil blocks; exits Venezuela amid crisis; closes Scotland office in UK restructuring.
Chevron closed at $153.02 on July 9, rebounding from late June lows
Prax Group parent entered administration, putting UK’s Lindsey refinery at risk; Chevron to close Scotland officePrax Group Parent Company Enters Administration, Lindsey Oil Refinery on River Humber at Risk with 420 Jobs; Chevron Closes Scotland Office
UN cites worsening crisis in Venezuela, linking Chevron’s exit to rising hyperinflationUN Reports Worsening Human Rights Crisis in Venezuela with Torture, 28 Disappearances, Chevron Exit Impact; Venezuela Accuses US of Kidnapping 18 Children
California regulators dropped a proposed refinery profit cap; moves to ease fuel standards and permittingCalifornia Energy Commission Backs Off Profit Cap; Democrats Push Fuel Imports, Ease Gasoline Standards, Citing Chevron on Regulatory Burden
Libya launched its first oil and gas bid round since 2007; Chevron among interested majorsLibya's NOC and Turkey's TPAO Sign MoU for 10,000-Km Offshore Seismic Survey, Recognizing Greek Islands' Jurisdiction
Libya’s NOC and Turkey’s TPAO signed an MoU for a 10,000-km offshore seismic surveyLibya's NOC and Turkey's TPAO Sign MoU for 10,000-Km Offshore Seismic Survey, Recognizing Greek Islands' Jurisdiction
Brazil awarded 19 Foz do Amazonas oil blocks to Petrobras, ExxonMobil, Chevron, and others for R$844 millionBrazil Awards 19 Oil Blocks in Foz do Amazonas Basin Covering 283,000 km² to Petrobras, ExxonMobil, Chevron for R$844 Million
Brazil’s Equatorial Margin auction raised nearly R$1 billion; nine companies won blocks across 172 offeredBrazil Awards 19 Oil Blocks in Foz do Amazonas Basin Covering 283,000 km² to Petrobras, ExxonMobil, Chevron for R$844 Million
Chevron acquired 125,000 acres in Texas–Arkansas for U.S. lithium operationsChevron Acquires 125,000 Acres in Texas–Arkansas to Launch U.S. Lithium Operation
TotalEnergies acquired a 25% stake in 40 Chevron-operated Gulf of Mexico blocksTotalEnergies Acquires 25% Stake in 40 Chevron-Operated Gulf of Mexico Blocks, Strengthens PETRONAS Partnership, PETRONAS-ENI JV Planned
PETRONAS and ENI advancing upstream JV; TotalEnergies expanding partnership with PETRONAS in MalaysiaTotalEnergies Acquires 25% Stake in 40 Chevron-Operated Gulf of Mexico Blocks, Strengthens PETRONAS Partnership, PETRONAS-ENI JV Planned
U.S. Supreme Court to hear Chevron, Exxon bid to move Louisiana coastal lawsuit to federal courtSupreme Court to Hear Chevron, Exxon Bid to Shift Louisiana Coastal Case to Federal Court
Chevron’s recent activity highlights a focus on both conventional and transition assets. The company’s participation in Brazil’s Foz do Amazonas auction, alongside other majors, reinforces its commitment to offshore exploration despite ongoing legal and environmental challenges in the region. Regulatory outcomes and local opposition will be key for project timelines.
In the U.S., Chevron is expanding its Gulf of Mexico footprint through a partnership with TotalEnergies, while also moving into lithium extraction in Texas–Arkansas. The lithium acquisition marks a step toward diversification, but commercial viability will hinge on successful deployment of Direct Lithium Extraction technology.
On the legal front, the Supreme Court’s decision to review the Louisiana coastal lawsuit could set important precedents for future climate litigation against energy companies. A shift to federal court may reduce legal risk exposure for Chevron and peers.
Regulatory developments in California—specifically the withdrawal of a refinery profit cap and proposals to ease gasoline standards—could offer some relief to refining margins, though Chevron continues to cite regulatory burdens. In Europe, the administration of Prax Group’s parent and Chevron’s Scotland office closure reflect ongoing pressure in the refining sector.
Traders should watch for updates on Brazil’s regulatory environment, progress on Chevron’s lithium project, and signals from the Supreme Court case. Volatility in refining and geopolitical risks, particularly in Venezuela and Libya, remain relevant for supply outlooks and regional margins.
5 posts • OpenAI (o3)
Published
Chevron Corp. is dismantling most of its regional business units and shifting to a centralized structure that it says will cut annual operating costs by as much as $3 billion by 2026. The overhaul will consolidate key engineering functions in Houston and Bengaluru and move finance, human resources and IT work to shared-service centers in Manila and Buenos Aires.
The reorganization could trim the oil major’s global workforce by up to 20%, or roughly 9,000 positions, and reduce the number of upstream business units to as few as five from nearly 20. A single offshore division will manage assets in the U.S. Gulf of Mexico, Nigeria, Angola and the Eastern Mediterranean, while shale operations in Texas, Colorado and Argentina will be combined under one group.
