Exxon Mobil said on 7 July that lower crude and natural-gas prices are likely to cut its second-quarter earnings by about $1.5 billion compared with the previous three months.

The oil major pointed to an 11% sequential slide in Brent crude to an average $66.71 a barrel and a roughly 9% drop in U.S. gas prices, trends it blamed partly on increased OPEC+ output. Exxon booked $7.71 billion of profit in the first quarter.

The Irving, Texas-based company plans to release full second-quarter results on 1 Aug. Analysts surveyed by LSEG expect earnings of $1.53 a share.

A consortium led by ExxonMobil and QatarEnergy has identified a 350-meter column of clean natural gas at the Pegasus-1 exploration well in Block 10 of Cyprus’s exclusive economic zone, the Cypriot government said on Monday. The well, drilled by the drillship Valaris DS-9 about 190 kilometers southwest of the island at a water depth of roughly 1.9 kilometers, is the sixth gas find in Cypriot waters since 2011 and the second in Block 10.

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Exxon Mobil and its partners Hess and CNOOC have handed 2,534 square kilometres of the offshore Stabroek Block back to the Guyanese government, the Ministry of Natural Resources said. The area amounts to roughly 20% of Exxon’s licence and about 9% of the block’s total 26,800 square kilometres. Relinquishment was a contractual condition for entering the final exploration phase, which runs until 2027, and follows months of negotiations that delayed a deadline originally set for October 2024.

The returned tracts contain no commercial discoveries and exclude producing fields, according to the ministry. Officials said the hand-back also carves out sections that Exxon cannot explore because they fall within waters claimed by neighbouring Venezuela, which contests Guyana’s sovereignty over the oil-rich Esequibo region. Georgetown intends to offer the relinquished acreage in a future auction as it seeks to broaden participation in one of the world’s fastest-growing oil provinces. Production from the Stabroek Block has already reached about 665,000 barrels a day and is projected to keep rising.

Separately, arbitrators overseeing a dispute between Exxon and Hess have reached a decision that will determine whether Chevron can proceed with its US$53 billion acquisition of Hess and its 30% stake in Stabroek. The International Chamber of Commerce is reviewing the ruling before releasing it to the parties.

The U.S. Supreme Court on Monday declined to overturn a $14.25 million civil penalty imposed on Exxon Mobil Corp for repeated violations of the Clean Air Act at its Baytown, Texas crude oil refinery. This penalty stems from a lawsuit dating back to 2010 regarding air pollution at the facility. Exxon Mobil had repeatedly appealed the penalty, but the Supreme Court rejected its bid to overturn the ruling. Additionally, the Supreme Court declined to review an Oklahoma law regulating pharmacy benefit managers (PBMs), effectively upholding an appeals court ruling that struck down key parts of the law. The court also refused to hear a power company's claim that federal law exempts a power plant on tribal land in Arizona from property taxes.

Guyana is intensifying efforts to curb gold smuggling from Venezuela, a move reportedly encouraged by the US government. Guyanese officials suspect that gold sanctioned by Venezuela is being mixed with locally mined gold and sold at prices lower than the global market rate in US dollars. The Venezuelan government has strongly denied these allegations, with its Foreign Ministry describing them as "shameful" and rejecting accusations of gold smuggling. Meanwhile, ExxonMobil has agreed to return 20% of the Stabroek oil block to the Guyanese government.

This block is located in a maritime area contested by Venezuela. The reasons for ExxonMobil's decision have not been detailed in the available information. Additionally, Peru has been noted to join Venezuela and Paraguay in a list related to repression, though further context is not provided.

President Donald Trump is pressing European Union negotiators to scale back the bloc’s flagship climate-regulation package as part of ongoing trade talks, the Wall Street Journal reported, citing people familiar with the discussions.

The effort follows lobbying by major oil companies, including Exxon Mobil, whose chief executive Darren Woods and other industry leaders argued the EU rules are excessively burdensome for their operations. Sources told the newspaper that Trump has signaled a willingness to leverage the negotiations to secure regulatory concessions for U.S. energy firms.

