Saudi Press

Saudi Arabia and the world
Sunday, Jun 01, 2025

Oil Updates — Crude ends year with second straight annual gain 

Oil Updates — Crude ends year with second straight annual gain 

Oil prices swung wildly in 2022, climbing on tight supplies amid the war in Ukraine, then sliding on weaker demand from top importer China and worries of an economic contraction, but closed the year on Friday with a second straight annual gain. 
Prices surged in March as Russia’s invasion of Ukraine upended global crude flows, with international benchmark Brent reaching $139.13 a barrel, the highest since 2008. Prices cooled rapidly in the second half as central banks hiked interest rates and fanned worries of recession. 

Brent crude on Friday, the last trading day of the year, settled at $85.91 a barrel, up nearly 3 percent to $2.45 per barrel. US West Texas Intermediate crude settled at $80.26 a barrel, up $1.86 or 2.4 percent. 

Brent gained about 10 percent for the year, after jumping 50 percent in 2021. US crude rose nearly 7 percent in 2022, following last year’s gain of 55 percent. Both benchmarks fell sharply in 2020 as the COVID-19 pandemic slashed fuel demand. 

Brazil’s Lula decrees extension for tax exemption on fuels 

Brazil’s newly sworn-in President Luiz Inacio Lula da Silva signed a decree on Sunday extending for 60 days an exemption for fuels from federal taxes, a measure passed by his predecessor aimed at lowering their cost. 

The decree was among the first batch of decisions taken by Lula hours after his inauguration as president, succeeding far-right President Jair Bolsonaro, and officially establishing his cabinet of 37 ministers. 

The exemption from federal taxes on fuel represents a revenue waiver of 52.9 billion reais per year, and Economy Minister Fernando Haddad had said that it would not be extended, creating a division in the new cabinet. 

Petrobras CEO says he will change the company’s fuel price policy 

The incoming chief executive of Brazil’s state-run oil company Petrobras said on Friday he planned to tweak the country’s fuel price policy, but said investors need not worry. 

Prates told journalists he will change the firm’s pricing policy, which pegs fuel to global oil prices, but emphasized this does not mean prices will be completely unlinked to the international market. 

“Petrobras’ pricing policy will be changed, but not necessarily to traumatize investors,” he said. “It will be changed because the country’s policy will be changed.” 

Prates, a prominent voice on energy policy within Lula’s leftist Workers Party, was already seen as a strong candidate for the Petrobras job after being appointed to the transition team’s group for mines and energy. He is expected to shift the company away from its focus on deep-water drilling toward renewables. 

After Prates takes over the firm, which he said should happen in mid-January, he will present company plans in detail to Petrobras’ board of directors and to Brazilians in general. 

“I see Petrobras as a company that needs to look to the future and invest in the energy transition to meet the needs of the country, the planet, and society, in addition to the long-term interests of its shareholders,” Prates said.

Chevron to load Venezuelan oil for exports 

US oil producer Chevron Corp. has sent an oil tanker to Venezuela to load the first cargo of crude destined for the US in nearly four years, according to a person familiar with the matter and shipping data, with the vessel approaching the South American country’s waters on Friday. 

A second tanker that will bring a cargo of diluents to a Chevron joint venture with state oil firm PDVSA to help process the nation’s heavy crude is due to arrive early next month, the person said. 

The cargoes are the first under the US Treasury Department’s November license allowing the US oil major to expand its operations in the South American country. The license will reopen oil flows shut by US sanctions for nearly four years.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
×