Read more
23 posts • OpenAI (o3)
Published
California’s Energy Commission on Friday recommended pausing a planned profit-margin cap on oil refiners and streamlining permits for fuel imports to cushion motorists from looming supply shocks. Vice Chair Siva Gunda told reporters the measures respond to Governor Gavin Newsom’s request for options before 1 July and are aimed at keeping refineries open while attracting private investment in import terminals.
Read more
High fuel prices are partly due to the limited number of refineries that can make California's unique gasoline grade. Some companies, like Chevron, argue that the bill does not go far enough to reduce the regulatory burden. #energy #OOTT #oilandgas #WTI
California will be implementing increased gas taxes and regulations July 1. So prices will go even higher. Before those take effect, CA already has the highest gas prices in the country. We even top Hawaii, which is a literal island in the middle of the pacific ocean. Newsom
The tax and regulatory policies put in place by Democrats in Sacramento continue to raise costs on working families throughout California. Our highest in the nation gas prices are about to increase by up to 70 cents/gallon. Democrats just don't care.
Starting Tuesday, California's state gas excise tax will increase to over 61 cents per gallon, and the Low Carbon Fuel Standard could create more uncertainty on gas prices. Gov. Newsom must put an end to this pain at the pump for hardworking families.
California Gas Taxes Set to ‘Surge’ on July 1; Prices Could Hit $6-8
22 posts • GPT (4.1 mini)
Published
The National Oil Corporation (NOC) of Libya and Turkey's Petroleum Corporation (TPAO) signed a memorandum of understanding (MoU) in Istanbul to conduct geological and geophysical studies, including seismic surveys, in four offshore areas. The agreement entails a comprehensive seismic survey covering approximately 10,000 kilometers. The MoU recognizes the median line and full jurisdiction of the Greek islands of Crete and Gavdos, addressing some regional maritime boundary sensitivities. The deal reflects ongoing diplomatic efforts involving the Turkey-backed Government of National Unity in Tripoli.
Separately, Libya has initiated its first oil and gas bid round since 2007, attracting major global energy companies such as ExxonMobil, Chevron, TotalEnergies, and Eni, competing for 22 offshore and onshore blocks. The NOC aims to increase Libya's oil production to 2 million barrels per day within three years, surpassing production levels from the Qaddafi era. Recent reports indicate Libya's crude oil production exceeded 1.376 million barrels per day, with condensate production at 54,732 barrels and natural gas output reaching 2.5 billion cubic feet. Discussions are ongoing between Libya's NOC and the Central Bank governor, as well as with Arabian Gulf Oil Company, to enhance production capacity for 2025 and 2026, targeting an increase of approximately 247,000 barrels per day.
6 posts • OpenAI (o3)
Published
Venezuelan opposition leader María Corina Machado urged Washington to increase pressure on President Nicolás Maduro, arguing that existing sanctions are insufficient to disrupt what she called a “criminal enterprise” entrenched in Caracas. In a 18 June Reuters interview conducted from hiding, Machado said, “For the United States, Venezuela is a hemispheric security issue,” and pressed for tougher enforcement of sanctions and greater disclosure of alleged criminal networks tied to the government.
Read more
5 posts • OpenAI (o3)
Published
Chevron Corp. has acquired leases on about 125,000 net acres spanning northeast Texas and southwest Arkansas, marking the energy major’s entry into U.S. lithium production.
The company said it intends to apply Direct Lithium Extraction technology to filter the battery metal from underground brines and develop a commercial-scale domestic business.
4 posts • OpenAI (o3)
Published
The U.S. Supreme Court has agreed to hear an appeal by Chevron U.S.A. Inc. and Exxon Mobil Corp. that seeks to move a long-running environmental lawsuit over Louisiana’s eroding coastline from state to federal court.
Parishes in Louisiana allege the companies disrupted coastal waterways while searching for crude oil during World War II, accelerating land loss and exposing communities to heightened flood risks. By transferring the case, the energy firms aim to take advantage of what they view as more favorable federal jurisdiction.
The justices’ decision to grant review could shape how similar climate- and environment-related claims against energy companies are litigated nationwide, potentially affecting billions of dollars in remediation costs. Oral arguments are expected in the Court’s next term.
Supreme Court will hear $CVX and $XOM appeal case involving Louisiana coastal damage -Reuters
The US Supreme Court will consider moving lawsuits to federal court that seek to hold Chevron U.S.A. Inc. and Exxon Mobil Corp. liable for disrupting Louisiana’s coastal waterways while searching for crude oil during World War II.
