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By Yawen Chen (Reuters Breakingviews) – The U.S. seizure of a sanctioned tanker has sharpened President Donald Trump’s standoff with Venezuela’s Nicolás Maduro. It does not, however, make the country’s 300 billion barrels of theoretical oil reserves – the world’s largest – any easier to turn into usable supply. Even if Washington’s pressure campaign leads …
Venezuelan Oil Riches Will Stay Mostly theoretical Read More »
Alberta oilsands more resilient to lower prices than U.S. rivals who are cutting budgets to cope with below US$60 crude By Meghan Potkins Originally published in the Financial Post – This Story and More by Meghan Potkins Here Canada’s largest oilpatch spenders have begun unveiling their 2026 budgets, with early signs showing oilsands spending …
Brent crude oil is expected to average $65 per barrel next year, Barclays said on Thursday, while projecting a supply surplus for the year. “We expect a 1.9 million barrels per day surplus next year, but inventories remain low and builds continue to surprise to the downside,” Barclays said in a note. It added that …
Brent Should Average $65/Bbl in 2026, Barclays Says Read More »
(Reuters) – The United States imposed new sanctions on Thursday on three nephews of Venezuelan President Nicolas Maduro and six ships transporting the nation’s oil, Axios reported. The measures will be announced by Treasury Secretary Scott Bessent, it said. President Donald Trump said on Wednesday that the U.S. had seized a sanctioned oil tanker off …
US Sanctions Maduro’s Nephews, Six Ships Carrying Venezuela Oil, Says Axios Read More »
(Reuters) – The U.S. is preparing to intercept more ships transporting Venezuelan oil following the seizure of a tanker this week, as it increases pressure on Venezuelan President Nicolas Maduro, six sources familiar with the matter said on Thursday. The seizure was the first interdiction of an oil cargo or tanker from Venezuela, which has …
(Reuters) – Oil exports of the Caspian Pipeline Consortium (CPC), which ships oil from Kazakhstan via a pipeline and subsequently a Russian Black Sea terminal, declined by 12% in November from October, two industry sources said on Thursday. CPC, which handles around 80% of Kazakhstan’s oil exports, was attacked by a Ukrainian drone on November …
Oil Exports Via Caspian Pipeline Down 12% in November m/m, Sources Say Read More »
(Reuters) – World oil supply will match demand closely in 2026, OPEC data published on Thursday indicated, an outlook contrasting with projections from the International Energy Agency and others of a huge glut. The OPEC+ group comprising the Organization of the Petroleum Exporting Countries, Russia and other allies plans to pause production hikes in the …
OPEC Data Indicate Close Oil Supply-Demand Balance in 2026, No Glut Read More »
The International Energy Agency lifted its 2026 global oil demand growth forecasts while trimming its supply growth predictions in its latest monthly oil market report on Thursday, implying a slightly narrower surplus for the market next year. The Paris-based agency now expects global oil supply to exceed demand by 3.84 million barrels per day, compared …
IEA Trims Global Oil Market Surplus Forecast for 2026 Read More »
Canada’s Cenovus Energy on Thursday forecast higher crude oil production for 2026 as major oil sands projects near completion. The company expects upstream production between 945,000 and 985,000 barrels of oil equivalent per day (boepd) for 2026, surpassing its 2025 forecast range of 805,000 to 845,000 boepd.The producer said it would allocate C$850 million in spending …
Cenovus Energy Forecasts Higher Production in 2026 Read More »
(Reuters) – U.S. oil production is expected to hit a larger record this year than previously expected, the Energy Information Administration said on Tuesday, as expectations mount of a global supply glut. The agency raised its forecast for 2025 oil production by 20,000 to average 13.61 million barrels per day in 2025, the highest on …
EIA Lifts 2025 US Oil Output Forecast to a Record High as Supplies Swell Read More »
