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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.
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.
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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.
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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Sinopec posts 32% drop in nine-month net profit on oil and fuel slump
Impacted by falling oil prices and weak fuel sales, Sinopec reports a sharp decline in profitability over the first three quarters, with a strategic shift toward higher-margin products.
Citizen Energy launches $20mn drilling fund targeting the Anadarko Basin
Citizen Energy Ventures enters the private placement market with a $20mn fund to develop eight wells in the Cherokee Formation of Oklahoma’s historic Anadarko Basin.

US crude oil imports fall to lowest level since 2021

US crude stocks dropped by 6.9 million barrels, defying forecasts, amid a sharp decline in imports and a weekly statistical adjustment by the Energy Information Administration.
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Lukoil begins sale of international assets after new US sanctions
Lukoil has started divesting its foreign assets following new US oil sanctions, a move that could reshape its overseas presence and impact supply in key European markets.
Kazakhstan considers swift decision on Lukoil’s local assets
Kazakhstan is reviewing Lukoil's stakes in major oil projects after the Russian group announced plans to divest its international assets following new US sanctions.

Pemex cuts crude output but increases refining in third quarter

The Mexican state-owned company reduced its crude extraction by 6.7% while boosting its refining activity by 4.8%, and narrowed its financial losses compared to the previous year.
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Washington’s shift on Chevron disrupts Venezuela’s oil economy
The new US licence granted to Chevron significantly alters financial flows between Venezuela and the United States, affecting the local currency, oil revenues and the country's economic balance.
Three Crown boosts output with 752 boe/d well in Wyoming
Three Crown Petroleum reports a steady initial flow rate of 752 barrels of oil equivalent per day from its Irvine 1NH well in the Powder River Basin, marking a key step in its horizontal drilling programme in the Niobrara.

Cenovus revises terms of MEG Energy acquisition and sells assets to Strathcona

Cenovus Energy adjusts its MEG Energy acquisition offer to $30 per share and signs a voting support agreement with Strathcona Resources, while selling assets worth up to CAD150mn.
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Baghdad in talks over OPEC quota despite exports at 3.6 million barrels
Iraq is negotiating a potential revision of its OPEC production limit while maintaining exports at around 3.6 million barrels per day despite significantly higher capacity.
Orban attend des garanties énergétiques lors de sa rencontre avec Trump à Washington
Le Premier ministre hongrois se rendra à Washington pour discuter avec Donald Trump des sanctions américaines contre le pétrole russe, dans un contexte de guerre en Ukraine et de dépendance persistante de la Hongrie aux hydrocarbures russes.

Aliko Dangote aims to make his refinery the world’s largest within three years

Nigerian tycoon Aliko Dangote plans to expand his refinery’s capacity to 1.4 million barrels per day, reshaping regional energy dynamics through an unmatched private-sector project in Africa.
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COOEC wins $4bn QatarEnergy offshore field development contract
COOEC has signed a $4bn EPC contract with QatarEnergy to develop the offshore Bul Hanine oil field, marking the largest order ever secured by a Chinese company in the Gulf.
Borr Drilling ends two contracts in Mexico due to sanctions
The group terminates commitments for the Odin and Hild rigs in Mexico, initially scheduled through November 2025 and March 2026, due to sanctions affecting an involved counterparty, while reaffirming compliance with applicable international frameworks.
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Global petrochemicals market to reach $794 billion by 2034
Air Liquide raises €2.15bn to finance the purchase of South Korea’s DIG Airgas
Trump cuts US fentanyl-related tariffs on China to 10%
InSolare secures 600 MW energy storage contract from SECI in India
P.S.P. Specialties enters the Philippines with transformer oils to support grid expansion
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.

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.
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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.

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.
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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.
Zhou Xinhuai leaves CNOOC
Chinese executive Zhou Xinhuai, 54, resigned from his post as chief executive of CNOOC Limited after holding the role since April 2022. A strategic reorganization is underway.

SM Energy secures $3bn borrowing base with unanimous lender approval

Texas-based SM Energy gains full support from its banking syndicate, maintaining a $3bn borrowing base and easing short-term debt maturity terms.
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Aker BP and Halliburton complete first umbilical-less subsea tubing hanger installation
Halliburton and Aker BP have completed the first umbilical-less tubing hanger installation on the Norwegian continental shelf, paving the way for digitised offshore operations with reduced infrastructure.
McDermott completes first subsea project for TotalEnergies in Angola
The US group has finalised operations at the Begonia field, marking its first offshore deepwater intervention in Angola’s Block 17/06, located 150 kilometres off the coast.

Jihadist blockade in Mali disrupts fuel supply and electricity production

Prolonged attacks on fuel convoys have depleted stocks, destabilised power generation and disrupted economic activity in Bamako and surrounding regions.
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Dangote cuts crude purchases in response to rising global prices
Nigerian group Dangote has reduced crude supply to its refinery, citing a strategic adjustment to high oil prices and denying any technical failure.
Reliance Industries posts $2.06bn net profit in second quarter
Reliance Industries reported a 9.67% increase in net profit in the second quarter of fiscal year 2025–2026, driven by recovering petrochemical margins and continued growth in its retail and telecom operations.

Fire temporarily halts operations at BP’s 440,000 bpd Whiting refinery

An operational fire was contained at the largest refinery in the US Midwest, causing a temporary shutdown of several processing units, according to industry data.
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EU bans co-processing to block imports of Russian oil products
The European Commission imposes new rules requiring proof of refined crude origin and excludes the use of mass-balancing to circumvent the Russian oil ban.
Russia definitively ordered to pay $50bn to former Yukos shareholders
The Dutch Supreme Court has rejected Russia's final appeal, confirming a record $50bn compensation to former Yukos shareholders, ending two decades of legal battle.

Namibia High Court confirms ethical breach by NBC in ReconAfrica case

A ruling by Namibia's High Court upheld the media regulator’s decision that the state broadcaster NBC failed to ensure balance in its coverage of ReconAfrica’s oil operations.
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CES Energy raises $75mn through bond issuance to strengthen financial structure
The Canadian oilfield services provider announced a $75mn private placement of 6.875% senior unsecured notes to refinance bank debt and support operations.
US crude oil inventories rise by 3.5 million barrels against expectations
Commercial crude reserves in the United States posted an unexpected increase, reaching their highest level in over a month due to a marked slowdown in refinery activity.