Senator Ted Cruz has criticized lawsuits targeting the energy sector, describing them as tactics designed to exhaust and intimidate rather than succeed on legal merits. Cruz specifically condemned proposals from progressive activists and a Democratic witness to charge oil executives with "climate homicide" for deaths attributed to climate change and related natural disasters. He argued that prosecuting energy producers for creating jobs and supplying energy is unreasonable. Kansas Attorney General Kris Kobach, alongside Cruz, raised ethical concerns about climate education programs for judges, questioning whether the Federal Judicial Center is promoting a political agenda. Kobach also called for a federal investigation into four Kansas school districts over alleged illegal social transition policies related to gender identity and discrimination. Critics of the climate homicide theory contend that the effort aims to financially cripple energy companies because activists have been unable to persuade the public or government to ban fossil fuel products.

On June 25, 2025, the Senate Judiciary Committee held a hearing led by Senator Ted Cruz focusing on allegations that Communist China is funding U.S. green groups to undermine the American energy sector. Cruz and other Republicans presented evidence claiming that China, along with other foreign and dark money donors, has contributed approximately $500 million to environmental organizations engaged in climate-related lawsuits targeting Big Oil. These lawsuits, described by Cruz as "lawfare," are said to be designed to exhaust and intimidate rather than succeed on legal merits.

The hearing featured contentious exchanges between Cruz and Democratic senators including Sheldon Whitehouse and Dick Durbin, who dismissed the funding claims as conspiracy theories. Witnesses such as Scott Walter from the Capital Research Center testified about China's financial involvement in these groups and raised concerns about the influence on judges presiding over climate litigation, including judicial education programs allegedly promoting a left-wing climate agenda. Cruz also strongly criticized calls by some activists to prosecute oil executives for "climate homicide," labeling such proposals as unrealistic and harmful to job creators. The hearing highlighted a broader Republican narrative that Democrats' environmental and energy policies mirror the agenda of the Chinese Communist Party.

Exxon Mobil on Saturday razed its long-standing Main Office Building in Baytown, Texas, detonating the 10-story structure—known locally as the “White House”—at 6:30 a.m. The implosion, carried out on schedule, turned the concrete and steel tower into a cloud of dust within seconds, erasing a fixture of the city skyline that had stood since 1971.

The building has been vacant since late last year and was taken down as part of a broader modernization program at Exxon Mobil’s Baytown complex. The company said employees had already been relocated to encourage closer collaboration and that it has not yet decided how to redevelop the site. Local residents and former workers, invited to witness the event, described the demolition as the end of an era for a facility that had hosted community events for more than five decades.

Qatar’s prime minister, Sheikh Mohammed bin Abdulrahman Al-Thani, warned that Israeli attacks on Iranian economic facilities could carry “catastrophic” regional and global repercussions, particularly for energy security. Doha shares the giant South Pars/North Field gas reservoir with Tehran and says further escalation threatens the stability of energy supplies.

Separately, QatarEnergy chief executive and energy minister Saad Al-Kaabi convened crisis meetings in Doha this week with executives from ExxonMobil, ConocoPhillips, Shell, TotalEnergies and Eni, according to diplomats and industry sources cited by Reuters. Al-Kaabi asked the companies to brief U.S., British and European officials on the risks that the Israel-Iran conflict poses to gas production and shipping from Qatar.

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A recent study published in Communications Earth & Environment reveals that offsetting the potential carbon dioxide emissions from the fossil fuel reserves held by the world's 200 largest fossil fuel companies would require planting new forests covering more land than the entirety of North and Central America. The estimated carbon contained in these reserves amounts to approximately 182 billion tonnes. Experts highlight that even planting trees over all of North and Central America would be insufficient to fully offset these emissions, indicating that there is not enough land globally to achieve this level of carbon sequestration through reforestation alone.