US Supreme Court to hear Chevron, Exxon appeal over Louisiana coastal damage
US Supreme Court to hear Chevron, Exxon appeal over Louisiana coastal damage #oott
4 posts • GPT (4.1 mini)
Published
Carrier411 CEO Darren Brewer announced new platform changes aimed at reducing freight fraud and double brokering, including blocking all brokers accessing the platform from Mexican IP addresses. During a live broadcast of the FreightWaves show "What the Truck?!?" presented by Chevron, Brewer discussed strategies to avoid and respond to FreightGuard reports, highlighting the challenges carriers face with these reports. The show featured a live incident where a carrier called Brewer multiple times to harass him after a broker filed a FreightGuard report against that carrier. Additionally, industry experts including Jerry D’Addesi, CRO at Konexial, and Bob Costello, Chief Economist at the American Trucking Associations, are scheduled to provide insights on freight market conditions and economic outlooks for 2025 in upcoming FreightWaves webinars and interviews. Other related discussions include reports on top carriers and stolen freight, with contributions from logistics analysts and industry leaders.
5 posts • GPT (4.1 mini)
Published
Chevron's CEO issued warnings to staff about increasing safety concerns and a rise in 'near-misses' weeks before a fatal fire occurred on an oil platform in Angola last month. The warnings highlighted the need for additional safety measures prior to the incident. This information was confirmed through multiple reports, including an exclusive from Reuters. Meanwhile, a suspended CEO from an unrelated entity stated that they were the first to alert the ministry about financial concerns, but this is separate from the Chevron case.
7 posts • GPT (4.1 mini)
Published
The Venezuelan government is preparing to implement a 50% increase in domestic fuel prices as it anticipates a decline in revenues following the suspension of operations by US oil major Chevron and other international oil companies in the country. This move aims to address the financial shortfall caused by the halt in oil production activities. The planned fuel price hike reflects the government's response to the economic challenges stemming from reduced oil sector income under President Nicolás Maduro's administration.
7 posts • GPT (4.1 mini)
Published
Venezuela's oil exports remained stable at approximately 779,000 barrels per day (bpd) in May 2025, despite tightening U.S. sanctions that led to the cancellation of licenses for U.S.-authorized sales, including those by Chevron. The increase in shipments to China, which surged by 12%, offset the decline in exports to the U.S. market.
In response to the sanctions and Chevron's production halt, Venezuela's state-run oil company, PDVSA, has signed at least nine new agreements with foreign service providers, including two Chinese firms, to maintain oil production and keep foreign currency flowing into the economy. Venezuelan Vice President Delcy Rodríguez confirmed that oil production continues at full capacity in fields operated by foreign companies. This strategic shift highlights Venezuela's reliance on alternative partners and shadow trade channels to sustain its oil exports amid Western restrictions.
Venezuela’s oil exports held steady in May at 779,000 bpd, despite U.S. sanctions tightening. China-bound crude surged 12%, offsetting halted Chevron shipments. With Western doors closing, PDVSA leans on shadow trade. #Oil #Venezuela
Reuters- Venezuela's oil exports remained almost unchanged last month at around 779,000 bpd as increased shipments to customers in China offset a decline in U.S.-authorized sales following Washington's license cancellations
#Venezuela’s state-run oil company has signed at least nine new deals with foreign service providers, including two Chinese firms, in an effort to keep dollars flowing into the economy after US sanctions forced Chevron Corp. to end production #oott
LAST MINUTE | Bloomberg: Venezuela partners with smaller oil companies as Chevron reduces production
Venezuelan crude oil export stability sanctions reduce supply to the US but increase to China
30 posts • GPT (4.1)
Published
Maja Stark of Sweden won the 2025 U.S. Women's Open at Erin Hills, finishing with a four-round total of 7-under-par 281 and securing a two-shot win over Nelly Korda and Rio Takeda. Stark's individual round scores were 70, 69, 70, and 72.
Stark, ranked 33rd in the world, maintained her lead throughout the final round, shooting an even-par 72 on Sunday. She made a 14-foot birdie putt on the 11th hole to extend her lead to three shots after Korda missed a short par putt on the 13th. Stark also birdied the 14th to regain a three-stroke advantage before closing with bogeys on the last two holes.
Read more
7 posts • GPT (4.1 mini)
Published
In June 2025, a growing number of large companies are announcing layoffs, with nearly 160 firms planning workforce reductions, surpassing the approximately 130 companies that laid off employees in May. Major corporations such as Coca-Cola, Walmart, UPS, FedEx, and Chevron are among those implementing cuts. Chevron, headquartered in Houston, is preparing to reduce its global workforce by up to 20% by the end of 2026. The company plans to lay off between 200 and nearly 800 employees in Texas, with earlier reports varying on the exact number.
FedEx in Fort Worth is also set to lay off hundreds of workers this summer. These layoffs reflect a broader trend of corporate workforce reductions occurring across various sectors in the U.S. during June 2025.
4 posts • GPT (4.1 mini)
Published
The Chevron refinery in Richmond experienced a flare event on Saturday afternoon, marking the third such incident in May. This activity released a plume of smoke into the air, prompting the Bay Area Air Quality Management District to issue an air quality advisory due to expected impacts on local air quality. The advisory coincides with a heat advisory in effect from 11 a.m. to 8 p.m. on Saturday across the interior North Bay Mountains, East Bay Valleys, and interior Central Coast. Congressman John Garamendi is monitoring the situation closely and has directed the public to follow updates from the Air Quality Management District.
