Crude prices, Venezuela, BP's incoming CEO & more

Another day, another oil tanker seized by the US off the coast of Venezuela. That's after US President Donald Trump said he was ordering a complete blockade of sanctioned crude carriers entering and leaving Venezuela. And as it appears, the Americans may well be in pursuit of a third tanker after having seized two already. Situation remains volatile as the Trump administration is showing no signs of easing up on Venezuela 

Despite all what's afoot, the oil price is still lurking around the $60 per barrel mark using Brent as a benchmark. It is roughly the level it was at in February 2021. That's because there's still plenty of oil in a market that's heading to a potential surplus next year, as the Oilholic has previously noted. The scenario has given President Trump plenty of room for sabre rattling and putting the squeeze on Venezuela. It will be worth watching where this goes.  

Away from crude prices and Venezuela, another development that really got the market chatting was the sudden and surprising announcement of another BP CEO appointment. 

Late on Wednesday, the energy major announced the departure of Murray Auchincloss and named Woodside Energy boss Meg O’Neill as its incoming CEO. 

That'll be the company's fourth CEO in six years going back to Bob Dudley's retirement in 2020. In that time, BP's share price has persistently trailed its rivals. The company also made costly renewables calls that didn't work out, became the target of an activist investor and had to contend with embarrassing talk of a takeover. So, O'Neill has her work cut out, as the Oilholic said in a BBC interview the morning after the news broke.

Many investors are perhaps counting on the new CEO turning things around to build a more profitable and fitter BP. Admittedly, it will be a tough ask with a huge in-tray. But perhaps a solid pro like O'Neill may well be the one to do it. Overall, the appointment should go down well with the market and shareholders. Of course, how it pans out remains to be seen.

Well, that's all for the moment folks. More musings to follow soon. Keep reading, keep it here, keep it 'crude'! 

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© Gaurav Sharma 2025. Photo: Gaurav Sharma, Energy Analyst, Oilholics Synonymous, on BBC News, December 18, 2025. © BBC, December 2025.