The Delhi High Court on Friday dismissed an appeal filed by the police challenging the bail granted to former Congress councillor Ishrat Jahan in the larger conspiracy case linked to the 2020 riots in the capital, Bar and Bench reported. While hearing the appeal against her bail
Nazakat Ali's phone rings in the evening, as it often does now. The 30-year-old tourist guide in Indian-administered Kashmir answers with the same practised calm every time - yes, it is safe; yes, he will be there; yes, they should come. On the other end are people planning holidays to the stunning
Rivalries make sport tick. But sometimes, respect speaks louder than competition. And right now, that’s exactly what Jannik Sinner is doing for Carlos Alcaraz. In a major blow to the clay-court season, Alcaraz has officially withdrawn from French Open next month due to a wrist injury
Domestic worker in Singapore alleges British Indian family made her sleep on yoga mat: ‘I felt uncomfortable'A domestic worker in Singapore claimed a British Indian family made her sleep on a yoga mat and allegedly refused to pay for four days of work. Updated on: Apr 25
U.S. negotiators are scheduled to leave for Pakistan on Saturday (April 25, 2026), but Iran said its officials did not plan to meet the Americans to discuss ending the war that has killed thousands and roiled global markets. President Donald Trump’s special envoy Steve Witkoff and
Big oil's complicated calculus for investing in Venezuela
President Donald Trump has clashed with major US oil companies over investment plans in Venezuela, saying he may block Exxon Mobil after its CEO called the country “uninvestable.” Trump wants oil firms to invest heavily to boost supply and keep oil prices low, while industry leaders remain cautious about risk, costs and shareholder returns.
"I'll probably be inclined to keep Exxon out," President Donald Trump told reporters last Sunday. "I didn't like their response. They're playing too cute."
Trump, who has promised that U.S. oil companies would spend $100 billion in Venezuela after the ouster of President Nicolás Maduro, was referring to comments made by Exxon Mobil CEO Darren Woods at a White House event this month in which he called Venezuela "uninvestable."
The exchange reflects a fundamental disagreement between the U.S. oil industry and the president, one that won't be easily resolved. Trump wants low oil prices. The leaders of the oil majors want higher oil prices. He wants them to invest heavily. They're all about economizing on investment and cutting risk while rewarding shareholders with dividends and share repurchases.
Now the two sides are at an impasse. Trump will either create incentives for oil companies to invest in Venezuela or punish them for holding out. And the conflicting priorities will inform what happens next.
"We're not going to aggressively put lots of extra barrels into an oversupplied market," Vicki Hollub, CEO of Occidental Petroleum, told securities analysts on an earnings call in November, well before the White House meeting with oil executives Jan. 9.
Chevron CEO Mike Wirth bragged on a November earnings call that the company had gotten good at eliminating marginal investment projects. "We're killing things earlier," he said.
Oil executives seem to not only be balking at the risk of having assets nationalized but are also expressing a view that has become standard across the sector: Big new projects have to survive intense scrutiny.
Venezuela's tarlike oil has to be diluted to flow through a pipeline. It has to be upgraded locally before it even gets to a refinery. That's a multibillion-dollar expense.
For most of the past 15 years, Big Oil was focused on projects -- such as drilling for North American shale oil -- that have a quick and predictable payback, even though production drops off steeply after the first year. To some extent, the companies deprioritized projects such as those in offshore oil, or heavy crude deposits like Venezuela's, that keep producing at low cost for 10 to 20 years but require more up-front investment to bring online.
So a lot of oil came from fields that were low in risk but relatively high in cost. According to Rystad Energy, a research company, in 2024 North American shale had a break-even cost of $45 a barrel. That was expensive compared with offshore deepwater ($43), offshore shelf ($37) and onshore Middle East ($27).
From 2014 to 2024, daily crude production in the United States increased 71% while production in the rest of the world decreased a couple of tenths of a percent, according to data in the Statistical Review of World Energy 2025.
That's changing a bit. North American shale is beginning to be tapped out, although the oil majors are using advanced technology to get more oil out at lower costs.
Since around 2022, when Russia invaded Ukraine and oil prices spiked, the oil majors have shifted some of their interest back toward higher-risk, longer-payout projects in parts of the world where oil is cheapest -- not North America. Exxon and Chevron have explored bidding on exploration opportunities in Libya. Last year, Chevron signed an agreement in principle to develop Iraq's vast Nasiriyah oil field and other assets. Exxon is also in discussions with Iraq.
Even Iran looks interesting to Big Oil for the first time since the overthrow of the shah in 1979. "If we could go in there and really be able to produce in Iran again, the sky is the limit for that country," Mike Sommers, CEO of the American Petroleum Institute, said Tuesday on CNBC.