In 2024, the United States produced more energy than ever before, solidifying its position as the world's leading oil and gas producer. Fossil fuels, particularly natural gas and crude oil, accounted for over 65% of the country's energy production, despite ongoing discourse about a green energy transition. Analysts Michael Ross and Erik Voeten highlight that this emergence has reshaped U.S. foreign policy and contributed to current global disorder.

They caution that while energy dominance may appear advantageous for American power, it could become detrimental without greater governmental restraint. Some experts draw parallels between the U.S. and classic petro-states like Russia and Saudi Arabia, suggesting that the U.S. has diminished its long-term commitment to international cooperation amid its fossil fuel-driven economy.

Misti Leon has filed a wrongful death lawsuit against seven major oil companies, alleging their role in causing the death of her mother, Juliana Leon, during the 2021 Pacific Northwest Heat Dome. Juliana Leon died in Seattle amid a record-breaking heat wave that affected the Northwestern United States and Western Canada. Scientists have concluded that this lethal heat event was virtually impossible without the influence of climate change. Legal experts note that this case represents a new approach in climate litigation by holding fossil fuel companies accountable for deaths linked to climate-driven disasters. The lawsuit highlights growing efforts to pursue justice against oil companies for their contribution to climate change-related harms.

The ongoing crisis between Venezuela and Guyana is impacting Guyanese companies operating in the disputed Esequibo region, generating fear and uncertainty among local entrepreneurs. Meanwhile, the United States has intensified pressure on Venezuela by targeting its primary revenue source, the oil sector. Chevron has lost its operating permit in Venezuela, prompting concerns about the economic consequences of its exit. In response, Venezuela is reportedly implementing a "secret plan" to circumvent U.S.

oil sanctions. Additionally, the Venezuelan government is increasing taxes and adjusting tariffs on the private sector to mitigate the financial impact of Chevron's departure. Despite losing its permit, Chevron may receive a limited license from the U.S. government to continue some operations in Venezuela.

Exxon Mobil is currently involved in arbitration proceedings concerning Chevron's planned acquisition of Hess Corporation. The arbitration recently concluded, with a decision expected within two to three months, according to Exxon senior vice president Neil Chapman. Exxon has expressed confidence in winning the dispute but has stated that it will continue operating its substantial oil assets in Guyana on a 'business as usual' basis if it loses the case. Meanwhile, Edison is optimistic about a positive outcome in its arbitration with Venture Global LNG. In the broader oil sector, while ConocoPhillips and Exxon Mobil appear to be cautious, Chevron and Hess are actively pursuing opportunities, reflecting a divergence in strategic approaches among major U.S. oil companies amid current market conditions.

Exxon Mobil Corp. will maintain its capital allocation plans even if crude oil prices decline to $50 a barrel, according to Chief Executive Officer Darren Woods. The Texas-based oil company has stress-tested its business under scenarios more severe than the current market environment and remains committed to its investment and shareholder return strategies. Despite ongoing declines in crude oil prices and a lack of trend support in the market, Exxon plans to continue its capital expenditures and cash returns, signaling confidence in its long-term operational strategy.

Several lawsuits have been filed aiming to hold fossil fuel companies accountable for climate change, with climate change activists achieving some courtroom victories. Among these legal efforts, the left-wing law firm Sher Edling has been notably active, recruiting government entities to pursue litigation against American energy companies. One such case involves the City of Charleston, South Carolina, which has engaged Sher Edling to sue major oil companies for climate-related damages. However, many of these lawsuits, including the Charleston case, have faced setbacks, with courts dismissing nearly all of them.

Exxon Mobil has entered exclusive talks to sell its 82.89% stake in its French subsidiary Esso SAF to North Atlantic France SAS, a Canadian energy group. The transaction, expected to close in the fourth quarter pending regulatory approvals, represents a continuation of Exxon’s broader strategy to exit the French market. The sale includes the Esso refinery in Gravenchon, which has prompted reactions from employee representatives expressing concern. The deal is reported to involve a discount on the valuation of the French unit, which specializes in refining and fuel distribution. This move aligns with recent trends in the energy sector as companies adjust their portfolios amid market pressures.

