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(Reuters) – Iran has a record amount of oil on the water, equivalent to about 50 days of output, with China having bought less because of sanctions and Tehran seeking to protect its supplies from the risk of U.S. strikes, data from Kpler and Vortexa shows. The amount of Iranian crude and condensate, either on …
Oil prices are likely to drift lower this year as a wave of supply creates a market surplus, although geopolitical risks tied to Russia, Venezuela and Iran will continue to drive volatility, Goldman Sachs said in a note on Sunday. The investment bank maintained its 2026 average price forecasts of $56/$52 per barrel for Brent/WTI, …
Goldman Projects Lower Oil prices in 2026 as Supply Swells Read More »
(Reuters) – Norway’s government said on Monday it will present a policy document to parliament next year on the future of the oil and gas industry, including companies’ access to exploration acreage. “The oil and gas industry is crucially important for Norway, and should be developed, not phased out,” Prime Minister Jonas Gahr Stoere said …
Norway to Lay Out Future of Oil and Gas, Drilling, in 2027 Policy Update Read More »
Data shows millions of tons of methane spewing from the nation’s decaying energy infrastructure, underscoring how much work is required to revive production. By Aaron Clark An image captured by EMIT on September 24, 2025, shows five emissions on the same day and in the same area.Source: Kayrros SAS, processed L1B image from NASA/JPL-Caltech’s EMIT …
Satellite Images Reveal Venezuela’s Massive Methane Problem Read More »
CALGARY – U.S. President Donald Trump’s ambition to have U.S. energy companies swoop in and revive Venezuela’s beleaguered oil industry has raised questions about what it means for Canadian oilsands producers and whether it’s a task American supermajors can or even want to take on. Here is a rundown of the past and potential of …
The Past and Potential of Venezuela’s Oil Sector, and What it Means for Canada Read More »
Summary Norway’s petroleum output seen broadly steady in 2026 Output seen gradually declining towards 2030 Oil investments seen down nearly 7% in 2026 vs 2025 Lower demand to hit supplier industry (Reuters) – Norway’s offshore oil and gas output will remain broadly steady in 2026, but investments are seen falling by 6.6%, signalling a …
Norway’s Oil and Gas Output Will Fall Towards 2030, Regulator Says Read More »
(Reuters) – The discount on Western Canada Select to North American benchmark West Texas Intermediate futures grew on Wednesday to its widest point in 18 months as investors digested U.S. President Donald Trump’s deal to import up to $2 billion worth of Venezuelan crude. WCS for February delivery in Hardisty, Alberta, settled at $14.45 a …
Canadian Crude at 18-Month Low Versus WTI as Venezuelan Turmoil Rattles Market Read More »
Chevron and private equity group Quantum Energy Partners are teaming up on a bid to buy the international assets of Russian oil major Lukoil, which are valued at $22 billion, the Financial Times reported on Wednesday. Chevron, Quantum, Lukoil and the White House did not immediately respond to requests for comment. Reuters reported in November …
LONDON, Jan 6 (Reuters) – Shell (SHEL.L) has agreed to buy stakes in two undeveloped offshore blocks in ultra-deep waters offshore Angola from Chevron (CVX.N), the European energy major said on Tuesday. European oil majors have said they will spend billions in Angola, Sub-Saharan Africa’s second-largest crude oil producer after Nigeria. The country has undertaken …
Shell Buys Stakes in Angolan Offshore Blocks From Chevron Read More »
By Arathy Somasekhar and Georgina Mccartney US Gulf Coast refiners set to benefit if Venezuelan sanctions end Canadian crude will lose pricing power if Venezuelan oil flows freely Chinese independent refineries will seek alternatives if Venezuelan crude is redirected HOUSTON, Jan 6 (Reuters) – A full-scale resumption of Venezuelan oil exports would benefit refiners in …
Venezuelan Oil Would Boost US Refiners, Hurt Canadian Producers Read More »
