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Imperial Petroleum raises $60mn through direct share and warrant offering
Greek shipowner Imperial Petroleum has secured $60mn via a private placement with institutional investors to strengthen liquidity for general corporate purposes.
Ecopetrol plans up to $6.84bn in 2026 investments to support production
Ecopetrol plans between $5.57bn and $6.84bn in investments for 2026, aiming to maintain production, optimise infrastructure and ensure profitability despite a moderate crude oil market.

OPEC+ maintains output freeze for 2026 and opens quota battle for 2027

Faced with oversupply risks and Russian sanctions, OPEC+ stabilises volumes while preparing a structural redistribution of quotas by 2027, intensifying tensions between producers with unequal capacities.
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UK locks in oil windfall until 2030 with 78% tax pressure
The United Kingdom is replacing its exceptional tax with a permanent price mechanism, maintaining one of the world’s highest fiscal pressures and reshaping the North Sea’s investment attractiveness for oil and gas operators.
Pakistan becomes structural fuel oil exporter, disrupting Asian market balance
Pakistan confirms its exit from domestic fuel oil with over 1.4 Mt exported in 2025, transforming its refineries into export platforms as Asia faces a structural surplus of high- and low-sulphur fuel oil.

Aksa Enerji to build 119 MW thermal power plant in Burkina Faso

Turkish company Aksa Enerji has signed a 20-year contract with Sonabel for the commissioning of a thermal power plant in Ouagadougou, aiming to strengthen Burkina Faso’s energy supply by the end of 2026.
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CPC pipeline restarts after strikes, but pressure remains on Kazakhstan
The Caspian Pipeline Consortium resumed loadings in Novorossiisk after a Ukrainian attack, but geopolitical tensions persist over Kazakh oil flows through this strategic Black Sea corridor.
Hungary doubles oil shipments to Serbia amid US sanctions on refinery
Hungary increases oil product exports to Serbia to offset the imminent shutdown of the NIS refinery, threatened by US sanctions over its Russian majority ownership.

Pemex increases domestic refining despite continued decline in crude oil production

Faced with falling oil production, Pemex is expanding local refining through Olmeca, aiming to reduce fuel imports and optimise its industrial capacity under fiscal pressure.
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Petrobras cuts investment to $109 bn in new five-year plan
Brazil’s state oil company will reduce its capital spending by 2%, hit by falling crude prices, marking a strategic shift under Lula’s presidency.
TotalEnergies sells Bonga stake for $510mn to Shell and Eni
TotalEnergies has finalised the sale of its 12.5% stake in Nigeria’s offshore Bonga oilfield for $510mn, boosting Shell and Eni’s positions in the strategic deepwater production site.

Belgrade begins legal procedure to seize Moscow-controlled Serbian refinery

Serbia is preparing a budget law amendment to enable the takeover of NIS, a refinery under US sanctions and owned by Russian groups, to avoid an imminent energy shutdown.
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Dangote selects Honeywell to expand refinery capacity to 1.4 million barrels/day
Nigeria’s Dangote refinery selects US-based Honeywell to supply technology that will double its crude processing capacity and expand its petrochemical output.
Baghdad maintains oil output by isolating sanctioned Russian assets
Iraq secures production by bypassing US sanctions through local payments, energy-for-energy swaps, and targeted suspension of financial flows to Lukoil to protect West Qurna-2 exports.

BP partially restarts Olympic Pipeline but leaves 60% of capacity offline

Restarting Olympic Pipeline’s 16-inch line does not restore full supply to Oregon and Seattle-Tacoma airport, both still exposed to logistical risks and regional price tensions.
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India’s Russian oil imports to drop sharply from December
Faced with tightened sanctions from the United States and European Union, Indian refiners are drastically reducing their purchases of Russian crude from December, according to industry sources.
Serbia’s Pancevo refinery faces shutdown as US sanctions cut crude supply
Serbia’s only refinery, operated by NIS, may be forced to halt production this week, weakened by US sanctions targeting its Russian shareholders.

Cameroon: Glencore records a 31% drop in oil volumes

Glencore's attributable production in Cameroon dropped by 31% over nine months, adding pressure on public revenues as Yaoundé revises its oil and budget forecasts amid field maturity and targeted investment shifts.
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Contrarian strategies outperform hedge fund tracking on Brent market
The profitability of speculative positioning strategies on Brent is declining, while contrarian approaches targeting extreme sentiment levels are proving more effective, marking a significant regime shift in oil trading.
ConocoPhillips, Repsol and Santos revive Alaskan oil with Nuna and Pikka
Alaska is set to record its highest oil production increase in 40 years, driven by two key projects that extend the operational life of the TAPS pipeline and reinforce the United States' strategic presence in the Arctic.
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AfDB grants $7.41mn to Liberia to complete hydroelectric power plant
Ecopetrol targets 88.2 MWp with acquisition of seven solar projects in Colombia
South Korea under pressure from the IEA to liberalise its electricity market
Iberdrola launches a public offer to acquire 100% of Neoenergia in Brazil
Iberdrola reshapes its portfolio to become a leader in transatlantic regulated networks
Popular support for oil exploration rises sharply in Norway
A national barometer shows that 62% of Norwegians support maintaining the current level of hydrocarbon exploration, confirming an upward trend in a sector central to the country’s economy.
ShaMaran delivers first “in kind” cargo to Ceyhan under new Iraqi federal framework
ShaMaran has shipped a first cargo of crude oil from Ceyhan, marking the implementation of the in-kind payment mechanism established between Baghdad, Erbil, and international oil companies following the partial resumption of exports through the Iraq–Türkiye pipeline.