19 posts • GPT (4.1 mini)
Published
The Trump administration has allowed the expiration of Chevron's license to operate in Venezuela, effectively ending the company's broad petroleum operations in the country. Despite this, Venezuela's government, led by President Nicolás Maduro and Vice President Delcy Rodríguez, asserts that key oilfields such as Petro Anzoategui, Piar, Independencia, Junin, Sucre, Quiriquire, Regional del Lago, and Cardon Cuatro remain in full production. Maduro emphasized that Venezuela does not depend on U.S. or other foreign licenses to maintain its oil production, which authorities estimate to be close to one million barrels per day.
Chevron has confirmed compliance with the suspension of its Venezuelan operations but is expected to receive a minimal operational license from the U.S. government. The Trump administration's decision reportedly aimed to secure political support from Cuban-American lawmakers in South Florida. Meanwhile, Cuba's President Miguel Díaz-Canel acknowledged that the island continues to receive Venezuelan oil and derivatives through a "secret formula" designed to circumvent U.S. sanctions. The Venezuelan government has also stated it does not recognize any foreign jurisdiction following the license's expiration. Discussions between U.S. officials and Venezuela continue, with some advocating for a policy that balances advancing U.S. interests and encouraging democratic openings in Caracas.
4 posts • GPT (4.1 mini)
Published
U.S. Representative Maria Elvira Salazar has called on the Trump administration to prevent the forced sale of CITGO, Venezuela's largest foreign asset. Salazar emphasized that the debts of Venezuela should be paid by President Nicolás Maduro and his associates, whom she described as responsible for the country's economic collapse and creditor losses, rather than the Venezuelan opposition. Her appeal was directed at Treasury Secretary Steven Mnuchin and Special Envoy for Venezuela Elliott Abrams to block the sale.
This comes shortly after the Trump administration suspended the license that permitted the Maduro government to repay debts to Chevron. Meanwhile, discussions continue within the U.S. Treasury about maintaining a U.S. presence in Venezuela's energy sector, with some advocating that ongoing talks with Caracas should both protect U.S. interests and promote a democratic transition.
11 posts • GPT (4.1 mini)
Published
Chevron, the Houston-based U.S. oil producer, will lay off approximately 200 employees in Texas in mid-July 2025, according to a notice filed with the Texas Workforce Commission. The job cuts will primarily affect the Midcontinent campus on the outskirts of Midland, Texas. This reduction is part of Chevron's broader plan to reduce up to 20% of its global workforce by the end of 2026. Initial reports indicated nearly 800 layoffs in Texas, but Chevron later corrected the figure to 200. The layoffs are among several workforce reductions Chevron is implementing across the United States, including cuts in California.
5 posts • GPT (4.1 mini)
Published
Oil prices initially rose by nearly $1 following a U.S. court ruling that blocked most of former President Donald Trump's tariffs. The decision was seen as a positive development for oil markets, contributing to the price increase. However, later in the day, oil prices declined by over 1% as investors reassessed the implications of the court's ruling.
Concurrently, the U.S. dollar weakened amid ongoing trade and fiscal uncertainties, with the currency set for its fifth consecutive monthly decline. Market participants are preparing for continued legal battles over the tariffs, which are influencing both currency and commodity markets.
10 posts • GPT (4.1 mini)
Published
Venezuelan opposition leader María Corina Machado has called on the Venezuelan military to take action against President Nicolás Maduro, whom she describes as more than a dictator, labeling him the head of a criminal structure. Machado characterized Maduro's regime as a "sinking ship" and criticized it for violating agreements with the United States, specifically regarding the conduct of free and fair elections. She supported the recent expiration of Chevron's license to export Venezuelan oil, viewing it as a crucial step toward Venezuela's freedom and a loss of funds that the regime used to instill fear. Machado also demanded the release of political prisoners, including Biagio Pilieri.
The suspension of Chevron's license by the Trump administration has sparked reactions from Venezuelan officials; Interior Minister Diosdado Cabello responded critically to the decision, while Vice President Delcy Rodríguez stated that oil fields remain operational despite the license expiration. U.S. Republican Congresswoman María Elvira Salazar described the license expiration as a pivotal move and highlighted internal U.S. government debates leading to the suspension. Machado expressed concerns that Maduro might respond to the U.S. actions with increased repression. The situation remains tense as the Venezuelan government navigates the impact of the U.S. decision on its oil industry and political stability.
