The U.S. Energy Information Administration quietly rewrote a key assumption about the global oil market this week: OPEC can produce more oil than previously thought. In its December Short-Term Energy Outlook, the EIA updated how it defines and estimates OPEC crude oil production capacity. The result was a material upward revision. The agency now estimates OPEC’s effective production capacity was higher by about 220,000 barrels per day in 2024, 370,000 bpd in 2025, and 310,000 bpd in 2026 compared with its earlier assessments. The change didn’t…

The U.S. Energy Information Administration quietly rewrote a key assumption about the global oil market this week: OPEC can produce more oil than previously thought. In its December Short-Term Energy Outlook, the EIA updated how it defines and estimates OPEC crude oil production capacity. The result was a material upward revision. The agency now estimates OPEC’s effective production capacity was higher by about 220,000 barrels per day in 2024, 370,000 bpd in 2025, and 310,000 bpd in 2026 compared with its earlier assessments. The change didn’t…

Tajik officials are proposing the creation of a regional mechanism in Central Asia to legally regulate “new technologies,” including artificial intelligence. Tajikistan, along with Kazakhstan and Uzbekistan, have announced government programs to develop their respective countries’ IT/AI sectors. Kazakhstan has gone so far as to establish a Ministry of Artificial Intelligence, while Tajikistan’s digital infrastructure at present lags far behind its Central Asian neighbors. Speaking at a regional forum in Bishkek on December…

Since the discovery of vast oil reserves in Guyana around a decade ago, the South American country’s oil industry has grown significantly following investment from several international oil majors and the beginning of offshore production. As Guyana begins to see the revenue from its black gold, the government is reinvesting some of the money in renewables to diversify the energy mix and strengthen the country’s energy security. Guyana’s government aims to achieve 80 percent renewable energy in the electricity grid by 2040. In…

A 58,000-ton oil tanker called the Mikati was ploughing through the waters of the Indian Ocean one day when it got some bad news from faraway Brussels: it had been added to a list of sanctioned vessels in Russia’s shadow fleet. The story of the Mikati, currently passing through the English Channel, illustrates the strengths and weaknesses of the European Union sanctions regime that now includes some 600 ships. The EU listed the Mikati in July, following a similar decision by Britain in November last year. Built in 2003, its advanced age makes…

The uptake of utility-scale battery storage has grown significantly in recent years as more countries switch to renewables. Battery storage ensures that grids powered by less reliable energy sources, such as wind and solar power, can continue to deliver a stable supply of clean energy through the day and night.  The battery storage boom of recent years has been driven largely by the falling costs of lithium-ion batteries, which have made it possible for utilities worldwide to invest in more batteries. The cost of batteries has fallen by around…

The appointment of Meg O’Neill as BP's chief executive officer, replacing Murray Auchincloss, is a momentous milestone in the oil industry. When O’Neill takes over on April 1, 2026, she will become the first woman ever to lead a Big Oil company. But O’Neill’s arrival at BP could turn out to be even more momentous for the industry, as it could lead to the biggest merger deal in decades. Hours after BP announced that Auchincloss is stepping down effective immediately and O’Neill of Woodside Energy would become BP’s…

The tit-for-tat trade war between the US and China earlier this year cooled by late October after President Trump and President Xi agreed to a trade truce that, so far, appears to be holding. There are early signs that the truce is beginning to restore rare earth trade between China and the West, as Beijing has started approving some rare earth export license applications this week. EU trade chief Maros Sefcovic told Bloomberg TV earlier this week that industry chatter suggests China is granting so-called general licenses, a shift from a highly…

FTSE 100 oil major BP has replaced its top boss after just two years in the role as the energy giant targets a major turnaround. BP will swap out incumbent boss Murray Auchincloss, who has been in the role since the start of 2024, for Woodside Energy chief Meg O’Neil. Auchincloss will step down with immediate effect with O’Neil to take the helm in April 2026. Executive vice president Carol Howle will serve as the interim chief. Albert Manifold, chair of BP, said: “O’Neil’s relentless focus on business improvement and…

Russia is heading into 2026 with a familiar problem wearing a sharper edge: the oil revenues that bankroll its budget — and its war — are shrinking fast. According to Reuters calculations released Friday, Russia’s tax proceeds from crude oil production in January could fall to about 380 billion roubles ($4.7 billion), the lowest monthly take since late 2022. That would mark a 16% drop from December and a collapse of more than 50% compared with January last year. For a government that still leans heavily on oil income to fund military…

