The US Treasury Department Sept. 14 amended Venezuela’s sanctions license to prevent unauthorized changes to the governance of Citgo Petroleum Corp. and its two US corporate parent structures, PDV Holding Inc. and Citgo Holding Inc. The license now explicitly blocks any unauthorized “appointment, removal, or replacement of any director, officer, or other corporate governance official” at the three companies. The move comes as Venezuelan interim President Delcy Rodríguez works to regain control of the country’s overseas assets. Her administration has replaced law firms representing Venezuela and state-owned PDVSA in foreign litigation and arbitration, while opposition-appointed entities that have overseen Citgo are preparing to wind down. The license amendment freezes the current corporate boards until finalization of Amber Energy’s acquisition of PDV Holdings. The acquisition gives Amber Energy, owned by Elliott Investment Management, assets that include about 800,000 b/d of refining capacity on the US Gulf Coast and in the Midwest. It also obligates Amber to disperse $5.89 billion in a structured payout to 15 international creditors, including ConocoPhillips, whose assets were seized by the previous government. While a US federal court approved the deal, Amber still requires a US Treasury license to take title to the shares. The deal would also need to survive an appeal in the US Third Circuit Court of Appeals in Philadelphia, where the Venezuelan government is arguing the price is too low. Venezuela and state-owned PDVSA would still be on the hook for about $15 billion in remaining payouts to companies for seized assets.

Russian refinery runs remain near July 2026 lows and are likely to recover only gradually from September onward. Russia’s ban on diesel exports has already removed 10% of waterborne supply from the global market. Further decline in Russian refinery runs could amplify the risk to global diesel markets by leading Russia to import fuel to backfill domestic needs, compounding the outright loss of the near 1 million b/d of diesel exports. Limited spare capacity raises winter risks Meanwhile, the world’s remaining unconstrained refining capacity is already running at close to maximum levels. Refinery utilization in the US has approached 97% this summer, while Europe and North America continue to operate at or near multi-decade highs in response to record margins. The industry is now approaching fall turnaround season with a significant incentive to keep pushing and little spare capacity left to offset unexpected disruptions. “The market has survived the first phase of the crisis because inventories, trade flows, and refinery flexibility absorbed much of the shock. Those shock absorbers are not disappearing, but they are becoming progressively weaker. Markets are entering winter with less room for error than they had in the spring,” said Daniel Evans, global head of fuels and refining research, S&P Global Energy. For governments and policymakers, the challenge is increasingly likely to center on balancing energy price affordability, inflation, and security of supply. High diesel prices directly impact costs for freight transport, agriculture, construction, manufacturing, and residential heating. Although the market has so far avoided an outright supply crisis, persistently low inventories, high prices, and limited spare capacity have heightened the risk of government interventions. Diesel remains the fuel most vulnerable to shortages. With a surge in demand during the harvest season, the approach of winter heating needs, depleted inventories, and no immediate prospect of supply

Saudi Arabia has shut its 1,200-km (745-mile) East-West pipeline following Sept. 11, 2026, drone attacks. Saudi officials said the drones were launched from Iraq but have not disclosed the extent of any injuries or damage or provided a timetable for repairs. Satellite imagery released Sept. 13 appeared to show substantial damage to a pumping station along the pipeline. East-West, which has a maximum design capacity of 7 million b/d, had been operating at 2 million b/d in August according to Kpler, as increased Houthi attacks in and around Bab El-Mandeb reduced Red Sea traffic. Earlier in the Iran war, flows had been 4-5 million b/d, with the pipeline serving as an alternative to the Strait of Hormuz for Saudi exports. Stay updated on oil price volatility, shipping disruptions, LNG market analysis, and production output at OGJ’s Iran war content hub. Saudi oil buyers and traders told Reuters that stocks at Red Sea terminals could support exports for 5-7 days if the pipeline remains out of service. A prolonged shutdown could remove as much as 4% of global oil supply, according to market estimates. Repair estimates have ranged from several days to as long as 6 weeks. Saudi Arabia reported to the Organization of Petroleum Exporting Countries (OPEC) that its crude production declined to 6.2 million b/d in August, down from 10.9 million b/d in February. Overall OPEC+ crude production fell 1.5 million b/d in August to 33.1 million b/d. Production from the 17 quota-bound OPEC+ members declined 980,000 b/d to 27 million b/d, 7.3 million b/d below their August target. On Sept. 6, OPEC+ agreed to maintain October production targets at September levels. Global oil prices climbed sharply Sept. 14 in the wake of the shutdown. Brent crude futures rose above $108/bbl, reaching levels not seen since May, before retreating.

