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Morgan Stanley lifts H1 2026 Brent forecast to $60 on OPEC+ pause, Russia sanctions

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Morgan Stanley on Monday raised its Brent crude forecast for the first half of 2026 to $60 a barrel from $57.5, citing the decision by OPEC+ to pause quota hikes in the first quarter of next year and recent U.S. and EU sanctions on Russian oil assets. The bank expects a "substantial surplus" in the oil market next year, peaking in the second quarter. However, it expects non-OPEC production growth will have slowed by then, and that OPEC production will also not grow significantly in 2026, due [Read more]

BP CEO expects non-OPEC+ oil supply growth could decline by April

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Oil supply growth outside OPEC+ could decline by April, while demand remains robust, BP's Chief Executive Murray Auchincloss said on Monday. "There is a supply increase that's come outside of OPEC+," Auchincloss said. "We think that finishes in about February, March, April, and then it's likely that we see flat to declining production after that time period outside of OPEC+." Future oil prices will depend on three factors: OPEC+ decisions, Chinese stockpiling and the impact of sanctions, [Read more]

SM Energy and Civitas Resources to Combine in $12.8 Billion Transformational Combination Delivering Superior Stockholder Value

Value-Enhancing Scale Premier portfolio across the highest-return U.S. shale basins drives significant free cash flow and enhanced stockholder value Pro forma second quarter of 2025 production totaled 526 MBoe/d Pro forma full-year 2025 consensus free cash flow of more than $1.4 billion Step-change in free cash flow supports sustained return of capital Value-Driven Synergies Proven management and a world-class technical team positioned to deliver identified and achievable [Read more]

Big Oil gets big boost from escalating economic war on Russia: Bousso

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Top Western oil companies are enjoying a windfall from the expanding attacks on Russia's oil industry – both literal and economic – that have boosted global refining profit margins and mitigated concerns over a looming supply glut. Waves of Ukrainian drone strikes on Russia's vast network of refineries and export terminals since July have hammered the country's exports of refined fuel, such as diesel and fuel oil. Russia's seaborne refined product exports in September dropped by 500,000 barrels [Read more]

OPEC’s Al Ghais says oil demand outlook remains positive, no market surprises expected

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OPEC Secretary-General Haitham Al Ghais said on Monday that the group was still seeing positive signs for oil demand and did not expect any surprises in the market. "We are making sure we maintain the supply demand balance", Ghais added at a panel at ADIPEC energy conference in Abu Dhabi, a day after OPEC+ agreed a small oil output increase for December and a pause in increases in the first quarter of next year. (Reporting by Youssef Saba and Jana Chouekir, Writing by Ahmed Elimam; Editing [Read more]

Canadian Natural Resources Limited Announces Closing of AOSP Swap Transaction and Updated 2025 Guidance

Calgary, Alberta--(Newsfile Corp. - November 3, 2025) - Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) ("Canadian Natural" or the "Company") announces it has closed the asset swap with Shell Canada Limited and affiliates ("Shell") related to the Athabasca Oil Sands Project ("AOSP"), whereby Canadian Natural swapped 10% of its working interest in the Scotford Upgrader and Quest Carbon Capture and Storage ("Quest") facilities for Shell's remaining 10% working interest in the Albian oil [Read more]

ExxonMobil warns EU law could force exit from Europe

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Woods joins a growing number of energy producers urging European lawmakers to revise the Corporate Sustainability Due Diligence Directive, which requires companies doing business in the EU to identify and address human rights and environmental risks across their supply chains. "If we can't be a successful company in Europe, and more importantly, if they start to try to take their harmful legislation and enforce that all around the world where we do business, it becomes impossible to stay [Read more]

Oil extends gains after OPEC+ pauses Q1 output hikes

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Oil prices climbed in early Asian trade on Monday after OPEC+ decided to hold off production hikes in the first quarter of next year, easing rising fears of a supply glut. Brent crude futures rose 47 cents, or 0.73%, to $65.24 a barrel by 2336 GMT after closing 7 cents higher on Friday. U.S. West Texas Intermediate crude was at $61.43 a barrel, up 45 cents, or 0.74%, after settling up 41 cents in the previous session. The Organization of the Petroleum Exporting Countries and their allies, [Read more]

Five things to watch for in the Canadian business world in the coming week

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TORONTO - Five things to watch for in the Canadian business world in the coming week: Trade The U.S. Supreme Court will hear arguments this week from businesses and states that say President Donald Trump's use of a national security statute to justify his tariffs is illegal. The hearing combines two cases pushing back on Trump's so-called "reciprocal" tariffs and the fentanyl-related duties on Canada, Mexico and China that include goods not covered by the Canada-U.S.-Mexico Agreement. The [Read more]