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(Reuters) – Venezuela’s oil exports declined 26% to some 808,000 barrels per day in October as the country’s stocks dwindled and it imported smaller volumes of diluents to produce exportable crude grades, according to shipping data and documents from state firm PDVSA. The OPEC country’s exports had reached a five-year high in September after being …
Venezuela’s Oil Exports Fall Over Lower Inventories, Imports Read More »
OPEC Secretary-General Haitham Al Ghais said on Monday that the group was still seeing positive signs for oil demand and did not expect any surprises in the market. “We are making sure we maintain the supply demand balance”, Ghais added at a panel at ADIPEC energy conference in Abu Dhabi, a day after OPEC+ agreed …
OPEC’s Al Ghais Says Oil demand Outlook Remains Positive, No Market Surprises Expected Read More »
Morgan Stanley on Monday raised its Brent crude forecast for the first half of 2026 to $60 a barrel from $57.5, citing the decision by OPEC+ to pause quota hikes in the first quarter of next year and recent U.S. and EU sanctions on Russian oil assets. The bank expects a “substantial surplus” in the …
Morgan Stanley Lifts H1 2026 Brent Forecast to $60 on OPEC+ Pause, Russia Sanctions Read More »
Oil supply growth outside OPEC+ could decline by April, while demand remains robust, BP’s Chief Executive Murray Auchincloss said on Monday. “There is a supply increase that’s come outside of OPEC+,” Auchincloss said. “We think that finishes in about February, March, April, and then it’s likely that we see flat to declining production after that …
BP CEO Expects Non-OPEC+ Oil Supply Growth Could Decline by April Read More »
The U.S. Department of Energy’s deputy secretary, James Danly, said on Monday that he does not think there will be an oil glut in 2026. “We have a demand signal for energy that is going up rapidly”, Danly said at the ADIPEC energy conference in Abu Dhabi.(Reporting by Yousef Saba and Jana Choukeir, Writing by …
US Deputy Energy Secretary: I Don’t Think There Will be An Oil Glut in 2026 Read More »
Top Western oil companies are enjoying a windfall from the expanding attacks on Russia’s oil industry – both literal and economic – that have boosted global refining profit margins and mitigated concerns over a looming supply glut. Waves of Ukrainian drone strikes on Russia’s vast network of refineries and export terminals since July have hammered …
Big Oil Gets Big Boost from Escalating Economic War on Russia – Ron Bousso Read More »
Summary ExxonMobil CEO warns EU law could force exit from Europe EU law demands climate plan aligned with Paris Agreement, Woods says Qatar threatens again to halt LNG supply to Europe over sustainability law (Reuters) – Executives at two of Europe’s top gas suppliers, ExxonMobil and QatarEnergy, on Monday warned they could stop doing business …
QatarEnergy, Exxon Executives Warn of Europe Exit Over Climate Law Read More »
Summary OPEC+ agrees to small output increase in December Plans to pause production increases in the new year Russia’s Tuapse port hit by Ukraine drone attack Supply outlook and Asian factory data weigh on prices (Reuters) – Oil prices were little changed despite news that OPEC+ plans to end its supply increases, with the market …
Oil Prices Steady Despite OPEC+ Plans to Pause Output Increases Read More »
Summary OPEC+ pauses oil output increases for Jan-March 2026 Group agrees output hike of 137,000 bpd for Dec 2025 Oil glut predictions dominate outlook for 2026 New sanctions make it difficult for Russia to raise output (Reuters) – OPEC+ on Sunday agreed a small oil output increase for December and a pause in increases in …
OPEC+ Pauses Oil Output Hikes Beyond December Amid Glut Fears Read More »
By Kevin Crowley North America’s two dominant oil companies are carving divergent paths as the global crude market staggers toward what’s widely expected to be a hefty supply glut. Exxon Mobil Corp. is pressing ahead with a raft of expansion projects, even as OPEC and its allies increase production and oil futures hover near a …
Exxon and Chevron Cut Divergent Paths as Global Oil Glut Looms Read More »
