Oil prices climb as market watches for a slow return of Venezuelan supply

Pharos Energy Plc

Oil prices have edged higher as investors weigh ongoing supply strength against the possibility of Venezuela gradually bringing more crude back to the market. With global production still running ahead of demand, the overall balance remains loose, but attention is shifting to how a recovery in Venezuelan output could influence the longer-term outlook.

Venezuela, home to the world’s largest proven oil reserves, is currently producing just over one million barrels per day. Years of sanctions, mismanagement and underinvestment have left the country’s energy infrastructure in poor condition. However, political developments and early signs of engagement with international players have put the country back into the supply conversation.

Pharos Energy Plc (LON:PHAR) is an independent energy company with a focus on delivering long-term sustainable value for all stakeholders through regular cash returns and organic growth, underpinned by a robust cash flow and resilient balance sheet.

Share on:
Find more news, interviews, share price & company profile here for:

Latest Company News

Pharos Energy shortlisted for Emerging Markets Energy Company of the Year

Pharos Energy has secured a shortlist place for Emerging Markets Energy Company of the Year at the 2026 Energy Council Awards of Excellence.

Pharos Energy sponsors Mediterranean Offshore Conference 2026

Pharos Energy sponsors the Mediterranean Offshore Conference and Exhibition 2026, highlighting its Egyptian operations across three oil and gas concession areas.

Pharos Energy expands Egyptian oil and gas presence

Pharos Energy explores for and produces oil and gas, with Egypt forming an important part of its upstream operations.

Pharos Energy revenue rises 30% as Vietnam drilling boosts production

Pharos Energy increased first-half oil and gas sales by 30% to $85.5 million, while stronger cash generation, higher Vietnam production and continued drilling provide the main operational drivers as the Ratio acquisition progresses.

Pharos Energy reports stronger first-half cash flow, advances drilling in Vietnam and Egypt

Pharos Energy reported revenue of $85.5 million and operating cash flow of $34.9 million for the first half of 2026, while progressing drilling programmes in Vietnam and Egypt. The company narrowed its full-year production guidance to 5,300–5,900 boepd as its recommended acquisition by Ratio Petroleum continues toward completion.

Pharos Energy shareholders approve Ratio acquisition

Pharos shareholders have approved the recommended acquisition by Ratio at the Court Meeting and General Meeting, with completion remaining subject to regulatory conditions and Court sanction. The Scheme is expected to become effective in H1 2027.

Search