TGS launches 14,800 km² seismic survey in Brazil’s Pelotas Basin

Norwegian group TGS begins Phase I of its multi-client seismic survey in the Pelotas Basin, covering 21 offshore blocks in southern Brazil, with support from industry funding.
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Chandra Asri secures $750mn from KKR to acquire Exxon’s fuel stations in Singapore
Indonesian group Chandra Asri receives a $750mn tailor-made funding from KKR for the acquisition of the Esso network in Singapore, strengthening its position in the fuel retail sector.
Tethys Petroleum increases output and returns to profit in Q3
Tethys Petroleum posted a net profit of $1.4mn in Q3 2025, driven by a 33% increase in hydrocarbon sales and rising oil output.

Belgrade accelerates on NIS: Vucic sets seven-day deadline to resolve Russian stake issue

Serbia considers emergency options to avoid the confiscation of Russian stakes in NIS, targeted by US sanctions, as President Vucic pledges a definitive decision within one week.
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Enbridge invests $1.4bn to boost Canadian crude exports to US refineries
Enbridge commits $1.4bn to expand capacity on its Mainline network and Flanagan South pipeline, aiming to streamline the flow of Canadian crude to US Midwest and Gulf Coast refineries.
Rapid reshuffle at Petroperu to drive Talara and Amazon under pressure
The Peruvian state has tightened its grip on Petroperu with an emergency board reshuffle to secure the Talara refinery, fuel supply and the revival of Amazon oil fields.

Bulgaria places Lukoil refinery under state control to avoid US sanctions

Sofia appoints an administrator to manage Lukoil’s Bulgarian assets ahead of upcoming US sanctions, ensuring continued operations at the Balkans’ largest refinery.
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Washington demands Gazprom Neft’s exit from NIS and maintains sanctions
The United States rejected Serbia’s proposal to ease sanctions on NIS, conditioning any relief on the complete withdrawal of Russian shareholders.
IEA forecasts global oil surplus of 4 mbpd in 2026
The International Energy Agency expects a surplus of crude oil by 2026, with supply exceeding global demand by 4 million barrels per day due to increased production within and outside OPEC+.

Cenovus completes MEG Energy acquisition in $5.0bn deal

Cenovus Energy has completed the acquisition of MEG Energy, adding 110,000 barrels per day of production and strengthening its position in Canadian oil sands.
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IEA revives oil scenario with no peak before 2050, shaking up markets
The International Energy Agency’s “Current Policies Scenario” anticipates growing oil demand through 2050, undermining net-zero pathways and intensifying investment uncertainty globally.
Saudi Arabia adjusts crude price to defend market share in Asia
Saudi Aramco cuts its official selling price for Arab Light crude in Asia, responding to Brent-Dubai spread pressure and potential impact of US sanctions on Russian oil.

Petrobras strengthens its grip on Brazil’s spot gasoline market after Refit and SSOil exit

The removal of two Brazilian refiners and Petrobras’ pricing offensive reshuffle spot volumes around Santos and Paranaguá, shifting competition ahead of a planned tax increase in early 2026.
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Morrison wins major Shell contract for oil facility in Louisiana
Shell Pipeline has awarded Morrison the construction of an elevated oil metering facility at Fourchon Junction, a strategic project to strengthen crude transport capacity in the Gulf of Mexico.
Former minister Timipre Sylva wanted over alleged $14.8mn diversion in Nigeria
An arrest warrant has been issued against Timipre Sylva over the alleged diversion of public funds intended for a modular refinery. This new case further undermines governance in Nigeria’s oil sector.

Sofia activates emergency plan as US sanctions on Lukoil approach

With only 35 days of gasoline left, Bulgaria is accelerating measures to secure supply before US sanctions on Lukoil take effect on November 21.
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Russia begins withdrawal from NIS to circumvent US sanctions
Russia is negotiating the sale of its stake in Serbian oil company NIS as US sanctions threaten the operations of the company, which plays a key role in Serbia’s economy.
TotalEnergies, QatarEnergy and Petronas receive exploration licence offshore Guyana
TotalEnergies, QatarEnergy and Petronas have signed a production sharing contract to explore the offshore S4 block in Guyana, marking a new step in the country’s opening to operators beyond ExxonMobil.