Despite the public spat between two of OPEC’s top producers, Saudi Arabia and the United Arab Emirates (UAE), the wider OPEC+ group is expected to confirm at a Sunday meeting that it would hold output steady through the first quarter of 2026, delegates from the alliance told Reuters on Friday.  In recent days, OPEC’s top producer and de facto leader, Saudi Arabia, and the cartel’s large producer and influential member, the UAE, had a very public rift regarding their backing of opposing sides in Yemen.  Saudi forces intercepted…

Despite the public spat between two of OPEC’s top producers, Saudi Arabia and the United Arab Emirates (UAE), the wider OPEC+ group is expected to confirm at a Sunday meeting that it would hold output steady through the first quarter of 2026, delegates from the alliance told Reuters on Friday.  In recent days, OPEC’s top producer and de facto leader, Saudi Arabia, and the cartel’s large producer and influential member, the UAE, had a very public rift regarding their backing of opposing sides in Yemen.  Saudi forces intercepted…

Despite the public spat between two of OPEC’s top producers, Saudi Arabia and the United Arab Emirates (UAE), the wider OPEC+ group is expected to confirm at a Sunday meeting that it would hold output steady through the first quarter of 2026, delegates from the alliance told Reuters on Friday.  In recent days, OPEC’s top producer and de facto leader, Saudi Arabia, and the cartel’s large producer and influential member, the UAE, had a very public rift regarding their backing of opposing sides in Yemen.  Saudi forces intercepted…

Another setback in Russia–Ukraine peace talks and persistent tensions around Venezuela failed to jolt oil markets out of their New Year’s lull. 02 January, 2026 Another round of failed Russia-Ukraine peace talks and continued tensions around Venezuela have failed to wake oil prices from their New Year’s slumber, with ICE Brent staying put around the $60 per barrel mark on the first trading day of 2026. Whilst unlikely, the upcoming OPEC+ meeting on Sunday could provide some excitement as Saudi Arabia and the UAE continue to fight…

India’s government is asking domestic refiners to provide timely and accurate data on a weekly basis of imports of Russian and U.S. crude, as New Delhi plans to show the data to the U.S. Administration as it seeks a trade deal, sources with knowledge of the efforts told Reuters on Friday.   “We want timely and accurate data on Russian and U.S. oil imports so that, when the U.S. asks for information, we can provide verified figures instead of them relying on secondary sources,” an anonymous Indian government official…

Recently, many people have begun talking about the US having a k-shaped economy. In it, a handful of wealthy people are doing very well financially, while many others are falling further and further behind. I expect that the low wages of the majority of workers will soon lead to adverse impacts on businesses, governments, and international organizations. This phenomenon is likely to lead to a very uneven world economic downturn in 2026. The world economy is subject to the laws of physics. The world economy seems to be reaching growth limits because…

Politics, Geopolitics & Conflict The situation in Venezuela has further escalated after a drone strike on a port facility linked to the Maduro government, an incident Trump publicly said was carried out by the United States, without details, with later reports attributing the strike to a CIA operation. Nothing has been formally confirmed. Venezuelan authorities accused U.S. intelligence of direct involvement and raised security measures following the attack. This coincides with more maritime interdiction warnings and the release of more political…

Earlier this week, Aden airport (in Yemen’s interim capital) was shut after a dispute between the Saudi-backed Yemeni government and UAE-aligned STC forces over control of airport operations and security. Government officials attempted to assert authority over the site, which was refused by STC security forces on the ground, leading to a total suspension of flights.  Aden is the interim capital and the main southern logistics hub. The closure shows that the government cannot impose decisions at key infrastructure sites and that Saudi…

Coal India Limited, the biggest coal producer in the world’s second-biggest coal user, opened this year its online coal supply auctions directly to buyers in Bangladesh, Bhutan, and Nepal, as Indian coal supply has swelled amid weaker-than-expected demand in recent months.  Amid an oversupply of coal and weaker demand, India and its top state coal producer are looking to optimize domestic supply and monetize exports to neighboring countries. Until 2026, only middlemen could bid in Coal India’s online supply auctions. This has now…

China’s largest and deepest offshore gas field has shipped its 100th cargo of condensate, China National Offshore Oil Corporation (CNOOC), China’s top offshore crude oil and natural gas producer, said on Friday.  Production of the first phase of the gas field, Deep Sea No. 1, began in 2021, with the second development phase commencing in 2025, said the company quoted by Chinese state news agency Xinhua.  In 2025, total oil and gas output at Deep Sea No. 1 topped 4.5 million tons of oil equivalent, which would be comparable…

Nigeria’s state-owned oil and gas company NNPC this week reported crude oil and condensate production of 1.6 million barrels per day (bpd) for November 2025, up by 1.3% from October levels.  Natural gas output fell slightly to 6.97 million standard cubic feet per day (mscfd) in November, compared with 6.99 mscfd for the previous month. NNPC’s profit after tax and revenues rose in November from October. Going forward, the company plans to “Intensify collaboration with our partners through year-end and into 2026 to ensure improved…

Turkey will start drilling in a deepwater offshore location in Somalia next month in what would be the country’s first foray in deepwater drilling, Ankara’s energy minister told media today. Alparslan Bayraktar did not provide details about the drilling program, only noting that the Somalian project would be Turkey’s first deepwater exploration project abroad, according to Reuters. The move follows Turkey and Somalia inking an energy exploration deal in 2024, which fits with Turkey’s energy supply diversification plans and…