The global cyber environment has become a “society wide crisis”, where a recent slew of attacks are threatening the foundation of Western economies, an expert has warned. A year-long avalanche of detrimental attacks on British retailers; Co-op, M&S, and more recently, Jaguar Land Rover (JLR); has pointed to a far deeper concern, Charl van der Walt, head of security research at Orange Cyberdefense, told City AM. Cybercrime, he argued, has become industrialised. Attackers are only multiplying. And trust, in both the private and public…

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, after last week’s sharp decline. The total rig count in the US rose by 5 to 549 this week, according to Baker Hughes, down 40 from this same time last year. The number of active oil rigs rose by 6 in the reporting period, according to the data, after falling by 12 rigs in the week prior. Oil rigs are now at 413, which is 69 below this same time last year. The number of gas rigs fell by…

India’s Oil and Natural Gas Corporation Limited (ONGC) is moving to keep its 20% stake in the Sakhalin-1 oil project in Russia after the Kremlin allowed the Indian state-run company to pay its contribution to the project’s abandonment fund in rubles from the frozen dividends it is due, sources with knowledge of the plans told Reuters on Friday.  ONGC Videsh, the overseas unit of Oil and Natural Gas Corporation Limited (ONGC), has a 20% interest in the project, but contribution to the abandonment fund, one used for decommissioning…

Digital innovation is rapidly emerging as a defining force for the oilfield services (OFS) sector as it adapts to changing market conditions, creating opportunities for steady, long-term growth. Rystad Energy predicts that in the next five years, the oil and gas industry could save more than $320 billion by further digitalizing operations in five key areas: drilling optimization, autonomous robotics, predictive maintenance, reservoir management, and logistics optimization. The OFS business ecosystem is expected to undergo a significant transformation…

Helped by the newly-issued crude import quotas, China’s independent refiners are buying sanctioned Iranian crude again and raising their processing rates, making room for Iran’s oil to move out of floating and bonded storage and potentially easing the year-end glut on the market.  The independent refiners in China’s Shandong province, the so-called teapots, have been buying cheap Iranian oil from onshore storage in China, including bonded storage, since the Chinese authorities issued a fresh batch of import quotas last week. …

Helped by the newly-issued crude import quotas, China’s independent refiners are buying sanctioned Iranian crude again and raising their processing rates, making room for Iran’s oil to move out of floating and bonded storage and potentially easing the year-end glut on the market.  The independent refiners in China’s Shandong province, the so-called teapots, have been buying cheap Iranian oil from onshore storage in China, including bonded storage, since the Chinese authorities issued a fresh batch of import quotas last week. …

Oil prices remained stuck in a narrow range this week, with Brent hovering around $63 per barrel. Friday, December 05, 2025 Oil prices remained rangebound this week, with ICE Brent still hovering around $63 per barrel, as the markets digested news of higher Russian oil export loadings in December and potential military action in Venezuela. On the physical side, the curtailment of Kazakhstan’s CPC Blend exports has been the main bullish factor, however its effect was largely offset by Saudi Arabia’s weak pricing into January, indicating…

A loss of Venezuelan oil production in case of a U.S. military intervention will materially impact global benchmark prices as the market will have to replace Venezuela’s heavy crude—the bulk of Caracas’ crude exports, according to Rystad Energy.   Venezuela is estimated to pump about 1.1 million barrels per day (bpd) of crude oil at present. If the U.S.-Venezuela tension escalation into a U.S. incursion in the South American country, this volume of crude would be at risk, depending on the scale of military activity,…

Kazakhstan will be shipping up to 30 percent more oil westward via the Baku-Tbilisi-Ceyhan pipeline starting in December, compared to November, the Reuters news agency reported, citing industry sources.  The shift can be attributed to recent Ukrainian drone attacks on Caspian Pipeline Consortium facilities in and around Novorossiysk, Russia. The CPC route, which handles the bulk of Kazakhstan’s oil exports, has experienced significant damage, interfering with regular oil tanker shipments. Kazakhstan has called on Ukraine…

Uzbekistan’s state oil and gas firm Uzbekneftegaz has signed a cooperation agreement with U.S. corporation Cargill, under which the parties will look to attract up to $5 billion in energy investment to boost the central Asian country’s energy security.    Uzbekneftegaz’s international trade and investment subsidiary, UNG Overseas, has signed the agreement with the U.S. conglomerate, the Uzbek oil and gas firm said in a statement.  Uzbekneftegaz and Cargill have agreed to raise long-term financing of up to $3…

