Oil

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. …

Oil prices inched higher in early Asian trading on January 2, the first trading session of 2026, as geopolitical tensions continued to provide support after the major benchmarks posted their steepest annual losses since 2020. At the time of writing, Brent crude was up 0.30% at $61.03 per barrel, while …

Several trends emerged in the energy markets in 2025 and are set to continue shaping the global oil, gas, and energy equities markets into 2026. Sure, there will be many wild cards in 2026, especially concerning geopolitics and tensions flaring up from the Caribbean to Yemen. These, while impossible to …

Venezuela has begun shutting wells that pump extra-heavy crude in the Orinoco Belt, as the U.S. blockade is squeezing shipments and filling up storage space, sources with knowledge of the plans of state oil firm PDVSA told Bloomberg. PDVSA, the key handler of Venezuela’s crude exports, mostly to China, began …

Following the Ukrainian drone attack that damaged a key export terminal on Russia’s Black Sea at end-November, Kazakhstan’s crude and condensate production has fallen by 6% so far in December compared to the average output in November, an anonymous industry source told Reuters on Monday. A Ukrainian attack damaged infrastructure …

For most of the past decade, oil markets have treated decisions by OPEC as the primary signal for price direction. That hierarchy is being tested, but not overturned. What has changed is where traders look for short-term cues. Increasingly, those cues are coming from China, not because Beijing controls supply, …

Oil prices settled more than 2% lower on Saturday as investors weighed a looming global supply glut, while also keeping an eye on a potential Ukraine peace deal ahead of talks this weekend between Ukrainian President Volodymyr Zelenskiy and U.S. President Donald Trump. Brent crude futures settled down $1.60 or …

Oil prices rose slightly on Friday after the U.S. put greater economic pressure on Venezuelan oil shipments and carried out airstrikes against Islamic State militants in northwest Nigeria at the request of the government in Abuja. Brent crude futures rose 6 cents, or 0.1%, to $62.30 per barrel at 0456 …

Russia is heading into 2026 with a familiar problem wearing a sharper edge: the oil revenues that bankroll its budget — and its war — are shrinking fast. According to Reuters calculations released Friday, Russia’s tax proceeds from crude oil production in January could fall to about 380 billion roubles …

The economics of shipping additional volumes of heavy crude from Iraq to compensate for a potential loss of Venezuela’s supply are just not there at present, Shafaq News reported on Friday, quoting Iraqi economist Nabil Al-Marsoumi. Concerns in the heavy crude market are that the U.S. blockade of tankers carrying …