The full-year decline marks the first time crude imports have fallen since 2022 when China was still in the grip of its zero-Covid policy. Click for full story

Geopolitics will take center stage for Indian crude buyers in 2025. The country has grown reliant on Russian barrels sold at a discount thanks to a US-enforced price cap that was put in place after the 2022 invasion of Ukraine. But as the India-Russia business relationship has deepened, those discounts are shrinking — just as Indian crude demand is set to ramp up. The return of US President Donald Trump this month brings added uncertainty to the future of Russian crude prices. Click for full story

President-elect Donald Trump warned the European Union that its exports will get hit with US tariffs if its member states don’t buy more American oil and gas. President-elect says the bloc must make up for trade deficit The US is the world’s top LNG exporter, biggest oil producer Click for full story

Norway's oil and gas investment is expected to reach a record high in 2025, driven by new exploration activity and increased demand for Norwegian gas. Norway's oil and gas investment is expected to reach a record high in 2025, driven by new exploration activity and increased demand for Norwegian gas. While Norway is a leader in renewable energy, it continues to invest heavily in oil and gas production, raising concerns about its climate commitments. Norway aims to balance its oil and gas production with decarbonization efforts through electrification and investments in renewable energy projects both domestically and internationally. Click[...]

Oil supplies to German refineries via Poland were unaffected by a leak reported Sunday in one of the two Druzhba pipeline links, Polish state pipeline operator PERN SA said in a website statement. Emergency workers secured the area around the pipeline near Pniewy, western Poland, after learning of a possible leak at around 7:30 a.m. on Sunday, Martin Halasz, a spokesman for the firefighters, said by phone earlier today. Click for full story

Trump win could pave the way for increased US production Stronger dollar also puts some downward pressure on oil prices Oil futures were slightly lower and trading in a tight range early Nov. 6 following news that former President Donald Trump was elected to a second term. At 1156 GMT, NYMEX front-month crude was down 97 cents at $71.02/b, while ICE front-month Brent was down 95 cents at $74.58/b. The Associated Press called the race early Nov. 6, after Trump was projected to take the swing state of Wisconsin. Trump has promised to strip back regulations, encourage US energy production,[...]

Eq Guinea, Gabon in court over Mbanie island Ruling expected in 2025 from ICJ in The Hague Dispute lay dormant until oil finds in 2000s At just one kilometer long, the tiny West African island of Mbanie might seem an unlikely focal point for a bitter territorial dispute. But a string of oil and gas discoveries and developments in the waters surrounding the island are fueling a tense court battle -- the culmination of a years-long feud between OPEC members Gabon and Equatorial Guinea. Both countries have laid claim to the 74-acre island, which could be a jumping off[...]

Despite high storage levels, European gas prices remain volatile due to supply disruptions. The EU's dependence on Russian gas continues, with alternative sources from the U.S. and Azerbaijan facing limitations in meeting Europe’s total demand. Experts: Europe’s gas supply outlook might worsen in 2025 compared to 2024. A year ago, European politicians declared the gas crisis from the near-complete halt of Russian supplies was over. The EU had turned to alternative natural gas suppliers, assuring there would be enough to prevent shortages and steep prices. These assurances now appear premature. Last week, European benchmark gas prices hit the highest in a[...]

BP has reversed its commitment to cut oil and gas production by 40% by 2030. The energy transition remains challenged by economic realities, prompting BP and other major oil companies to scale down transition plans. BP's pivot, along with similar moves from other oil majors, highlights the industry’s continued reliance on hydrocarbon. In February 2020, then-brand-new chief executive Bernard Looney told the world that one of the oldest and biggest oil companies in the world was going to become a net-zero company by 2050. To achieve this, it would slash its oil and gas production by 40% by 2030.[...]

Saudi Arabia's oil export revenues declined by 15.5% in August 2024 compared to the previous year. The decline was primarily driven by lower oil prices and weaker global demand, particularly in China. The Iranian-Israeli conflict and OPEC+'s planned reversal of production cuts could impact Saudi Arabia's oil exports and economy in the coming year. Lower crude oil prices dragged Saudi Arabia’s oil export revenues to the lowest level in more than three years in August, amid underwhelming oil demand and continued supply constraints from the world’s top crude exporter. The value of Saudi Arabia’s oil exports in August 2024[...]