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Economic sanctions

Dragon Oil and PETRONAS Forge Strategic Oil Exploration Agreement
Dragon Oil, a subsidiary of Emirates National Oil Company, partners with PETRONAS to enhance technical and commercial cooperation in oil and gas exploration and production.
Canadian Natural Takes Full Control of Albian Mines After Asset Swap with Shell
Canadian Natural Resources has finalized a strategic asset swap with Shell, gaining 100% ownership of the Albian mines and enhancing its capabilities in oil sands without any cash payment.

Imperial sees quarterly net income drop 56% despite record production

Canadian producer Imperial posted net income of CAD539mn in the third quarter, down year-on-year, impacted by exceptional charges despite record production and higher cash flows.
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Chevron outperforms despite 21% drop in quarterly profit
The US oil giant beat market forecasts in the third quarter, despite declining results and a context marked by falling hydrocarbon prices.
Vallourec secures over 20,000-ton pipeline contract in Brazil
The French group will supply carbon steel pipelines to TechnipFMC for the offshore Orca project, strengthening its strategic position in the Brazilian market.

ExxonMobil hit by falling prices despite record output in Guyana

The American oil major saw its revenue decline in the third quarter, affected by lower crude prices and refining margins, despite record volumes in Guyana and the Permian Basin.
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Gabon signs deepwater oil exploration deals with BP and ExxonMobil
Gabon strengthens its oil ambitions by partnering with BP and ExxonMobil to relaunch deep offshore exploration, as nearly 70% of its subsea domain remains unexplored.
Bulgaria halts fuel exports to EU after sanctions on Lukoil
Sofia temporarily restricts diesel and jet fuel exports to safeguard domestic supply following US sanctions targeting Lukoil, the country’s leading oil operator.

Lukoil sells its African oil assets to Gunvor under pressure from US sanctions

Swiss trader Gunvor will acquire Lukoil’s African stakes as the Russian company retreats in response to new US sanctions targeting its overseas operations.
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Amapá hosts strategic oil complex with Petrobras and Transpetro
An agreement between Transpetro, Petrobras and the government of Amapá provides for the construction of an industrial complex dedicated to oil and gas, consolidating the state's strategic position on the Equatorial Margin.
Phillips 66 posts adjusted earnings of $1.02bn in third quarter
The US company reported adjusted earnings of $1.02bn between July and September, supported by the refining and chemicals segments despite a drop in net income due to exceptional charges.

Repsol posts 34% profit drop over nine months despite UK operations

The Spanish oil group reported a net profit of €1.18bn over the first nine months of 2025, hit by unstable markets, falling oil prices and a merger that increased its debt.
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Shell posts higher quarterly profit and launches $3.5bn share buyback
The British group’s net profit rose 24% in Q3 to $5.32bn, supporting a new share repurchase programme despite continued pressure on crude prices.
TotalEnergies and Shell boost profits despite falling oil prices
Third-quarter results show strong resilience from European majors, supported by improved margins, increased production and extended share buyback programmes.

Global petrochemicals market to reach $794 billion by 2034

Driven by industrial demand and production innovations, the global petrochemicals market is projected to grow by 5.5% annually until 2034, reaching a valuation of $794 billion.
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CNOOC records 6.7% production increase over nine months despite Brent price decline
CNOOC Limited announced continued growth in oil and gas production, reaching 578.3 million barrels of oil equivalent, while maintaining cost control despite a 14.6% drop in Brent prices.
Canadian oil sands emissions rose less than 1% in 2024 despite higher output
Oil sands production in Canada continued to grow in 2024, but absolute greenhouse gas emissions increased by less than 1%, according to new industry data.

Argentina appeals $16.1bn judgment linked to YPF nationalisation

Argentina seeks to overturn a U.S. court ruling ordering it to pay $16.1bn to two YPF shareholders after the 2012 partial expropriation of the oil group.
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Washington temporarily authorises operations linked to Rosneft’s German assets
The United States has issued a general license allowing transactions with two German subsidiaries of Rosneft, giving Berlin until April 2026 to resolve their ownership status.
Jameson Land in Greenland identified with 13 billion barrels of potential oil
An independent report estimates 13.03 billion barrels of potential oil resources in Greenland’s Jameson Land Basin, placing the site among the largest undeveloped fields globally.
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US nuclear regulator recommends construction permit for Kemmerer Unit 1
Envision Energy and ACWA Power Partner to Industrialize Wind Energy in Central Asia and the Middle East
GCL signs two 100 MW solar projects with PLN IP in Indonesia
Ormat and SLB launch partnership to industrialise enhanced geothermal systems
Washington’s shift on Chevron disrupts Venezuela’s oil economy
The EU sanctions CNPC units as ESPO pipeline flows remain stable
The European Union targets a trading subsidiary and a refinery linked to China National Petroleum Corporation, tightening access to financial and insurance services without disrupting pipeline deliveries, with reallocations expected in settlements, insurance, and logistics. —
Hungary seeks to maintain Russian oil imports despite sanctions
Viktor Orban says he is working to bypass recent US sanctions targeting Rosneft and Lukoil, underscoring Hungary’s continued reliance on Russian hydrocarbons.

