OPEC+ is meeting this coming weekend to discuss the next steps in its production control plan. Early reports suggest the group will stick to a pause in the rollback of its cuts. Yet commentators say that this will not be enough—a glut is coming and OPEC+ will need something more than pausing cuts. First, the numbers. OPEC and its partners from OPEC+ started cutting oil production in 2023 after prices fell from three-digit highs in 2022. At the peak of the cuts, the group was withholding over 5 million barrels daily in supply. In fact, it…

In a recent article, a professor at the Naval Academy argues that “Trump can leverage the Arctic to end the Ukraine war.” It’s clear that Trump was excited by the possibilities the article raised in ending the war.  Written by Lyle J. Goldstein, a research professor at the China Maritime Studies Institute (CMSI) at the US Naval War College. The author makes the case that the key to ending the war lies in the Arctic. Goldstein argues that Trump’s announced plan to end the war swiftly “seemed increasingly out of…

The energy infrastructure in the United States has failed repeatedly in instances of severe weather, due to years of underinvestment and the failure of utilities to work together to strengthen larger networks. During winter storms and wildfires, a wide range of energy infrastructure has been known to fail due to the lack of preparedness by utilities and state governments. Going into the winter months, there are fears over more potential network failures across various parts of the U.S. Texas, California, and several other states face annual power…

Ukraine's deep-strike drone campaign targeting Russia's oil and gas production facilities has already cost its enemy 10 percent of its refining capacity, according to industry experts -- and Kyiv is committed to stepping things up. "Ten percent, it's not an astonishing number," says Tatiana Mitrova of Columbia University's Center on Global Energy Policy. "But it is still something that starts to be felt with the Russian domestic fuel crisis, with reduced oil refined products exports, and general tension inside the Russian oil sector." Ukraine has…

For decades, Nigeria’s oil industry has faced a multitude of challenges. Despite having vast quantities of crude, the mismanagement of revenue, weak agreements with international oil companies, an underinvestment in infrastructure, and widespread oil theft have left many opposed to the ongoing production of crude. Now, Nigeria has high hopes for its renewable energy sector, as it looks to diversify its energy sources and boost energy security over the coming years. Oil theft has long been a problem in Nigeria, affecting both the financial…

U.S. oil production hit another record in September, but the bigger story in this month’s Petroleum Supply Monthly is what isn’t in the report: actual export data. Because the U.S. Census Bureau couldn’t release September trade figures during a funding lapse, the EIA had no choice but to recycle August’s export numbers and paste them into September’s balance sheet. That one missing piece ripples through nearly everything analysts try to read from the monthly series — from product supplied to implied demand to…

The United States said it is halting all immigration requests relating to Afghanistan after an Afghan national shot two members of the National Guard, one of whom died a day after the shooting near the White House. President Donald Trump said on November 27 that Sarah Beckstrom, 20, died of her wounds after being shot a day earlier by a suspect identified by the Department of Homeland Security as 29-year-old Rahmanullah Lakanwal. Defense Secretary Pete Hegseth confirmed Beckstrom's death in a social media post. A second National Guard member, 24-year-old…

Ukraine hit the Saratov refinery of Russian oil giant Rosneft in the Volga region on Friday, Ukraine’s General Staff said, in what was the second attack on the refinery in recent months as the Trump Administration continues with its efforts to broker a peace deal. “As part of efforts to reduce the military and economic potential of the Russian aggressor, during the night of 28 November, units of the Defence Forces of Ukraine struck the Saratov Oil Refinery in Russia’s Saratov region,” Ukraine’s General Staff said on…

A London judge has knocked back a lawsuit aimed at stopping 28 offshore oil and gas exploration licences, giving the government a win it probably didn’t expect this week. Oceana UK had claimed officials treated the licences like a rubber-stamp exercise, ignoring climate impacts and the state of protected marine zones. The court didn’t buy it. It basically said: these aren’t drilling permits, they’re early scoping permissions, and fuller environmental checks can come later, if companies ever get that far. The ruling drops…

A London judge has knocked back a lawsuit aimed at stopping 28 offshore oil and gas exploration licences, giving the government a win it probably didn’t expect this week. Oceana UK had claimed officials treated the licences like a rubber-stamp exercise, ignoring climate impacts and the state of protected marine zones. The court didn’t buy it. It basically said: these aren’t drilling permits, they’re early scoping permissions, and fuller environmental checks can come later, if companies ever get that far. The ruling drops…

