Oil prices are expected to decline through 2026, Goldman Sachs said on Monday, citing a production surge that will keep the market in a large surplus of around 2 million barrels per day. The bank forecast Brent crude will average $56 a barrel and WTI $52 in 2026, below current forward curves of $63 and $60. "The 2025-2026 supply wave mostly results from long-cycle projects that saw Final Investment Decisions (FIDs) just before the pandemic, got delayed during Covid, and are now all coming [Read more]
Chevron joins race to explore potential purchase of Lukoil assets, sources say
U.S. oil major Chevron is studying options to buy global assets of sanctioned Russian oil firm Lukoil, five sources familiar with the process told Reuters on Monday. The U.S. Treasury gave clearance last week to potential buyers to talk to Lukoil about foreign assets. Chevron would join Carlyle and other firms in the race for the Lukoil portfolio worth at least $20 billion. The United States last month imposed sanctions on Russia's two biggest oil companies, Lukoil and Rosneft, as part of [Read more]
US oil, gas rig count slows despite record output, EIA says
U.S. oil and natural gas drilling activity has continued to decline even as production reaches record highs, the U.S. Energy Information Administration (EIA) said on Monday. The EIA said the average number of active rigs in the Lower 48 has fallen from 750 in December 2022 to 517 in October 2025, reflecting operators' responses to lower oil and natural gas prices and improvements in drilling efficiencies. The report said that since December 2022, oil-directed rigs have dropped 33% to 397, [Read more]
The future of the energy transition will be fractured, bumpy and long: Bousso
As COP30 kicks off its second week in Brazil, much has changed since the landmark Paris climate agreement was penned 10 years ago. The spirit of cooperation that once reigned has been shattered by economic rivalries and a stark divergence in climate policies among the world’s biggest polluters. The landmark UN COP21 climate agreement signed in Paris on December 12, 2015 saw 195 nations commit to setting binding targets to reduce greenhouse gas emissions to limit global warming to "well [Read more]
Saudi crown prince visits US with defence, AI and nuclear on the agenda
A visit by Saudi Arabia's de facto ruler to the White House for talks on Tuesday with U.S. President Donald Trump aims to deepen decades-old cooperation on oil and security while broadening ties in commerce, technology and potentially even nuclear energy. It will be the first trip by Crown Prince Mohammed bin Salman to the U.S. since the 2018 killing of Saudi critic Jamal Khashoggi by Saudi agents in Istanbul, which caused a global uproar. U.S. intelligence concluded that MBS approved the [Read more]
Shell ordered to pay Venture Global’s legal fees after arbitration loss
Venture Global said on Friday that following Shell’s recent loss in arbitration over liquefied natural gas (LNG) supply claims, an International Chamber of Commerce panel has issued an award ordering Shell to pay its legal fees. "Venture Global looks forward to putting these proceeds toward our coastal restoration efforts along the Gulf of America," a company spokesperson said, referring to the Gulf of Mexico. Earlier this week, Reuters reported that Shell challenged its defeat in the New York [Read more]
Discount on Western Canada Select narrows slightly
The discount on Western Canada Select to North American benchmark West Texas Intermediate futures narrowed slightly on Thursday. WCS for December delivery in Hardisty, Alberta, settled at $11.65 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, down from $11.70 on Thursday. * Canadian crude storage levels remain below the five-year average, said Enverus analyst Michael Berger. The Trans Mountain pipeline system, which exports Canadian crude to U.S. and Asian markets [Read more]
Cheniere sees US LNG plants using 40 bcf of natural gas per day in coming years
U.S. liquefied natural gas plants could take on as much as 40 billion cubic feet of natural gas per day in coming years, Cheniere Energy Chief Commercial Officer Anatol Feygin said on Friday. U.S. plants are currently using a record 18 bcfd of natural gas to produce LNG, according to data from financial firm LSEG. The increased demand for liquefaction could lead to natural gas prices, which have risen around 62% over the past year, becoming even more expensive toward the end of the decade, [Read more]
US LNG plants could use 40 bcf of natural gas per day in coming years says Cheniere executive
U.S. liquefied natural gas plants could use 40 billion cubic feet of natural gas per day in the coming years, Cheniere Energy's chief commercial officer, Anatol Feygin, said on Friday at a seminar held by the Federal Reserve Bank of Kansas City. (Reporting by Curtis Williams in Houston; Editing by Leslie Adler) [Read more]
Barclays says Brent could top $85/bbl if Russian exports drop sharply
Brent crude could rise above $85 per barrel if Russian exports fall sharply, Barclays said, well above the bank’s previous forecast of $66 per barrel for 2026. In late October, U.S. President Donald Trump imposed Ukraine-related sanctions on Russia's largest oil companies, Lukoil and Rosneft, in Washington's toughest measures against Russian business during the war with Ukraine. "Geopolitical tensions remain elevated while oil flows continue largely unabated," Barclays said in a note on [Read more]
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