Brent crude fell to its lowest level since 2021, as persistent oversupply throughout 2025 weighed on prices despite isolated geopolitical tensions and China’s strategic stockpiling.
India’s crude imports from Russia could hit an eighteen-month low as Reliance Industries anticipates no shipments in January due to logistical and commercial disruptions.
Former Vaalco executive Clotaire Kondja takes over as Gabon’s Oil and Gas Minister as the country faces declining investment and stagnant crude output.
Phillips 66 Limited has reached an agreement to acquire Lindsey Oil Refinery assets, which will be absorbed into the Humber Refinery to reinforce fuel supply across the United Kingdom.
The United States is pressing major American oil firms to commit significant capital in Venezuela to recover billions lost during the expropriations of the 2000s.
Beijing maintains investments and crude imports from Venezuela, while several Chinese state-owned and private companies seek to secure stakes in Caracas' reserves.
Serbia is aiming for a quick agreement between Gazprom and Hungarian group MOL on the sale of Russian-held NIS shares, key to restarting its only refinery shut down by US sanctions.
Washington has crossed a historic threshold by capturing Nicolas Maduro after years of sanctions and embargo. A look back at two decades of tensions and their implications for the global oil market.
Canadian group Saturn Oil & Gas has consolidated its subsidiaries into a single structure to optimise oil investments and reduce long-term administrative costs.
PBF Energy delays full resumption of operations at its Martinez, California refinery to February 2026 following a 2025 fire, while releasing throughput guidance for its entire refining network.
Chinese company CNOOC has started production at the Buzios6 project, raising the total capacity of the pre-salt oilfield to 1.15 million barrels per day.
Frontera Energy has signed a crude supply deal worth up to $120mn with Chevron Products Company, including an initial $80mn prepayment and an option for additional funding.
Amplify Energy has completed the sale of its Oklahoma assets for $92.5mn, as part of its strategy to streamline its portfolio and optimise its financial structure.
Turkish, Hungarian and Polish national companies confirm participation in Tripoli's summit as Libya revives upstream investments and broadens licensing opportunities.
Oil workers’ union FUP announced its intention to approve Petrobras’ latest proposal, paving the way to end a week-long national strike with no impact on production.
Subsea7 has secured a subsea installation contract from LLOG for the Buckskin South project, scheduled for execution between 2026 and 2027, strengthening its position in the Gulf of Mexico and boosting its order book visibility.
Shell has reopened a divestment process for its 37.5% stake in Germany's PCK Schwedt refinery, reviving negotiations disrupted by the Russia-Ukraine conflict and Western sanctions.
Aliko Dangote accuses Nigeria’s oil regulator of threatening local refineries by enabling refined fuel imports, while calling for a corruption probe against its director.
Shell Offshore approves a strategic investment to extend the life of the Kaikias field through a waterflood operation, with first injection planned for 2028 from the Ursa platform.
Oil prices drop amid progress in Ukraine talks and expectations of oversupply, pushing West Texas Intermediate below $55 for the first time in nearly five years.
The US energy group plans to allocate $1.3bn to growth and $1.1bn to asset maintenance, with a specific focus on natural gas liquids and refining projects.
Venezuelan state oil group PDVSA claims it was targeted by a cyberattack attributed to foreign interests, with no impact on main operations, amid rising tensions with the United States.
BUTEC has finalised the financing of a 50 MW emergency power project in Burkina Faso, structured under a BOOT contract and backed by Banque Centrale Populaire Group.
BW Energy has signed a long-term lease agreement with Minsheng Financial Leasing for its Maromba B platform, covering $274mn of the project’s CAPEX, with no payments due before first oil.
Shell will restart offshore exploration on Namibia’s PEL 39 block in April 2026 with a five-well drilling programme targeting previously discovered zones, despite a recent $400mn impairment.
Iranian authorities intercepted a vessel suspected of fuel smuggling off the coast of the Gulf of Oman, with 18 South Asian crew members on board, according to official sources.
Harbour Energy will acquire Waldorf Energy Partners’ North Sea assets for $170mn, increasing its stakes in the Catcher and Kraken fields, while Capricorn Energy settles part of its claims.
The United States intercepted an oil tanker loaded with Venezuelan crude and imposed new sanctions on maritime entities, increasing pressure on Nicolas Maduro’s regime and its commercial networks in the Caribbean.
OPEC expects crude demand from its members to reach 43 million barrels per day in 2026, nearly matching current OPEC+ output, contrasting with oversupply forecasts from other institutions.
The United States seized a vessel suspected of transporting sanctioned oil from Iran and Venezuela, prompting a strong reaction from Nicolás Maduro's government.
The International Energy Agency lowers its global oil supply forecast for 2026 while slightly raising demand growth expectations amid improved macroeconomic conditions.
South Sudanese authorities have been granted responsibility for securing the strategic Heglig oilfield following an agreement with both warring parties in Sudan.
TotalEnergies acquires a 40% operated interest in the offshore PEL83 license, marking a strategic move in Namibia with the Mopane oil field, while Galp secures stakes in two other promising blocks.
BOURBON will provide maritime services to ExxonMobil Guyana for five years starting in 2026, marking a key step in the logistical development of the Guyanese offshore basin.
Viridien has launched a 4,300 sq km seismic reimaging programme over Angola’s offshore block 22 to support the country’s upcoming licensing round in the Kwanza Basin.