India redirects its diesel to Africa and Brazil ahead of 2026

Traceability requirements from the EU (European Union) on fuel origin are reshaping Indian refined flows, with a shift toward Africa and Brazil supported by local premiums and a decline in Russian exports.
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Washington hits Rosneft and Lukoil, EU tightens, Brent climbs
U.S. sanctions targeting Rosneft and Lukoil trigger a rebound in oil, while the European Union prepares a clampdown on liquefied natural gas and maritime logistics, with immediate repercussions for markets and Russia’s export chain.
Brazil awards five offshore oil blocks ahead of COP30
Ten days before COP30, Brazil awarded five offshore oil blocks for over $19mn, confirming its deepwater development strategy despite environmental criticism.

La Libye cible 1,6 million de barils par jour de pétrole d’ici fin 2026

Tripoli mise sur des partenariats avec des majors et jusqu’à 4 milliards $ d’investissements pour relancer sa production pétrolière, malgré un climat politique divisé.
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Niger maintains oil cooperation with China despite growing demands
Niger hardens its stance on energy sovereignty but avoids breaking with China National Petroleum Corporation, its main oil industry partner, in order to safeguard export revenues.
OPEC production uncertainty keeps global oil market from deeper slide
As Brent hovers near $60, growing opacity around OPEC’s output restrains a steeper decline in crude prices amid surplus warnings by the International Energy Agency.

Galp aims to secure partner for Namibia’s Mopane field by end of 2025

Portuguese energy group Galp plans to finalise a strategic partnership for its offshore oil project Mopane in Namibia before the end of the year.
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Shell faces $2 billion lawsuit in Nigeria ahead of asset divestment
A traditional leader from the Niger Delta is seeking compensation before Shell’s onshore asset sale, citing decades of unaddressed pollution in his kingdom.
Oxford Energy Institute Data Confirms the Dominance of Contrarian Strategies in Oil Trading
The Oxford Energy Institute study shows that signals from weekly positions and the Brent/WTI curve now favor contrarian strategies, in a market constrained by regulation and logistics affected by international sanctions. —

Russia delivers 105,000 tons of crude to new Kulevi refinery

Russian company Russneft has shipped its first oil cargo to Georgia’s newly launched Kulevi refinery, despite the absence of formal diplomatic ties between Moscow and Tbilisi.
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New Stratus enters Brazil with 32.5% oil deal on two blocks
New Stratus Energy has signed a definitive agreement with Vultur Oil to acquire up to 32.5% interest in two onshore oil blocks located in the State of Bahia, Brazil, with an initial investment of $10mn.
Clearview completes sale to listed company for $1.84 per share
Clearview Resources has completed the sale of all its shares to a listed oil company, exiting Canadian financial markets following shareholder and court approval.

Petrobras authorised to drill off the Amazon coast despite opposition

The Brazilian government has approved an offshore drilling project led by Petrobras in the Equatorial Margin region, weeks before COP30 in Belém.
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Trump reignites regulatory debate over oil in California
In Taft, a historic stronghold of black gold, Donald Trump's return to the presidency reopens the issue of California's restrictions on oil production and fuels renewed optimism among industry stakeholders.
Vantage Drilling cancels a $80m contract after a major regulatory shift
Vantage Drilling halted a 260-day drilling contract for the vessel Platinum Explorer following a rapid evolution of international sanctions regimes that made the campaign non-compliant with the applicable legal framework shortly after it was signed.

Paratus receives $58mn in Mexico following release of public fund

Paratus Energy Services received $58mn through its subsidiary Fontis Energy in Mexico, initiating the repayment of arrears via a government-backed fund established to support investment projects and ensure supplier payments.
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The United States keeps 50% duties if India buys Russian crude
Washington ties the removal of additional duties to a verifiable decline in India’s imports of Russian crude, while New Delhi cites already-committed orders and supply stability for the domestic market.
China cuts its oil surplus to 570,000 barrels per day and prepares a cycle of strategic purchases
The decline in imports and the rise in refining in September reduced China’s crude surplus to its lowest in eight months, opening the way for tactical buying as Brent slips below 61 dollars.