The Caribbean Community (Caricom) has reaffirmed its firm support for the sovereignty, security, and territorial integrity of Guyana amid the ongoing territorial dispute with Venezuela. This statement follows Venezuela's recent election of a governor for the contested Essequibo region, which Guyana and Caricom reject. Guyana dismissed Venezuelan claims that Guyanese voters participated in elections to integrate the resource-rich Essequibo province as Venezuela's 24th state. Ukraine also expressed support for Guyana's territorial integrity, condemning Venezuela's attempts to hold what it called sham elections in the Essequibo region and attributing these actions to the disruptive influence of Venezuela's ally, Russia. In response, Venezuelan Vice President Delcy Rodríguez criticized Caricom's Secretary-General Carla Barnett, accusing her of acting on behalf of Exxon Mobil and not representing the views of all Caricom member states.

The United States is intensifying efforts to reduce its dependence on China for critical minerals, particularly lithium and rare earth elements essential for electric vehicles (EVs), defense, and technology manufacturing. Currently, China controls about 70% of U.S. imports of rare earths and dominates approximately 70% of global rare earth mining and 90% of processing. Beijing has imposed export restrictions on strategic minerals such as samarium, terbium, and dysprosium, which are vital for EVs and defense applications, despite a 90-day tariff truce.

In response, U.S. companies Exxon, Occidental, and Equinor are piloting direct lithium extraction (DLE) technology in Arkansas to tap underground brines, a method compared to the shale oil revolution. Meanwhile, Australian firm Lynas Rare Earths has achieved a milestone by producing dysprosium oxide, a heavy rare earth element, outside China, enhancing supply chain diversification. The geopolitical tensions over mineral supply chains have prompted countries including the U.S., Brazil, and European nations to boost mining and processing capacities domestically and abroad. China has pledged to revoke some export curbs as part of a recent trade truce, signaling potential easing of restrictions. However, global firms continue to face challenges securing these critical minerals amid ongoing export controls and geopolitical competition.

Exxon Mobil said on 7 July that lower crude and natural-gas prices are likely to cut its second-quarter earnings by about $1.5 billion compared with the previous three months.

The oil major pointed to an 11% sequential slide in Brent crude to an average $66.71 a barrel and a roughly 9% drop in U.S. gas prices, trends it blamed partly on increased OPEC+ output. Exxon booked $7.71 billion of profit in the first quarter.

The Irving, Texas-based company plans to release full second-quarter results on 1 Aug. Analysts surveyed by LSEG expect earnings of $1.53 a share.

A consortium led by ExxonMobil and QatarEnergy has identified a 350-meter column of clean natural gas at the Pegasus-1 exploration well in Block 10 of Cyprus’s exclusive economic zone, the Cypriot government said on Monday. The well, drilled by the drillship Valaris DS-9 about 190 kilometers southwest of the island at a water depth of roughly 1.9 kilometers, is the sixth gas find in Cypriot waters since 2011 and the second in Block 10.

Read more

Exxon Mobil and its partners Hess and CNOOC have handed 2,534 square kilometres of the offshore Stabroek Block back to the Guyanese government, the Ministry of Natural Resources said. The area amounts to roughly 20% of Exxon’s licence and about 9% of the block’s total 26,800 square kilometres. Relinquishment was a contractual condition for entering the final exploration phase, which runs until 2027, and follows months of negotiations that delayed a deadline originally set for October 2024.

The returned tracts contain no commercial discoveries and exclude producing fields, according to the ministry. Officials said the hand-back also carves out sections that Exxon cannot explore because they fall within waters claimed by neighbouring Venezuela, which contests Guyana’s sovereignty over the oil-rich Esequibo region. Georgetown intends to offer the relinquished acreage in a future auction as it seeks to broaden participation in one of the world’s fastest-growing oil provinces. Production from the Stabroek Block has already reached about 665,000 barrels a day and is projected to keep rising.