Russia is heading into 2026 with a familiar problem wearing a sharper edge: the oil revenues that bankroll its budget — and its war — are shrinking fast. According to Reuters calculations released Friday, Russia’s tax proceeds from crude oil production in January could fall to about 380 billion roubles ($4.7 billion), the lowest monthly take since late 2022. That would mark a 16% drop from December and a collapse of more than 50% compared with January last year. For a government that still leans heavily on oil income to fund military…

The total number of active drilling rigs for oil and gas in the United States fell by 6 this week, according to new data that Baker Hughes published on Friday, bringing the total rig count in the US  to 542 this week, down 47 from this same time last year. The number of active oil rigs fell by 8 in the reporting period, according to the data, after US drillers added 1 rig in the week prior. Oil rigs are now at 406, which is 77 below this same time last year. The number of gas rigs stayed the same at 127, which is 25 more than this time last…

And Japan makes it five for the C5 in 2025. The heads of state of the five Central Asian countries are traveling to Japan for a December 19-20 summit hosted by Japanese Prime Minister Sanae Takachi under a format dubbed C5+1. It marks the fifth such “C5+1” summit for Central Asian leaders this year, following similar gatherings each involving a different major global power — China, the European Union, Russia, and the United States. Each C5+1 meeting has followed roughly the same script with bilateral meetings, a plenary session,…

The economics of shipping additional volumes of heavy crude from Iraq to compensate for a potential loss of Venezuela’s supply are just not there at present, Shafaq News reported on Friday, quoting Iraqi economist Nabil Al-Marsoumi. Concerns in the heavy crude market are that the U.S. blockade of tankers carrying Venezuelan oil and heightened tensions in the Caribbean would reduce supply of the extra heavy crude.   In theory, the sour and heavy grades from the top producers in the Middle East could be substitutes for Venezuela’s…

The economics of shipping additional volumes of heavy crude from Iraq to compensate for a potential loss of Venezuela’s supply are just not there at present, Shafaq News reported on Friday, quoting Iraqi economist Nabil Al-Marsoumi. Concerns in the heavy crude market are that the U.S. blockade of tankers carrying Venezuelan oil and heightened tensions in the Caribbean would reduce supply of the extra heavy crude.   In theory, the sour and heavy grades from the top producers in the Middle East could be substitutes for Venezuela’s…

The economics of shipping additional volumes of heavy crude from Iraq to compensate for a potential loss of Venezuela’s supply are just not there at present, Shafaq News reported on Friday, quoting Iraqi economist Nabil Al-Marsoumi. Concerns in the heavy crude market are that the U.S. blockade of tankers carrying Venezuelan oil and heightened tensions in the Caribbean would reduce supply of the extra heavy crude.   In theory, the sour and heavy grades from the top producers in the Middle East could be substitutes for Venezuela’s…

Brent is clinging to $60 per barrel, but markets have become even less sensitive to geopolitical risk. Friday, December 19, 2025 Things are not looking good for oil, with Trump’s belligerent rhetoric vis-à-vis Venezuela only pushing ICE Brent futures to $60 per barrel after a slide below that psychological threshold earlier in the week. Sanctions against Russia or threats thereof have by now desensitized the market towards Russian supply risks, once again demonstrated by the lack of price movements after Ukraine targeted another shadow…

The international gold and foreign exchange reserves held by the world’s biggest oil-producing nations in the EU could be at risk, Russian President Vladimir Putin said on Friday, after EU leaders discussed using frozen Russian assets to help Ukraine.  “This is not just a blow to its image; it is an undermining of trust in the euro zone,” Putin said in year-end remarks to the Russian press, as carried by Reuters.  “The fact is that many countries keep their gold and foreign exchange reserves in the euro zone, not…

The international gold and foreign exchange reserves held by the world’s biggest oil-producing nations in the EU could be at risk, Russian President Vladimir Putin said on Friday, after EU leaders discussed using frozen Russian assets to help Ukraine.  “This is not just a blow to its image; it is an undermining of trust in the euro zone,” Putin said in year-end remarks to the Russian press, as carried by Reuters.  “The fact is that many countries keep their gold and foreign exchange reserves in the euro zone, not…

The international gold and foreign exchange reserves held by the world’s biggest oil-producing nations in the EU could be at risk, Russian President Vladimir Putin said on Friday, after EU leaders discussed using frozen Russian assets to help Ukraine.  “This is not just a blow to its image; it is an undermining of trust in the euro zone,” Putin said in year-end remarks to the Russian press, as carried by Reuters.  “The fact is that many countries keep their gold and foreign exchange reserves in the euro zone, not…