Global refining margins have hit multi-year highs in November due to sanctions on Russia, refinery outages and maintenance, according to LSEG data and analysts, and some see little respite without more plants being built in the Western world. The strength in margins contrasts with crude oil markets coming under pressure from an expected oversupply, and has defied expectations earlier this year that the rally could prove to be a short-term blip due to the impact of tariffs. In the U.S., the [Read more]
Venture Global wants to double planned capacity of Plaquemines LNG facility
Venture Global said on Monday it had asked the U.S. Federal Energy Regulatory Commission for permission to more than double the capacity of its Plaquemines liquefied natural gas export facility under development in Louisiana. The company wants to add 30 million metric tons per annum (mtpa) of additional LNG capacity to the previously approved 28 mtpa. Plaquemines is already the second-largest LNG facility in the U.S. and last month was responsible for 22% of total exports from the country, [Read more]
Trump would back Russia sanctions bill if he retains final authority, White House official says
President Donald Trump is willing to sign legislation to impose sanctions on Russia as long as he retains ultimate decision-making authority over any such measures, a senior White House official said on Monday. Trump told reporters late on Sunday that it was "OK with me" that Republicans were working on legislation to impose sanctions on countries doing business with Russia over Moscow's failure to negotiate a peace deal with Ukraine. Trump said lawmakers may take his suggestion to add Iran [Read more]
Goldman Sachs sees oil prices falling through 2026 on supply surge
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]