Separately, arbitrators overseeing a dispute between Exxon and Hess have reached a decision that will determine whether Chevron can proceed with its US$53 billion acquisition of Hess and its 30% stake in Stabroek. The International Chamber of Commerce is reviewing the ruling before releasing it to the parties.

The U.S. Supreme Court on Monday declined to overturn a $14.25 million civil penalty imposed on Exxon Mobil Corp for repeated violations of the Clean Air Act at its Baytown, Texas crude oil refinery. This penalty stems from a lawsuit dating back to 2010 regarding air pollution at the facility. Exxon Mobil had repeatedly appealed the penalty, but the Supreme Court rejected its bid to overturn the ruling. Additionally, the Supreme Court declined to review an Oklahoma law regulating pharmacy benefit managers (PBMs), effectively upholding an appeals court ruling that struck down key parts of the law. The court also refused to hear a power company's claim that federal law exempts a power plant on tribal land in Arizona from property taxes.

Guyana is intensifying efforts to curb gold smuggling from Venezuela, a move reportedly encouraged by the US government. Guyanese officials suspect that gold sanctioned by Venezuela is being mixed with locally mined gold and sold at prices lower than the global market rate in US dollars. The Venezuelan government has strongly denied these allegations, with its Foreign Ministry describing them as "shameful" and rejecting accusations of gold smuggling. Meanwhile, ExxonMobil has agreed to return 20% of the Stabroek oil block to the Guyanese government.

This block is located in a maritime area contested by Venezuela. The reasons for ExxonMobil's decision have not been detailed in the available information. Additionally, Peru has been noted to join Venezuela and Paraguay in a list related to repression, though further context is not provided.

President Donald Trump is pressing European Union negotiators to scale back the bloc’s flagship climate-regulation package as part of ongoing trade talks, the Wall Street Journal reported, citing people familiar with the discussions.

The effort follows lobbying by major oil companies, including Exxon Mobil, whose chief executive Darren Woods and other industry leaders argued the EU rules are excessively burdensome for their operations. Sources told the newspaper that Trump has signaled a willingness to leverage the negotiations to secure regulatory concessions for U.S. energy firms.

Senator Ted Cruz has criticized lawsuits targeting the energy sector, describing them as tactics designed to exhaust and intimidate rather than succeed on legal merits. Cruz specifically condemned proposals from progressive activists and a Democratic witness to charge oil executives with "climate homicide" for deaths attributed to climate change and related natural disasters. He argued that prosecuting energy producers for creating jobs and supplying energy is unreasonable. Kansas Attorney General Kris Kobach, alongside Cruz, raised ethical concerns about climate education programs for judges, questioning whether the Federal Judicial Center is promoting a political agenda. Kobach also called for a federal investigation into four Kansas school districts over alleged illegal social transition policies related to gender identity and discrimination. Critics of the climate homicide theory contend that the effort aims to financially cripple energy companies because activists have been unable to persuade the public or government to ban fossil fuel products.

On June 25, 2025, the Senate Judiciary Committee held a hearing led by Senator Ted Cruz focusing on allegations that Communist China is funding U.S. green groups to undermine the American energy sector. Cruz and other Republicans presented evidence claiming that China, along with other foreign and dark money donors, has contributed approximately $500 million to environmental organizations engaged in climate-related lawsuits targeting Big Oil. These lawsuits, described by Cruz as "lawfare," are said to be designed to exhaust and intimidate rather than succeed on legal merits.

The hearing featured contentious exchanges between Cruz and Democratic senators including Sheldon Whitehouse and Dick Durbin, who dismissed the funding claims as conspiracy theories. Witnesses such as Scott Walter from the Capital Research Center testified about China's financial involvement in these groups and raised concerns about the influence on judges presiding over climate litigation, including judicial education programs allegedly promoting a left-wing climate agenda. Cruz also strongly criticized calls by some activists to prosecute oil executives for "climate homicide," labeling such proposals as unrealistic and harmful to job creators. The hearing highlighted a broader Republican narrative that Democrats' environmental and energy policies mirror the agenda of the Chinese Communist Party.

