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New OPEC+ Production Mechanism will Help Stabilise Markets, Saudi Energy Minister Says

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By Reuters (Reuters) – A new mechanism adopted by OPEC+ to assess members’ maximum output capacity will ultimately help to stabilise markets and reward those who invest in production, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday. The OPEC+ group approved the mechanism to assess members’ maximum production capacity to be used for setting baselines from …

New OPEC+ Production Mechanism will Help Stabilise Markets, Saudi Energy Minister Says Read More »

Chevron Says Oil Loadings Continue at Russia’s Black Sea CPC Terminal After Drone Attack

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Summary Companies One of three mooring points damaged, one offline Analysts estimate CPC exports halved Kazakhstan protests Ukraine strikes CPC exports had been seen rising (Reuters) – U.S. oil major Chevron  said late on Sunday that loadings of its Tengizchevroil venture’s crude oil were continuing at the Russian port of Novorossiysk following a Ukrainian naval drone …

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OPEC+ Sticks to its ‘All is Fine in Oil’ Mantra, But Uncertainty Rises: Russell

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

At first glance the decision by OPEC+ to leave oil output levels unchanged for the first quarter of next year could be viewed as confirmation the exporter group is concerned about a looming crude supply glut. It was widely expected that the eight members of OPEC+ undertaking voluntary oil output cuts would stick to their …

OPEC+ Sticks to its ‘All is Fine in Oil’ Mantra, But Uncertainty Rises: Russell Read More »

Trump Says Airspace Above and Around Venezuela Should be Considered Closed

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U.S. President Donald Trump said on Saturday that the airspace above and surrounding Venezuela should be considered “closed in its entirety”, but gave no further details as Washington ramps up pressure on President Nicolas Maduro’s government. “To all Airlines, Pilots, Drug Dealers, and Human Traffickers, please consider THE AIRSPACE ABOVE AND SURROUNDING VENEZUELA TO BE …

Trump Says Airspace Above and Around Venezuela Should be Considered Closed Read More »

Russia Calls Ukrainian Strikes on CPC and Tankers ‘Acts of Terrorism’

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Russia’s foreign ministry said on Sunday that Ukrainian attacks on oil tankers and Caspian Pipeline Consortium (CPC) infrastructure in the Black Sea were “acts of terrorism” that threaten freedom of navigation in the region. The CPC, which includes Russian, Kazakh and U.S. shareholders, said it had halted operations after a mooring at its Russian terminal …

Russia Calls Ukrainian Strikes on CPC and Tankers ‘Acts of Terrorism’ Read More »

OPEC+ Holds Oil Output Steady, Agrees Capacity Mechanism

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

OPEC+ agreed to leave oil output levels unchanged for the first quarter of 2026 at its meetings on Sunday as the group slows down its push to regain market share amid fears of a looming supply glut. The meeting of OPEC+, which pumps half of the world’s oil, comes during a fresh U.S. effort to …

OPEC+ Holds Oil Output Steady, Agrees Capacity Mechanism Read More »

CPC Says Oil Exports Halted, Equipment Heavily Damaged by Drones

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The Caspian Pipeline Consortium (CPC), which handles more than 1% of global oil, said on Saturday it halted operations after a mooring at its Black sea terminal was significantly damaged by a Ukrainian naval drones attack. “Further operation of mooring point 2 is not possible,” it said in a statement about one of three key …

CPC Says Oil Exports Halted, Equipment Heavily Damaged by Drones Read More »

Canadian Prime Minister Loses Quebec Minister Guilbeault After Energy Deal

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Takeaways by Bloomberg AI Prime Minister Mark Carney lost a cabinet minister over his oil pipeline agreement with Alberta, marking the first major fracture in his Liberal Party caucus over the government’s energy policies. Steven Guilbeault resigned his position as culture minister, stating the government failed to consult Indigenous communities and the pipeline would pose significant …

Canadian Prime Minister Loses Quebec Minister Guilbeault After Energy Deal Read More »

Carney Signs Major Energy Agreement With Alberta, Laying Out Conditions For New Oil Pipeline

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By Rachel Aiello Prime Minister Mark Carney and Alberta Premier Danielle Smith have signed a major new energy co-operation agreement outlining the emission and other climate conditions that need to be met in order for the federal government to provide a “clear and efficient” process to approve a new oil pipeline to the Pacific under …

Carney Signs Major Energy Agreement With Alberta, Laying Out Conditions For New Oil Pipeline Read More »

Russia’s Urals Oil Price Discount Widens to 23% in November, Central Bank Says

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(Reuters) – Russia’s Urals oil price discount to global benchmark Brent widened by six percentage points this month to 23%, Russian central bank said on Thursday it its review. The discounts, though less severe than those seen after the initial wave of Western sanctions in 2022, reflect mounting pressure on Russian oil revenues – a …

Russia’s Urals Oil Price Discount Widens to 23% in November, Central Bank Says Read More »

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