WorldOil Venezuela and Iran defy U.S. sanctions with new tanker delivery The ship, identified as Honey, turned off its satellite signal and started unloading about 2 million barrels of South Pars condensate at Venezuela’s state-controlled port of Jose on Saturday, according to a report and a person with knowledge of the situation. Tehran confirms tankers seized by U.S. were en route to Venezuela Four tankers whose cargoes were seized by the U.S. over the past month were heading to Venezuela with gasoline loaded in Iran, according to Iranian Oil Minister Bijan Namdar Zanganeh. U.S. conducts largest-ever seizure of Iranian oil The U.S. seized four tankers carrying Iranian oil bound for Venezuela in violation of sanctions, the Justice Department announced. A tough summer for oil-dependent nations may foretell their new normal The prospects for petrostates have dramatically shifted from just a decade ago. Oil prices were near $100 a barrel then and consumers were worried about supplies running out. Now, OPEC is increasingly having to reckon with the prospect of peak demand, when consumption starts to decline as wind and solar power become more popular. Iran inks $460 million oil deal, anticipating an end to sanctions “It’s true that our output is low because of cruel and illegal sanctions, but things won’t stay the same,“ Oil Minister Bijan Namdar Zanganeh said in a speech broadcast on state television. “We need to increase our production capacity to be able to return to the market in full force and restore our share whenever necessary.” U.S. to cut off Iran-Venezuela trade by sanctioning oil tankers The Trump administration is preparing sanctions on as many as 50 oil and fuel tankers as part of an effort to cut off trade between Iran and Venezuela, according to a person familiar with the matter. OPEC+ proves its mettle by swiftly delivering oil production cuts Despite skepticism over the efficacy of the measures unveiled in mid-April by Saudi Arabia, Russia and their partners, compared to the immense hit to demand, the impact has been substantial. Oil prices have recovered by 60% in the past three weeks, as a pick-up in fuel use is complemented by the supply cuts. Petrostates forced to consider life without oil revenues as prices stay low From Nigeria to Venezuela and Iraq, petrostates are facing the same challenge -- maintaining their economies while their prized commodity is worth a much less than it was, and where private companies often still want their cut. These countries have the most firepower in the oil price war With OPEC’s output limits suspended and a price war under way, the group’s biggest oil producers are preparing to churn out more barrels to protect market share. Cyberattacks linked to Iran appear to target Bahrain Petroleum Co. An Israeli cybersecurity firm has identified a new type of ransomware that it believes was created by Iran and has the ability to lock up or even delete industrial control systems.