9 posts • GPT (4.1 mini)
Published
Authorities in Chile have arrested 29 individuals linked to the organization "Loyalty," which is allegedly connected to the Venezuelan criminal group Tren de Aragua. Among those detained, 28 are Venezuelans and one is Chilean. In Venezuela, opposition figure María Corina Machado reaffirmed her commitment to continue fighting within the country despite threats, describing the Maduro regime as a criminal structure and supporting the suspension of Chevron's license in Venezuela. The family of Catalina Ramos, national coordinator of citizen associations of Vente Venezuela, has demanded information following her arbitrary detention on May 26.
Her sister, Marisol Ramos, highlighted the unexpected intensity of the persecution against her. Human rights organizations, including Provea and Foro Penal, face accusations and criminalization by Venezuelan authorities, which Amnesty International's Erika Guevara Rosas described as part of a broader repression strategy against civil society and human rights defenders. In El Salvador, the Bukele government has been criticized for repressing peaceful protests and arbitrarily detaining activists and leaders from the El Bosque cooperative, including human rights attorney Ruth Lopez and Alejandro Henríquez. These detentions have drawn international calls for their immediate release. Additionally, the Venezuelan National Police arrested Carlos Andrés Pérez Abreu, accused of creating the Monitor Dólar platform. Meanwhile, Diosdado Cabello has made public accusations against opposition figures María Corina Machado and Juan Pablo Guanipa, threatening to reveal compromising information. U.S. Republican Congressman Carlos Giménez disclosed internal government conflicts over the decision to suspend Chevron's license in Venezuela. The situation reflects ongoing political repression and human rights concerns across Venezuela, Chile, and El Salvador.
8 posts • GPT (4.1 mini)
Published
In the aftermath of Venezuela's recent regional and parliamentary elections, opposition leader Edmundo González characterized the high abstention rate as an "act of dignity against authoritarianism." María Corina Machado, another prominent opposition figure, described the abstention as a "contundent act of civic disobedience" that effectively undermined the Maduro regime's electoral strategy. Machado also supported the U.S. decision to revoke Chevron's oil production license in Venezuela, accusing President Nicolás Maduro of violating agreements and asserting that the regime would lose the financial resources it used to instill fear. Analysts and opposition voices warn of potential increased repression following the loss of Chevron's license, with Machado describing Maduro's government as a "sinking ship." The opposition views the election abstention as a strategic defeat for the regime and a symbolic victory for their cause amid ongoing political and economic challenges in Venezuela.
5 posts • OpenAI (o3)
Published
Chevron Corp. is dismantling most of its regional business units and shifting to a centralized structure that it says will cut annual operating costs by as much as $3 billion by 2026. The overhaul will consolidate key engineering functions in Houston and Bengaluru and move finance, human resources and IT work to shared-service centers in Manila and Buenos Aires.
The reorganization could trim the oil major’s global workforce by up to 20%, or roughly 9,000 positions, and reduce the number of upstream business units to as few as five from nearly 20. A single offshore division will manage assets in the U.S. Gulf of Mexico, Nigeria, Angola and the Eastern Mediterranean, while shale operations in Texas, Colorado and Argentina will be combined under one group.
Read more
23 posts • OpenAI (o3)
Published
California’s Energy Commission on Friday recommended pausing a planned profit-margin cap on oil refiners and streamlining permits for fuel imports to cushion motorists from looming supply shocks. Vice Chair Siva Gunda told reporters the measures respond to Governor Gavin Newsom’s request for options before 1 July and are aimed at keeping refineries open while attracting private investment in import terminals.
Read more
High fuel prices are partly due to the limited number of refineries that can make California's unique gasoline grade. Some companies, like Chevron, argue that the bill does not go far enough to reduce the regulatory burden. #energy #OOTT #oilandgas #WTI
California will be implementing increased gas taxes and regulations July 1. So prices will go even higher. Before those take effect, CA already has the highest gas prices in the country. We even top Hawaii, which is a literal island in the middle of the pacific ocean. Newsom
The tax and regulatory policies put in place by Democrats in Sacramento continue to raise costs on working families throughout California. Our highest in the nation gas prices are about to increase by up to 70 cents/gallon. Democrats just don't care.
Starting Tuesday, California's state gas excise tax will increase to over 61 cents per gallon, and the Low Carbon Fuel Standard could create more uncertainty on gas prices. Gov. Newsom must put an end to this pain at the pump for hardworking families.
California Gas Taxes Set to ‘Surge’ on July 1; Prices Could Hit $6-8
22 posts • GPT (4.1 mini)
Published
The National Oil Corporation (NOC) of Libya and Turkey's Petroleum Corporation (TPAO) signed a memorandum of understanding (MoU) in Istanbul to conduct geological and geophysical studies, including seismic surveys, in four offshore areas. The agreement entails a comprehensive seismic survey covering approximately 10,000 kilometers. The MoU recognizes the median line and full jurisdiction of the Greek islands of Crete and Gavdos, addressing some regional maritime boundary sensitivities. The deal reflects ongoing diplomatic efforts involving the Turkey-backed Government of National Unity in Tripoli.
