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OPEC Data Indicate Close Oil Supply-Demand Balance in 2026, No Glut

CDN and International News, Conventional Energy, Latest, Oil / By

(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 …

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US Seizes Sanctioned Oil Tanker Off Coast of Venezuela, Trump Says

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Summary Move is first known tanker seizure since US build-up began Signals new effort to go after Venezuela’s main revenue source Impact on global oil supply unclear (Reuters) – The U.S. has seized a sanctioned oil tanker off the coast of Venezuela, President Donald Trump said on Wednesday, a move that sent oil prices higher and …

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IEA Trims Global Oil Market Surplus Forecast for 2026

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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 …

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Cenovus Energy Forecasts Higher Production in 2026

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

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 …

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EIA Lifts 2025 US Oil Output Forecast to a Record High as Supplies Swell

Conventional Energy, Energy Topics & Technology, Forecasts, Latest, Oil, Tri-Pinned, US News / By

(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 …

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Permian to Retain US Oil Crown Even After Hitting Peak

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Oil production in the Permian basin is poised to peak in December, a watershed moment for the U.S. shale boom that upended the global energy market over the past 15 years. Yet drilling innovations mean output in America’s most prolific oil patch will hold steady for years to come. The Permian basin, which straddles West …

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Venezuela Forced to Double Discount on Oil to Asia Due to Flood of Sanctioned Crude

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(Reuters) – Oil buyers in Asia are demanding deep discounts on Venezuelan crude due to a flood of sanctioned oil from Russia and Iran on offer and to heightened risk of loading in the South American country as the U.S. boosts its military presence in the Caribbean, traders and other sources said. Venezuela has managed …

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BP, Chevron Are Top Bidders at First Trump Gulf of Mexico Oil and Gas Auction

Conventional Energy, Energy Topics & Technology, Latest, Natural Gas, Offshore, Oil, US News / By

(Reuters) – BP, Chevron and Shell were among the top bidders on Wednesday at the U.S. government’s first sale of oil and gas drilling rights in the Gulf of Mexico since 2023. The auction, which ended with $279.4 million in high bids, was the first of 30 mandated by U.S. President Donald Trump’s tax cut …

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Trump Sanctions on Lukoil, Rosneft Could Reshuffle Global Oil Map: Vladimirov

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(Reuters) – U.S. sanctions against Russian oil majors Lukoil and Rosneft could trigger a structural reshaping of the global oil sector over the next year, reversing Moscow’s decades-long efforts to expand its international clout through energy investment. When President Donald Trump in October slapped sanctions on Rosneft and Lukoil, which together account directly or indirectly …

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Trump Won’t Turn Venezuela’s OPEC Membership into a Battleground

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Ron Bousso (Reuters) – Venezuela is likely to retain its seat in OPEC even if U.S. President Donald Trump successfully forces a change of government in the oil-rich country, as the U.S. is seeking to bolster its alliance with the cartel even as it expands its own sphere of influence. The U.S. has recently been increasing pressure on Venezuelan …

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