Global geothermal investment is entering a period of accelerated growth, with capital expenditure (capex) expected to climb about 20% annually through 2030, according to Rystad Energy’s latest geothermal economics model. This momentum comes as geothermal energy, produced by tapping heat from deep within the earth, is no longer defined only by mature hubs in Southeast Asia and the US. Interest in regions such as Africa and Europe has been building at a measured pace, contributing to a steady broadening of activity worldwide. Meanwhile, the…

Russian gas giant Gazprom booked a net income for the third quarter versus a loss a year earlier, when it was hit by a one-off tax for the Russian budget. Gazprom, which in 2023 booked its first annual net loss in 23 years on the plunge of its gas sales to Europe, has started making profits again in recent months. Last year, Gazprom returned to a yearly profit, earning the equivalent of $14.8 billion. For the third quarter of this year, the Russian gas giant reported on Friday a net income of $1.72 billion (134.2 billion Russian rubles). This compares…

Crude oil is holding gains ahead of Sunday's OPEC+ meeting, while U.S. natural gas prices have spiked on the news of a new U.S. LNG export record. Friday, November 28, 2025 As Russia-Ukraine peace talks drag on, dampening last week’s hopes that a swift resolution could be around the corner, ICE Brent has settled comfortably around $63 per barrel by the end of this week. Low US traded volumes on the back of Thanksgiving, exacerbated by a once-in-a-decade CME blackout, have added to the pricing lull. OPEC+ is an unlikely candidate to sway sentiment…

Germany will plead with the EU to allow plug-in hybrids and highly efficient conventional cars to be sold in the bloc even after the effective ban on gasoline and diesel passenger cars in 2035, Chancellor Friedrich Merz said on Friday as the government looks to prop up its massive but currently ailing auto manufacturing industry. The ruling coalition in Germany has decided to seek some exemptions from the hard deadline of 2035, the chancellor of Europe’s biggest economy said on Friday. In 2023, the EU member states approved an emissions regulation…

Oversupplied markets will keep oil prices under pressure next year, and the U.S. benchmark will average below $60 per barrel, the monthly Reuters poll of analysts and economists showed on Friday. The U.S. benchmark, WTI Crude, is expected to average $59 per barrel in 2026, according to the poll of 35 analysts and economists. That’s lower compared to the $60.23 per barrel forecast in last month’s survey. The analysts expect Brent Crude, the international benchmark, to average $62.23 per barrel next year, down from $63.15 forecast in…

Subsidies and Contracts for Difference (CfD) that the UK government has promised to the two projects for new nuclear power stations are expected to add $1.32 billion (£1 billion) annually to the UK power bills from around 2030, The Telegraph reports, citing documents by the Treasury and the Office for Budget Responsibility (OBR).   The Hinkley Point C nuclear power station, developed by EDF, is expected to begin generating electricity in 2030-31, after years of delays and cost overruns. That year, CfD is expected to generate $6.1 billion…

Subsidies and Contracts for Difference (CfD) that the UK government has promised to the two projects for new nuclear power stations are expected to add $1.32 billion (£1 billion) annually to the UK power bills from around 2030, The Telegraph reports, citing documents by the Treasury and the Office for Budget Responsibility (OBR).   The Hinkley Point C nuclear power station, developed by EDF, is expected to begin generating electricity in 2030-31, after years of delays and cost overruns. That year, CfD is expected to generate $6.1 billion…

Saudi Arabia is expected to slash the prices for its crude bound for Asia in January to the lowest premium to benchmarks in five years, as the world’s largest crude exporter looks to preserve market share amid ample supply and falling spot Middle East benchmarks.  Saudi oil giant Aramco will likely reduce the official selling price (OSP) of its flagship Arab Light crude grade by $0.30-$0.40 per barrel to a premium of $0.60-$0.70 a barrel to the average Oman/Dubai benchmark for loadings to Asia in January, a Reuters survey of Asian refining…

Saudi Arabia is expected to slash the prices for its crude bound for Asia in January to the lowest premium to benchmarks in five years, as the world’s largest crude exporter looks to preserve market share amid ample supply and falling spot Middle East benchmarks.  Saudi oil giant Aramco will likely reduce the official selling price (OSP) of its flagship Arab Light crude grade by $0.30-$0.40 per barrel to a premium of $0.60-$0.70 a barrel to the average Oman/Dubai benchmark for loadings to Asia in January, a Reuters survey of Asian refining…

Oil prices were headed for a fourth consecutive monthly loss early on Friday as a data center glitch forced CME Group to halt trading in futures and options, disrupting oil futures trades as well as equities, bonds, and foreign exchange. “Due to a cooling issue at CyrusOne data centers, our markets are currently halted,” CME Group, of which NYMEX is part, said in early Asian trade on Friday. “Support is working to resolve the issue in the near term and will advise clients of Pre-Open details as soon as they are available.”…