Politics, Geopolitics & Conflict The Biden Administration has moved to lift sanctions on Venezuela’s oil industry under the guise of concessions from the Maduro regime, which now has said it could see new elections held in 2024. Meanwhile, crude oil prices are running hot after the war between Israel and Hamas raised geopolitical tensions in the Middle East, along with Russia and Iran falling under Western sanctions - although neither has seen much losses to their oil exports.
The country routinely experiences rolling blackouts. Portuguese-based Galp is getting ready to commence drilling a well offshore Namibia, near other significant discoveries in the area found by TotalEnergies and Shell. Galp is drilling two wells with the Hercules rig in blocks 2813A and 2814B under PEL 83. Hercules is currently en route to Walvis Bay in Namibia’s Orange Basin, with an expected arrival of November 4.