Separately, Libya has initiated its first oil and gas bid round since 2007, attracting major global energy companies such as ExxonMobil, Chevron, TotalEnergies, and Eni, competing for 22 offshore and onshore blocks. The NOC aims to increase Libya's oil production to 2 million barrels per day within three years, surpassing production levels from the Qaddafi era. Recent reports indicate Libya's crude oil production exceeded 1.376 million barrels per day, with condensate production at 54,732 barrels and natural gas output reaching 2.5 billion cubic feet. Discussions are ongoing between Libya's NOC and the Central Bank governor, as well as with Arabian Gulf Oil Company, to enhance production capacity for 2025 and 2026, targeting an increase of approximately 247,000 barrels per day.
6 posts • OpenAI (o3)
Published
Venezuelan opposition leader María Corina Machado urged Washington to increase pressure on President Nicolás Maduro, arguing that existing sanctions are insufficient to disrupt what she called a “criminal enterprise” entrenched in Caracas. In a 18 June Reuters interview conducted from hiding, Machado said, “For the United States, Venezuela is a hemispheric security issue,” and pressed for tougher enforcement of sanctions and greater disclosure of alleged criminal networks tied to the government.
Read more
5 posts • OpenAI (o3)
Published
Chevron Corp. has acquired leases on about 125,000 net acres spanning northeast Texas and southwest Arkansas, marking the energy major’s entry into U.S. lithium production.
The company said it intends to apply Direct Lithium Extraction technology to filter the battery metal from underground brines and develop a commercial-scale domestic business.
4 posts • OpenAI (o3)
Published
The U.S. Supreme Court has agreed to hear an appeal by Chevron U.S.A. Inc. and Exxon Mobil Corp. that seeks to move a long-running environmental lawsuit over Louisiana’s eroding coastline from state to federal court.
Parishes in Louisiana allege the companies disrupted coastal waterways while searching for crude oil during World War II, accelerating land loss and exposing communities to heightened flood risks. By transferring the case, the energy firms aim to take advantage of what they view as more favorable federal jurisdiction.
The justices’ decision to grant review could shape how similar climate- and environment-related claims against energy companies are litigated nationwide, potentially affecting billions of dollars in remediation costs. Oral arguments are expected in the Court’s next term.
Supreme Court will hear $CVX and $XOM appeal case involving Louisiana coastal damage -Reuters
The US Supreme Court will consider moving lawsuits to federal court that seek to hold Chevron U.S.A. Inc. and Exxon Mobil Corp. liable for disrupting Louisiana’s coastal waterways while searching for crude oil during World War II.
US Supreme Court to hear Chevron, Exxon appeal over Louisiana coastal damage
US Supreme Court to hear Chevron, Exxon appeal over Louisiana coastal damage #oott
4 posts • GPT (4.1 mini)
Published
Carrier411 CEO Darren Brewer announced new platform changes aimed at reducing freight fraud and double brokering, including blocking all brokers accessing the platform from Mexican IP addresses. During a live broadcast of the FreightWaves show "What the Truck?!?" presented by Chevron, Brewer discussed strategies to avoid and respond to FreightGuard reports, highlighting the challenges carriers face with these reports. The show featured a live incident where a carrier called Brewer multiple times to harass him after a broker filed a FreightGuard report against that carrier. Additionally, industry experts including Jerry D’Addesi, CRO at Konexial, and Bob Costello, Chief Economist at the American Trucking Associations, are scheduled to provide insights on freight market conditions and economic outlooks for 2025 in upcoming FreightWaves webinars and interviews. Other related discussions include reports on top carriers and stolen freight, with contributions from logistics analysts and industry leaders.
5 posts • GPT (4.1 mini)
Published
Chevron's CEO issued warnings to staff about increasing safety concerns and a rise in 'near-misses' weeks before a fatal fire occurred on an oil platform in Angola last month. The warnings highlighted the need for additional safety measures prior to the incident. This information was confirmed through multiple reports, including an exclusive from Reuters. Meanwhile, a suspended CEO from an unrelated entity stated that they were the first to alert the ministry about financial concerns, but this is separate from the Chevron case.
7 posts • GPT (4.1 mini)
Published
The Venezuelan government is preparing to implement a 50% increase in domestic fuel prices as it anticipates a decline in revenues following the suspension of operations by US oil major Chevron and other international oil companies in the country. This move aims to address the financial shortfall caused by the halt in oil production activities. The planned fuel price hike reflects the government's response to the economic challenges stemming from reduced oil sector income under President Nicolás Maduro's administration.
7 posts • GPT (4.1 mini)
Published
Venezuela's oil exports remained stable at approximately 779,000 barrels per day (bpd) in May 2025, despite tightening U.S. sanctions that led to the cancellation of licenses for U.S.-authorized sales, including those by Chevron. The increase in shipments to China, which surged by 12%, offset the decline in exports to the U.S. market.
