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Repsol is ​poised to ‌take back ​operational ​control of its ⁠Venezuelan ​oil assets ​and boost production following ​a ​deal signed with ‌the ⁠South American government, ​the ​Financial ⁠Times reported ​on ​Thursday.

The "crack spread" is the difference between the cost of crude oil and the price of refined products like gasoline and diesel, representing a refiner's profit margin from processing crude. When oil prices peak and begin to stabilize or decline, refined product prices often remain relatively firm, allowing margins to expand. Therefore, refiners can outperform even after oil prices have rolled over, making them well…

Venezuela and Spanish energy group Repsol ​have signed "strategic agreements," the government of the ‌South American country said in a statement on Thursday.

Repsol remains optimistic on Venezuela, citing growing gas production, though it's too early for specific guidance. Customer and industrial businesses are viewed as fully integrated and strategically important in Iberian markets, with no plans to divest. Potential asset sales in Upstream and Renewables demonstrate a focus on value creation and portfolio optimization.

Repsol, S.A. (REPYY) Analyst/Investor Day Transcript