Exxon Mobil on Saturday razed its long-standing Main Office Building in Baytown, Texas, detonating the 10-story structure—known locally as the “White House”—at 6:30 a.m. The implosion, carried out on schedule, turned the concrete and steel tower into a cloud of dust within seconds, erasing a fixture of the city skyline that had stood since 1971.

The building has been vacant since late last year and was taken down as part of a broader modernization program at Exxon Mobil’s Baytown complex. The company said employees had already been relocated to encourage closer collaboration and that it has not yet decided how to redevelop the site. Local residents and former workers, invited to witness the event, described the demolition as the end of an era for a facility that had hosted community events for more than five decades.

Qatar’s prime minister, Sheikh Mohammed bin Abdulrahman Al-Thani, warned that Israeli attacks on Iranian economic facilities could carry “catastrophic” regional and global repercussions, particularly for energy security. Doha shares the giant South Pars/North Field gas reservoir with Tehran and says further escalation threatens the stability of energy supplies.

Separately, QatarEnergy chief executive and energy minister Saad Al-Kaabi convened crisis meetings in Doha this week with executives from ExxonMobil, ConocoPhillips, Shell, TotalEnergies and Eni, according to diplomats and industry sources cited by Reuters. Al-Kaabi asked the companies to brief U.S., British and European officials on the risks that the Israel-Iran conflict poses to gas production and shipping from Qatar.

Read more

A recent study published in Communications Earth & Environment reveals that offsetting the potential carbon dioxide emissions from the fossil fuel reserves held by the world's 200 largest fossil fuel companies would require planting new forests covering more land than the entirety of North and Central America. The estimated carbon contained in these reserves amounts to approximately 182 billion tonnes. Experts highlight that even planting trees over all of North and Central America would be insufficient to fully offset these emissions, indicating that there is not enough land globally to achieve this level of carbon sequestration through reforestation alone.

In 2024, the United States produced more energy than ever before, solidifying its position as the world's leading oil and gas producer. Fossil fuels, particularly natural gas and crude oil, accounted for over 65% of the country's energy production, despite ongoing discourse about a green energy transition. Analysts Michael Ross and Erik Voeten highlight that this emergence has reshaped U.S. foreign policy and contributed to current global disorder.

They caution that while energy dominance may appear advantageous for American power, it could become detrimental without greater governmental restraint. Some experts draw parallels between the U.S. and classic petro-states like Russia and Saudi Arabia, suggesting that the U.S. has diminished its long-term commitment to international cooperation amid its fossil fuel-driven economy.

Misti Leon has filed a wrongful death lawsuit against seven major oil companies, alleging their role in causing the death of her mother, Juliana Leon, during the 2021 Pacific Northwest Heat Dome. Juliana Leon died in Seattle amid a record-breaking heat wave that affected the Northwestern United States and Western Canada. Scientists have concluded that this lethal heat event was virtually impossible without the influence of climate change. Legal experts note that this case represents a new approach in climate litigation by holding fossil fuel companies accountable for deaths linked to climate-driven disasters. The lawsuit highlights growing efforts to pursue justice against oil companies for their contribution to climate change-related harms.

The ongoing crisis between Venezuela and Guyana is impacting Guyanese companies operating in the disputed Esequibo region, generating fear and uncertainty among local entrepreneurs. Meanwhile, the United States has intensified pressure on Venezuela by targeting its primary revenue source, the oil sector. Chevron has lost its operating permit in Venezuela, prompting concerns about the economic consequences of its exit. In response, Venezuela is reportedly implementing a "secret plan" to circumvent U.S.

oil sanctions. Additionally, the Venezuelan government is increasing taxes and adjusting tariffs on the private sector to mitigate the financial impact of Chevron's departure. Despite losing its permit, Chevron may receive a limited license from the U.S. government to continue some operations in Venezuela.

