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U.S. shale production could fall by as much as 400,000 barrels of oil per day in 2026 if OPEC countries try to increase market share and oil prices fall to as low as $40 a barrel, according to Rystad Energy CEO Jarand Rystad. U.S. shale production could remain flat if prices stay close to $60 a barrel, but that will require OPEC countries to hold production at present levels, Rystad said at an energy conference on Monday in Trinidad and Tobago. "For 2026 we see a flat development of shale at [Read more]

The Trump administration on Monday invited the oil and gas industry to nominate areas for a potential sale of offshore oil and gas leases in Southern and Central California to be held as soon as next year. WHY IT'S IMPORTANT The move is part of a push by U.S. President Donald Trump's Interior Department to expand offshore drilling. It faces strong opposition in California, a state known for ambitious climate change policies, strong environmental regulations and an iconic coastline. KEY [Read more]

Oilfield services company Baker Hughes said on Monday that there is significant revenue opportunity in Venezuela, with the main considerations for operating there being safety and conditions for employees, and clarity on legal and regulatory frameworks. The Houston-headquartered company has been working with authorities on Venezuela after the U.S. earlier this month removed President Nicolas Maduro from power and called on oil companies to rebuild the South American country's dilapidated oil [Read more]

On November 13, 2025, the Court of King’s Bench of Alberta granted an order pursuant to the Bankruptcy and Insolvency Act, appointing KSV Restructuring Inc. (“KSV”) as the receiver and manager (the “Receiver”) over all the current and future assets, undertakings, and properties (collectively, the “Property”) of Independent Renewable Resources Corp. (“IRRC”) and Independent Energy Holdings Inc. (“IEHI”, and collectively, the “Companies”). On January 15, 2026, the Receiver obtained an order, [Read more]

U.S. natural gas futures soared by a record 89% over five days to a three-year high on Monday after an Arctic blast at the weekend froze oil and gas wells, cutting gas production to a two-year low on Sunday. On Monday, front-month gas futures for February delivery on the New York Mercantile Exchange (NYMEX) rose 64.3 cents, or 12.2%, to $5.918 per million British thermal units (mmBtu), putting the contract on track for its highest close since December 2022. Financial firm LSEG said average [Read more]