But that doesn't mean the oil majors are throwing caution to the winds. Devin McDermott, an oil analyst at Morgan Stanley, said that even if sanctions were removed and the oil majors were to do business with Iran, "they would need confidence in the stability of the regime, fiscal terms that are attractive and competitive. All of those things would need to fall into place first."
Further complicating calculations, projections of future oil demand have become more uncertain with the rise of renewables.
"For the first 150 years, oil has been a growth business. What's become a real question is, 'Well, are we going to see oil demand plateau or even decline?'" said Jim Burkhard, the global head of crude oil research for S&P Global Energy.
As for Venezuela, there actually is a case for the Western majors to invest. Although its oil is heavy and sulfurous, it is abundant, well mapped and partly developed. Investing in Venezuela would be a way for an oil company to ensure a plentiful supply of crude for decades to come.
But it would still be a big lift. Venezuela's production fell 64% from 2014 to 2024, indicating that bringing it up to world standards would be a long, slow process. Oil companies don't want to "get out too far on the risk curve on projects," McDermott said.
Trump would like oil companies to invest more to bring down the price of crude, which would in turn lower prices at the pump and possibly boost his approval ratings. Setting aside the fact that the timing is way off -- projects negotiated now won't bear fruit for years -- the president's preferences bump up against what oil executives perceive as their duty to shareholders. Eimear Bonner, Chevron's chief financial officer, said to Wall Street analysts last year: "Not everything gets funded. Period."Add as a Reliable and Trusted News Source Add Now!
Source: EconomicTimes
Related Posts: Donald Trump urges Turkish President Erdogan to cut Russian oil Donald Trump On Slippery Slope On Tariff Threats To India Over Russian Oil From Hyundai To Hindalco Serval Major Companies Have Ex Date This Week US President Donald Trump warns India of additional tariffs on Russian oil trade Donald Trump describes himself as ‘Acting President of Venezuela’ in Truth Social post FIFA gives President Donald Trump Peace Prize in departure from its traditional focus on sport US President Donald Trump says Pakistan-Afghanistan conflict is Donald Trump posts image claiming to be ‘Acting President of Venezuela’ Donald Trump completes a year as US President Why U.S. President Donald Trump wants Intel’s CEO to resign
Sachin, Vice Prez, CM Naidu to participate in Andhra University centenary event on April 27Sachin, Vice Prez, CM Naidu to participate in Andhra University centenary event on April 27 Published on: Apr 25, 2026 12:48 PM IST PTI Share via Copy link Visakhapatnam
39 minutes ago
The Bharatiya Janata Party (BJP) on Saturday targeted Aam Aadmi Party (AAP) national convener Arvind Kejriwal over his new bungalow at Lodhi Estate in Delhi, calling it “Sheesh Mahal 2” and alleging the use of private money for high-end upgrades. AAP rejected the charges, terming them false
39 minutes ago
India’s running culture is seeing a noticeable shift. Weekend race calendars are filling up, city running clubs are expanding, and more professionals are quietly building distance into already packed schedules. In this environment, a daily trainer needs to do more than soften impact
39 minutes ago
A group of Republican lawmakers in the United States has proposed a bill seeking a three-year pause on the issuance of H-1B visas, along with a major overhaul of the programme. The legislation, titled the “End H-1B Visa Abuse Act of 2026," has been introduced by Eli Crane
39 minutes ago
Islamabad faces a week-long security lockdown. Markets are deserted and transport disrupted. This is the second lockdown in recent weeks. Iran's Foreign Minister Abbas Araghchi arrived for talks. US officials were also expected. Hopes remain for engagements to promote regional peace and stability
39 minutes ago
Congress leader Jairam Ramesh on Saturday affirmed support for fellow leader Pawan Khera, who is facing an FIR filed by Assam Chief Minister Himanta Biswa Sarma’s wife, Riniki Bhuyan Sarma, over allegations linked to her possessing multiple passports
39 minutes ago
In India, innovation doesn’t always come from labs or big companies. Sometimes, it comes from a problem that needs solving right now, with whatever is available. It’s a word people use for quick, practical fixes. But over time, some of these fixes have turned into ideas that are surprisingly
39 minutes ago
Twenty-three percent of the candidates contesting the ongoing Assembly elections in West Bengal have declared criminal cases in their affidavits, a report released by the Association for Democratic Reforms has shown. The report released on Tuesday analysed the self-sworn affidavits of 2
39 minutes ago
Bhullar stands tall as fault lines appear in SingaporeIndian golfers struggled at the Singapore Open, with only three making the cut, highlighting a concerning trend in their performance on the international stage. Updated on: Apr 25, 2026 1:49 PM IST By Shantanu Srivastava Share via Copy link