Exxon Mobil is currently involved in arbitration proceedings concerning Chevron's planned acquisition of Hess Corporation. The arbitration recently concluded, with a decision expected within two to three months, according to Exxon senior vice president Neil Chapman. Exxon has expressed confidence in winning the dispute but has stated that it will continue operating its substantial oil assets in Guyana on a 'business as usual' basis if it loses the case. Meanwhile, Edison is optimistic about a positive outcome in its arbitration with Venture Global LNG. In the broader oil sector, while ConocoPhillips and Exxon Mobil appear to be cautious, Chevron and Hess are actively pursuing opportunities, reflecting a divergence in strategic approaches among major U.S. oil companies amid current market conditions.

Exxon Mobil Corp. will maintain its capital allocation plans even if crude oil prices decline to $50 a barrel, according to Chief Executive Officer Darren Woods. The Texas-based oil company has stress-tested its business under scenarios more severe than the current market environment and remains committed to its investment and shareholder return strategies. Despite ongoing declines in crude oil prices and a lack of trend support in the market, Exxon plans to continue its capital expenditures and cash returns, signaling confidence in its long-term operational strategy.

Several lawsuits have been filed aiming to hold fossil fuel companies accountable for climate change, with climate change activists achieving some courtroom victories. Among these legal efforts, the left-wing law firm Sher Edling has been notably active, recruiting government entities to pursue litigation against American energy companies. One such case involves the City of Charleston, South Carolina, which has engaged Sher Edling to sue major oil companies for climate-related damages. However, many of these lawsuits, including the Charleston case, have faced setbacks, with courts dismissing nearly all of them.

Exxon Mobil has entered exclusive talks to sell its 82.89% stake in its French subsidiary Esso SAF to North Atlantic France SAS, a Canadian energy group. The transaction, expected to close in the fourth quarter pending regulatory approvals, represents a continuation of Exxon’s broader strategy to exit the French market. The sale includes the Esso refinery in Gravenchon, which has prompted reactions from employee representatives expressing concern. The deal is reported to involve a discount on the valuation of the French unit, which specializes in refining and fuel distribution. This move aligns with recent trends in the energy sector as companies adjust their portfolios amid market pressures.

The Caribbean Community (Caricom) has reaffirmed its firm support for the sovereignty, security, and territorial integrity of Guyana amid the ongoing territorial dispute with Venezuela. This statement follows Venezuela's recent election of a governor for the contested Essequibo region, which Guyana and Caricom reject. Guyana dismissed Venezuelan claims that Guyanese voters participated in elections to integrate the resource-rich Essequibo province as Venezuela's 24th state. Ukraine also expressed support for Guyana's territorial integrity, condemning Venezuela's attempts to hold what it called sham elections in the Essequibo region and attributing these actions to the disruptive influence of Venezuela's ally, Russia. In response, Venezuelan Vice President Delcy Rodríguez criticized Caricom's Secretary-General Carla Barnett, accusing her of acting on behalf of Exxon Mobil and not representing the views of all Caricom member states.

The United States is intensifying efforts to reduce its dependence on China for critical minerals, particularly lithium and rare earth elements essential for electric vehicles (EVs), defense, and technology manufacturing. Currently, China controls about 70% of U.S. imports of rare earths and dominates approximately 70% of global rare earth mining and 90% of processing. Beijing has imposed export restrictions on strategic minerals such as samarium, terbium, and dysprosium, which are vital for EVs and defense applications, despite a 90-day tariff truce.

In response, U.S. companies Exxon, Occidental, and Equinor are piloting direct lithium extraction (DLE) technology in Arkansas to tap underground brines, a method compared to the shale oil revolution. Meanwhile, Australian firm Lynas Rare Earths has achieved a milestone by producing dysprosium oxide, a heavy rare earth element, outside China, enhancing supply chain diversification. The geopolitical tensions over mineral supply chains have prompted countries including the U.S., Brazil, and European nations to boost mining and processing capacities domestically and abroad. China has pledged to revoke some export curbs as part of a recent trade truce, signaling potential easing of restrictions. However, global firms continue to face challenges securing these critical minerals amid ongoing export controls and geopolitical competition.