OPEC has revised down its oil demand growth forecast for this year to 400,000 barrels per day from 1.4 million bpd at the start of the year, in line with developments throughout the year, Haitham Al Ghais, Secretary General of the organisation said on Monday. However, OPEC expects the deferred demand to materialise in 2027, when it anticipates pent-up demand. (Reporting by Jana Choukeir) [Read more]

Goldman Sachs raised its December 2026 Brent crude price forecast to $90 a barrel from $85, citing persistent supply risks that are likely to keep near-term oil market premiums elevated. Here are some details: * "We maintain our base case that continued adaptation of Mideast supply will eventually reduce crude oil prices, while potential renewed escalation still poses significant net upside risk," Goldman Sachs said in a note on Sunday * Goldman Sachs maintained its 2027 average Brent [Read more]

US President Donald Trump on Saturday called for Ukraine to replace its leader Volodymyr Zelenskiy and railed against Ukraine's attacks on Russian oil infrastructure, a day after announcing a diesel supply deal with Russia that drew a sharp rebuke from Zelenskiy. "I suggest they get a new leader who can make a deal because he could have made many deals, but for some reason he never does," Trump told reporters at the White House. "I think it's time for Ukraine to get a new [Read more]

The US is threatening to stop the procurement system that provides Ukraine with weapons in order to press Kyiv to halt its deep strikes on Russian energy infrastructure, the Financial Times reported on Sunday, citing officials in Europe. The officials, who received calls from US officials or were briefed on them, said that the US was lobbying European capitals and Kyiv to try to end the attacks on Russian oil refineries, the report added. Reuters could not immediately verify the report. [Read more]

Iran's Revolutionary Guards said on Saturday that an oil tanker had exploded and caught fire after hitting a naval mine while transiting the Strait of Hormuz, Iranian state media reported. The Guards did not specify the tanker's name or flag. (Reporting by Enas Alashray;) [Read more]

US President Donald Trump on Saturday called for new leadership in Ukraine, slamming Ukrainian President Volodymyr Zelenskiy and calling on Kyiv's leader to stop hitting Russian oil refineries. "He better damn well stop," Trump told reporters at the White House, one day after saying he had struck a deal allowing Russia to supply diesel to global markets. "I suggest they get a new leader who can make a deal," he said, referring to Zelenskiy. (Reporting by Susan Heavey and Steve Holland; [Read more]

The discount on Western Canada Select (WCS) crude oil to North American benchmark West Texas Intermediate futures widened on Friday. WCS for November delivery in Hardisty, Alberta, settled at $25.55 a barrel below the US benchmark WTI, according to brokerage CalRock, compared with $25.20 on Thursday. The discount remains more than $10 wider than it was at this point in last month's trading cycle and is wider than it has been since 2023. * The cost to transport oil on tankers globally has [Read more]