39 minutes ago
April 25 Birthday Horoscope: Here's what the tarot cards have in store for you If your birthday falls on April 25, here’s what your year ahead looks like, as per Tarot Updated on: Apr 25, 2026 11:24 AM IST By Kishori Sud Share via Copy link If you were born on April 25
39 minutes ago
The negotiating teams of India and the U.S. held “constructive” and “forward-looking” talks on a trade deal, the Indian government said following the conclusion of the talks. The talks took place in Washington on April 20-23, 2026. India and the U.S
39 minutes ago
In a job market currently under stress from daily news of layoffs and hiring freezes, one Gurugram-based techie, Priyanka Giri has given us a dose of hope and happiness by sharing her story. After being unemployed for four months and facing rejections from Meta and Microsoft
39 minutes ago
uaresults.nic.in, UBSE UK Board Results 2026 Class 10th, 12th Live: The Uttarakhand Board of School Education (UBSE), Dehradun, has announced the Class 10 and Class 12 examination results 2026 today, April 25. This year, 98.20% of students passed the Class 10 examination, compared to 90
39 minutes ago
Endoscopic neurospine surgeon breaks down top exercises for posture and spine health: From squats and sit-ups to planksNote that every exercise is spine-friendly. Neurospine surgeons list down the top exercises for a pain-free back. Published on: Apr 25
39 minutes ago
Former Army Chief General Manoj Mukund Naravane has released a new book. It reveals lesser-known stories from India's armed forces. The book unearths military myths and mysteries. It includes tales of soldiers, naval incidents, and airmen. The book is researched and readable. It highlights duty
39 minutes ago
On Friday, she announced plans to launch a new regional political force in the state, asserting that it will focus on the “aspirations and unfinished agenda” of the state. Around seven months after quitting the Bharat Rashtra Samithi (BRS), the daughter of former Telangana Chief Minister K
39 minutes ago
Mumbai, Apr 25 (PTI) Kannada superstar Shiva Rajkumar is set to appear in an action-drama movie, titled, “Bail", the makers have announced. The makers unveiled the first look of the film, which coincides with Shiva Rajkumar’s father Dr Rajkumar’s 97th birth anniversary, on Friday.Mumbai
39 minutes ago
India, US agree to remain engaged after trade talksThe Indian delegation, led by chief negotiator Darpan Jain, discussed “multiple areas such as market access, non-tariff measures, technical barriers to trade, customs and trade facilitation Published on: Apr 25
39 minutes ago
It's not often a thousand-word social media post from a US tech firm goes viral. But the post from Palantir - a 22-point manifesto of sorts - currently has over 30 million views on X. It is the work of the controversial company's co-founder and chief executive
39 minutes ago
Kyiv, Apr 25 (AP) Russian drone and missile strikes on the Ukrainian city of Dnipro killed at least three people and wounded 21, local authorities said Saturday. The bodies of the three were found in the ruins of a house destroyed in the overnight attacks
39 minutes ago
EBITDA decreased by 4%, and margins contracted to 15.0% while the capital expenditure for the quarter was Rs 40,560 crore. Reliance Industries has reported a decline in the Net Profit by 9% QoQ to Rs 16,971 Crore from Rs 18,645 Crore while its revenue increased by 11% to Rs 2,94,059 crore from Rs 2
39 minutes ago
New Archbishop of Canterbury Sarah Mullally, the first woman to lead the world's Anglican Christians, heads to Rome and the Vatican this weekend for an audience with Pope Leo XIV. Archbishop Mullally will meet the head of the world's 1.4 billion Catholics during a four-day visit starting on
39 minutes ago
Annu Kapoor has opened up about his sister Seema Kapoor’s brief marriage to Om Puri. In a recent interview, Annu accused the late actor of ruining his sister’s life and claimed that he ‘betrayed’ her. “Om Puri was a phenomenal actor. There was no great actor like him
39 minutes ago
Exclusive | ‘Taal 2 script is almost complete’: Confirms Subhash Ghai, lauds Ahaan Panday-Aneet Padda's SaiyaaraIn a chat with HT City, filmmaker Subhash Ghai opens up about his plans for Taal 2, a sequel to Aishwarya Rai and Akshaye Khanna's 1999 film Updated on: Apr 25
39 minutes ago
Raghav Chadha joins BJP: The Aam Aadmi Party (AAP) on Saturday took a sharp jibe at Raghav Chadha, Sandeep Pathak and other Rajya Sabha MPs after they joined the BJP after severing ties with the AAP. The Punjab unit of the AAP shared a poster on Facebook featuring the defected MPs, viz.
39 minutes ago
Paytm says it has no exposure to Paytm Payments Bank and does not have any material business arrangements with the entity. Paytm on Friday said the cancellation of the banking licence of associate entity Paytm Payments Bank by the Reserve Bank of India (RBI) will have no financial or business
39 minutes ago
Every year, as the snow melts and the Himalayan trails come alive, thousands of pilgrims and trekkers make their way to Hemkund Sahib, which happens to be one of the highest gurudwaras in the world. Nestled at an altitude of 4,329 metres in Uttarakhand’s Chamoli district
39 minutes ago