In response to the sanctions and Chevron's production halt, Venezuela's state-run oil company, PDVSA, has signed at least nine new agreements with foreign service providers, including two Chinese firms, to maintain oil production and keep foreign currency flowing into the economy. Venezuelan Vice President Delcy Rodríguez confirmed that oil production continues at full capacity in fields operated by foreign companies. This strategic shift highlights Venezuela's reliance on alternative partners and shadow trade channels to sustain its oil exports amid Western restrictions.
Venezuela’s oil exports held steady in May at 779,000 bpd, despite U.S. sanctions tightening. China-bound crude surged 12%, offsetting halted Chevron shipments. With Western doors closing, PDVSA leans on shadow trade. #Oil #Venezuela
Reuters- Venezuela's oil exports remained almost unchanged last month at around 779,000 bpd as increased shipments to customers in China offset a decline in U.S.-authorized sales following Washington's license cancellations
#Venezuela’s state-run oil company has signed at least nine new deals with foreign service providers, including two Chinese firms, in an effort to keep dollars flowing into the economy after US sanctions forced Chevron Corp. to end production #oott
LAST MINUTE | Bloomberg: Venezuela partners with smaller oil companies as Chevron reduces production
Venezuelan crude oil export stability sanctions reduce supply to the US but increase to China
30 posts • GPT (4.1)
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Maja Stark of Sweden won the 2025 U.S. Women's Open at Erin Hills, finishing with a four-round total of 7-under-par 281 and securing a two-shot win over Nelly Korda and Rio Takeda. Stark's individual round scores were 70, 69, 70, and 72.
Stark, ranked 33rd in the world, maintained her lead throughout the final round, shooting an even-par 72 on Sunday. She made a 14-foot birdie putt on the 11th hole to extend her lead to three shots after Korda missed a short par putt on the 13th. Stark also birdied the 14th to regain a three-stroke advantage before closing with bogeys on the last two holes.
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7 posts • GPT (4.1 mini)
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In June 2025, a growing number of large companies are announcing layoffs, with nearly 160 firms planning workforce reductions, surpassing the approximately 130 companies that laid off employees in May. Major corporations such as Coca-Cola, Walmart, UPS, FedEx, and Chevron are among those implementing cuts. Chevron, headquartered in Houston, is preparing to reduce its global workforce by up to 20% by the end of 2026. The company plans to lay off between 200 and nearly 800 employees in Texas, with earlier reports varying on the exact number.
FedEx in Fort Worth is also set to lay off hundreds of workers this summer. These layoffs reflect a broader trend of corporate workforce reductions occurring across various sectors in the U.S. during June 2025.
4 posts • GPT (4.1 mini)
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The Chevron refinery in Richmond experienced a flare event on Saturday afternoon, marking the third such incident in May. This activity released a plume of smoke into the air, prompting the Bay Area Air Quality Management District to issue an air quality advisory due to expected impacts on local air quality. The advisory coincides with a heat advisory in effect from 11 a.m. to 8 p.m. on Saturday across the interior North Bay Mountains, East Bay Valleys, and interior Central Coast. Congressman John Garamendi is monitoring the situation closely and has directed the public to follow updates from the Air Quality Management District.
19 posts • GPT (4.1 mini)
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The Trump administration has allowed the expiration of Chevron's license to operate in Venezuela, effectively ending the company's broad petroleum operations in the country. Despite this, Venezuela's government, led by President Nicolás Maduro and Vice President Delcy Rodríguez, asserts that key oilfields such as Petro Anzoategui, Piar, Independencia, Junin, Sucre, Quiriquire, Regional del Lago, and Cardon Cuatro remain in full production. Maduro emphasized that Venezuela does not depend on U.S. or other foreign licenses to maintain its oil production, which authorities estimate to be close to one million barrels per day.
Chevron has confirmed compliance with the suspension of its Venezuelan operations but is expected to receive a minimal operational license from the U.S. government. The Trump administration's decision reportedly aimed to secure political support from Cuban-American lawmakers in South Florida. Meanwhile, Cuba's President Miguel Díaz-Canel acknowledged that the island continues to receive Venezuelan oil and derivatives through a "secret formula" designed to circumvent U.S. sanctions. The Venezuelan government has also stated it does not recognize any foreign jurisdiction following the license's expiration. Discussions between U.S. officials and Venezuela continue, with some advocating for a policy that balances advancing U.S. interests and encouraging democratic openings in Caracas.
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U.S. Representative Maria Elvira Salazar has called on the Trump administration to prevent the forced sale of CITGO, Venezuela's largest foreign asset. Salazar emphasized that the debts of Venezuela should be paid by President Nicolás Maduro and his associates, whom she described as responsible for the country's economic collapse and creditor losses, rather than the Venezuelan opposition. Her appeal was directed at Treasury Secretary Steven Mnuchin and Special Envoy for Venezuela Elliott Abrams to block the sale.