In this Insights episode of the Oil & Gas Journal ReEnterprised podcast, downstream editor and lead reporter Robert Brelsford talks with Joe Barnes, principal of Barnes’ Engineering Consultants and a veteran oil and gas operations, maintenance, reliability, and major-projects leader with more than 30 years of industry experience. Barnes, who spent roughly half of his career in refining and half in exploration and production, discusses why process safety management must remain a central concern for everyone working in oil and gas—not only safety professionals. Drawing on his experience with a major refinery accident and the aftermath of a separate major offshore incident, Barnes explains why good intentions are not enough to prevent major incidents, particularly in times when the potential for high margins could tempt operator’s into promoting maximized production over execution of maintenance on processing and production installations to ensure safe and reliable operations. During the conversation, Robert and Joe examine recurring root causes identified through Barnes’ review of process-safety incidents dating back to the mid-1980s, including absence of  leadership, poor communication, inadequate risk identification and mitigation, aging equipment, deferred maintenance, workforce turnover, and the loss of experienced personnel. They also discuss why the industry has sometimes failed to consistently share and apply lessons from previous incidents, particularly when investigation findings are not widely accessible. The two consider the difference between personal safety and process safety metrics, the warning signs that preceded the 2005 BP Texas City refinery explosion, and the role of management of change (MOC) in evaluating staffing, maintenance, turnaround, efficiency, and capital-reduction decisions. Barnes also outlines the questions boards and executive leaders should be asking to ensure that process safety remains a business priority across economic cycles. Robert and Joe further explore how refineries can use past incident scenarios as practical training tools, strengthen external oversight

WASHINGTON—The U.S. Department of Energy’s (DOE) Office of Critical Minerals and Energy Innovation (CMEI) today launched the PROSPECT Planning Prize to support universities in developing the skilled workforce required to produce, process, recover, and recycle critical minerals on American soil. Each winner will receive up to $1 million from a total prize pool of $16 million. “Mining and critical minerals professionals are essential to America’s success in manufacturing, AI, energy, and national security—but this country isn’t producing enough of them,” said Assistant Secretary of Energy Audrey Robertson. “Through this prize competition, DOE will empower universities to pursue more ambitious strategies for attracting and educating the workers we need for a robust critical mineral supply chain.” This prize competition is part of DOE’s $100 million Providing Opportunities for Specialized Education in Critical Technologies (PROSPECT) initiative, which delivers on President Trump’s bold agenda to restore American energy dominance, rebuild domestic supply chains, and reduce reliance on foreign adversaries for critical minerals. The initiative’s near-term goal is to double the number of graduates with mining, minerals, and associated supply chain credentials across the United States. U.S.-based academic institutions with prize-eligible degree programs are encouraged to submit plans. Proposed programs should aim to substantially increase the number of graduates and other credentialed professionals prepared for relevant mining and supply chain careers in the next two years. Programs may target a range of beneficiaries, including early-career professionals, incumbent workers, educators, and students in university, community college, or high school. Applications are now open. The deadline for submission is Oct. 5, 2026. Learn more about this competition, including key dates and submission details, on the PROSPECT Prize page. The PROSPECT Planning Prize is funded by CMEI and managed by the National Laboratory of the Rockies under the American-Made prize program. ###

VIENNA, AUSTRIA—U.S. Secretary of Energy Chris Wright today delivered the U.S. National Statement at the General Conference of the International Atomic Energy Agency (IAEA) in Vienna, Austria. Secretary Wright’s full remarks from the International Atomic Energy Agency (IAEA) General Conference are below: I am honored to represent the United States of America at the 70th IAEA General Conference. This year, as we celebrate the 250th anniversary of the founding of the United States, we reflect on a history defined by a tireless spirit of innovation and bold exploration. It was this American drive that, over seven decades ago, moved President Dwight D. Eisenhower to deliver his historic ‘Atoms for Peace’ address, sowing the seeds for the creation of this very Agency. Together, our high-level cooperation has achieved monumental milestones—pioneering global safeguards, securing vulnerable fissile materials across the globe, countering and preparing for radiological and nuclear threats, creating energy abundance, and advancing nuclear science to improve living standards. As the world’s foremost nuclear innovator, the United States remains steadfastly dedicated to the IAEA’s mission. I would like to take a moment to congratulate Timor Leste on becoming the newest member of the IAEA. America looks forward to working with you. Thanks to President Trump’s leadership, the United States is ushering in an American nuclear renaissance. President Trump directed the Administration to revitalize America’s nuclear sector, modernizing regulations, improving processes and streamlining advanced reactor testing to rebuild the nuclear industrial base. This agenda allows the United States to establish an expedited pathway for testing and approving advanced reactors, set standards for converting surplus uranium and plutonium into reactor fuel, and support the energy infrastructure needed for America’s reindustrialization and artificial intelligence. These actions advance President Trump’s bold goal of adding 300 gigawatts of new nuclear capacity in the United States by 2050.