IEA Trims Oil Glut Forecast as Supply Surge Halts
The oil market still faces record oversupply next year, according to the monthly report by the International Energy Agency (IEA), but the glut estimate is now trimmed by about 230,000…
China to Launch First Small Modular Reactor in 2026
China plans to launch commercial operations at the world’s first small modular reactor (SMR) to generate nuclear energy as early as in the first half of 2026, according to the…
BP, Chevron Top US Gulf Lease Sale
Britain’s BP PLC and the United States’ Chevron Corp and Murphy Oil Corp led the first oil and gas area auction under the Trump administration’s One Big Beautiful Act, winning…
Northern Lights issues first certificates confirming offshore CO2 storage
Norway’s Northern Lights carbon storage project has issued its first certificates confirming the permanent offshore storage of CO2. The certificates verify that CO2 captured at Heidelberg Materials’ Brevik cement plant…
Oil Tanker Rates Skyrocket 467%
The supertanker market has tightened this year as crude supply from OPEC+ and the Americas rises and vessels make increasingly longer trips. So much has the market tightened that several…
Russia-China Gas Pipeline Could Take 10 Years to Build
The construction of the second Power of Siberia gas pipeline from Russia to Northern China could take up to 10 years because it involves “tremendous work, jobs and negotiations,” the…
Oil Price Did Not Shift on Fed Cut
In a market update sent to Rigzone by the Rystad Energy team late Wednesday, Rystad highlighted that the price of oil “[did] not shift… on the Fed’s cut”. Rystad pointed…
Citi Sees Oil Prices Falling to $60 in Early 2026
Citi expects Brent crude to decline further to an average $60 per barrel over the first quarter of the new year, Reuters has reported, citing the bank as expecting inventories…
India’s Russian Oil Imports Are Set to Hit a Six-Month High
Indian refiners are on track to buy the most Russian crude in six months this December, despite U.S. sanctions on Russia’s top two exporters that went into effect in late…
Petrobras Workers Announce Nationwide Strike
Workers at Brazil’s Oil & Gas giant Petróleo Brasileiro S.A. (NYSE:PBR), aka Petrobras, have announced a nationwide strike starting December 15, terming the company’s latest counteroffer for a labor agreement…