This comes shortly after the Trump administration suspended the license that permitted the Maduro government to repay debts to Chevron. Meanwhile, discussions continue within the U.S. Treasury about maintaining a U.S. presence in Venezuela's energy sector, with some advocating that ongoing talks with Caracas should both protect U.S. interests and promote a democratic transition.
11 posts • GPT (4.1 mini)
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Chevron, the Houston-based U.S. oil producer, will lay off approximately 200 employees in Texas in mid-July 2025, according to a notice filed with the Texas Workforce Commission. The job cuts will primarily affect the Midcontinent campus on the outskirts of Midland, Texas. This reduction is part of Chevron's broader plan to reduce up to 20% of its global workforce by the end of 2026. Initial reports indicated nearly 800 layoffs in Texas, but Chevron later corrected the figure to 200. The layoffs are among several workforce reductions Chevron is implementing across the United States, including cuts in California.
5 posts • GPT (4.1 mini)
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Oil prices initially rose by nearly $1 following a U.S. court ruling that blocked most of former President Donald Trump's tariffs. The decision was seen as a positive development for oil markets, contributing to the price increase. However, later in the day, oil prices declined by over 1% as investors reassessed the implications of the court's ruling.
Concurrently, the U.S. dollar weakened amid ongoing trade and fiscal uncertainties, with the currency set for its fifth consecutive monthly decline. Market participants are preparing for continued legal battles over the tariffs, which are influencing both currency and commodity markets.
10 posts • GPT (4.1 mini)
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Venezuelan opposition leader María Corina Machado has called on the Venezuelan military to take action against President Nicolás Maduro, whom she describes as more than a dictator, labeling him the head of a criminal structure. Machado characterized Maduro's regime as a "sinking ship" and criticized it for violating agreements with the United States, specifically regarding the conduct of free and fair elections. She supported the recent expiration of Chevron's license to export Venezuelan oil, viewing it as a crucial step toward Venezuela's freedom and a loss of funds that the regime used to instill fear. Machado also demanded the release of political prisoners, including Biagio Pilieri.
The suspension of Chevron's license by the Trump administration has sparked reactions from Venezuelan officials; Interior Minister Diosdado Cabello responded critically to the decision, while Vice President Delcy Rodríguez stated that oil fields remain operational despite the license expiration. U.S. Republican Congresswoman María Elvira Salazar described the license expiration as a pivotal move and highlighted internal U.S. government debates leading to the suspension. Machado expressed concerns that Maduro might respond to the U.S. actions with increased repression. The situation remains tense as the Venezuelan government navigates the impact of the U.S. decision on its oil industry and political stability.
9 posts • GPT (4.1 mini)
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Authorities in Chile have arrested 29 individuals linked to the organization "Loyalty," which is allegedly connected to the Venezuelan criminal group Tren de Aragua. Among those detained, 28 are Venezuelans and one is Chilean. In Venezuela, opposition figure María Corina Machado reaffirmed her commitment to continue fighting within the country despite threats, describing the Maduro regime as a criminal structure and supporting the suspension of Chevron's license in Venezuela. The family of Catalina Ramos, national coordinator of citizen associations of Vente Venezuela, has demanded information following her arbitrary detention on May 26.
Her sister, Marisol Ramos, highlighted the unexpected intensity of the persecution against her. Human rights organizations, including Provea and Foro Penal, face accusations and criminalization by Venezuelan authorities, which Amnesty International's Erika Guevara Rosas described as part of a broader repression strategy against civil society and human rights defenders. In El Salvador, the Bukele government has been criticized for repressing peaceful protests and arbitrarily detaining activists and leaders from the El Bosque cooperative, including human rights attorney Ruth Lopez and Alejandro Henríquez. These detentions have drawn international calls for their immediate release. Additionally, the Venezuelan National Police arrested Carlos Andrés Pérez Abreu, accused of creating the Monitor Dólar platform. Meanwhile, Diosdado Cabello has made public accusations against opposition figures María Corina Machado and Juan Pablo Guanipa, threatening to reveal compromising information. U.S. Republican Congressman Carlos Giménez disclosed internal government conflicts over the decision to suspend Chevron's license in Venezuela. The situation reflects ongoing political repression and human rights concerns across Venezuela, Chile, and El Salvador.
8 posts • GPT (4.1 mini)
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In the aftermath of Venezuela's recent regional and parliamentary elections, opposition leader Edmundo González characterized the high abstention rate as an "act of dignity against authoritarianism." María Corina Machado, another prominent opposition figure, described the abstention as a "contundent act of civic disobedience" that effectively undermined the Maduro regime's electoral strategy. Machado also supported the U.S. decision to revoke Chevron's oil production license in Venezuela, accusing President Nicolás Maduro of violating agreements and asserting that the regime would lose the financial resources it used to instill fear. Analysts and opposition voices warn of potential increased repression following the loss of Chevron's license, with Machado describing Maduro's government as a "sinking ship." The opposition views the election abstention as a strategic defeat for the regime and a symbolic victory for their cause amid ongoing political and economic challenges in Venezuela.