Light Crude Oil Futures (WTI) ended Thursday at $59.67, up $1.12 on the week, a 1.91% advance that unfolded within a range of $58.28 to $60.02. The narrow climb masked a week defined by sharp swings as traders weighed expanding geopolitical risk against persistently weak fundamentals. With supply threats intensifying and demand signals softening, positioning skewed defensive and liquidity thinned on approaches toward the $60 handle. Geopolitical Risk Premium Drives Oil Prices Escalating strikes on Russian infrastructure remained the central catalyst…

Politics, Geopolitics & Conflict The Houthis’ decision to release the Tutor crew after months of holding them was not a goodwill gesture. Oman facilitated the handover, but the move reflects outside pressure rather than any internal shift in Houthi policy. Washington, meanwhile, is preparing a firmer response of its own. U.S. officials have started talking publicly about Houthi operational planning on encrypted apps, which is less about disclosure and more about setting the stage for expanded authorities if needed. Iraq’s sudden…

Russia’s warnings to Europe this week line up with the way it is conducting this war. Moscow is trying to raise the background risk level for EU states as they debate deeper support for Ukraine’s long-range and industrial needs. The objective is not a direct clash with NATO but to push some buttons for leverage with three tactics: cyber activity against energy systems, probing around offshore assets, and irregular pressure in the Black Sea and eastern Mediterranean. European capitals are already adjusting. They are treating this as…

Equinor announced on Friday two gas and condensate discoveries in the Norwegian part of the North Sea in its largest discoveries so far this year that can be developed through existing infrastructure.  Equinor made the discoveries in the Lofn and Langemann wells in the Sleipner area of the North Sea, in a license located between the operating Gudrun and Eirin fields. Preliminary estimates indicate the reservoirs may contain between 30 and 110 million barrels of recoverable oil equivalents.  “The Sleipner area is an important hub…

Germany moved to reduce the capacity it will auction in its offshore wind tender in 2026, following the flop in the latest auction without a single bid made.   The German Parliament approved legislation narrowing the capacity in the 2026 tender to just 2.5 gigawatts (GW) to 5 GW, compared with an earlier plan of auctioning off 6 GW of offshore wind capacity and with as much as 10 GW offered in the auction in August.  The August offshore wind auction without government subsidies failed to attract a single bid, alarming the local offshore…

India’s authorities are considering a significant boost to coal-fired power plant capacity beyond the current 2035 peak coal expansion date and could continue building coal plants until at least 2047, Bloomberg reported on Friday, citing sources with knowledge of the plans.   India’s Power Ministry and the policy making agency NITI Aayog are currently debating ditching the current 2035 deadline for continued coal power capacity expansion and extend it by at least 12 years, as India seeks to boost energy security.   …

California’s experiment in climate governance has turned the state’s oil and refining sector into one of the most politically charged energy battlegrounds in the world. A long-standing commitment to environmental targets – culminating in a planned end to oil extraction by 2045 – has collided with the realities of high demand, aging infrastructure, and a shrinking refining base. Oil output has already plunged from 760,000 b/d in 2000 to roughly 250,000 b/d in 2025, while the number of operational refineries has fallen from…

The OPEC+ producers kept their targeted production unchanged for early next year when they met this weekend for their final gathering for the year. While reaffirming the decision was no news for anyone, the 22 OPEC+ group members made a more important decision that will likely influence production levels, upstream investments, and oil prices for years to come. The alliance approved a new mechanism to reassess the maximum sustainable production capacities of all its producers, which will be used as a baseline for the 2027 production quotas. OPEC+…

Earlier in the year, President Trump signed legislation that effectively ended fuel economy penalties for automakers. The penalties applied to automakers for failing to meet Corporate Average Fuel Economy (CAFE) standards dating back to the 2022 model year. The measure was part of the "One Big Beautiful Bill Act," signed into law in July 2025. And now the president has pushed the envelope further by rolling back Biden-era fuel economy standards, terming them ‘‘ridiculous.’’ Trump has officially ended CAFE rules, with automakers…

Earlier this year, the Mexican government announced a special new financial instrument to help state-owned energy major Pemex with its debt repayment. The most indebted oil company in the world was in need of a unique solution to its problem—but this problem may be bigger than unpaid bills to suppliers. In July this year, the Mexican government issued $12 billion worth of something called P-Caps. Normally used in corporate circles, P-Caps, or pre-capitalized securities, allow a borrower access to debt funding in case of need but without being…