(World Oil) – Diezani Alison-Madueke accepted cash bribes and “vast quantities” of luxury perks in exchange for handing over lucrative government contracts when she served as Nigerian oil minister, prosecutors said on the first day of a London trial. The 65-year-old former OPEC president is charged with five counts of accepting bribes from people linked to energy groups and one
(World Oil) – Equatorial Guinea, OPEC’s smallest member, has turned to commodity trading companies for prepayment deals on oil and liquefied natural gas to help finance a revival of domestic hydrocarbon production. The Central African nation is looking for $300 million in return for deliveries of crude oil and LNG spread over multiple years, according to people familiar with the matter,
(Investing) – Oil prices could see further upside in 2026 as geopolitical risks continue to drive volatility, HSBC says, though the bank adds that underlying market fundamentals should limit rallies and keep prices anchored in the mid-$60s range. As such, HSBC maintained its Brent crude forecast at $65 a barrel for 2026 and beyond, despite heightened tensions across several major producing regions. The
(Oil Price) – Russia’s crude oil production dipped to 9.326 million barrels (bpd) in December, down by over 100,000 bpd from November and nearly 250,000 bpd lower than Moscow’s OPEC+ quota, sources familiar with classified government data told Bloomberg on Friday. The fresh U.S. sanctions on Russia’s top producers Rosneft and Lukoil drove the lower crude output at the end of last year.
(Investing)– Oil prices were trading modestly higher on Wednesday but still heading toward their steepest annual losses since 2020, as persistent supply surplus concerns dominated markets through the year despite recurring geopolitical risks that offered only intermittent support. As of 05:30 ET (10:30 GMT), Brent Oil Futures expiring in March traded rose 0.2% to $61.47 per barrel, while West Texas Intermediate (WTI)
(Oil Price)– The latest flare-up between Saudi Arabia and the United Arab Emirates over Yemen looks dramatic on the surface, but OPEC cohesion, not missiles or militias, is what ultimately matters to the oil markets, which is why the latest public spat between Saudi Arabia and the UAE over Yemen created just a temporary blip in crude prices. Saudi forces
(BOE Report)– Energy markets enter 2026 in a downbeat mood as geopolitical uncertainty clouds the outlook and increasing signs of swelling oil and gas supplies threaten to sink prices. This past year was a wild one for the oil and gas industry, punctuated by the 12-day Israel-Iran war in June, U.S. President Donald Trump’s trade wars, the intensified targeting of
(BOE Report)– Global oil markets faced multiple black swan events in 2025 – including the Israel-Iran war and Ukrainian strikes on Russian refiners – yet they were barely fazed. This calm may be the new normal in an era of energy abundance, even as the world becomes a more dangerous place. By any measure, 2025 was a chaotic geopolitical year,
(World Oil)– Global crude oil production is forecast to rise by about 800,000 bpd in 2026, with Brazil, Guyana and Argentina accounting for roughly half of that growth, according to the U.S. Energy Information Administration’s December Short-Term Energy Outlook (STEO). The EIA said crude supply growth since 2023 has been led largely by producers outside the OPEC+ group. While coordinated
(BOE Report)– The cost of shipping oil is likely to remain high in the first half of 2026 as the global fleet ages and a rising number of vessels are hit with Western sanctions, shipping sources say, though rates could be capped in the second half. In recent weeks, the cost of shipping oil has risen to about $130,000 a
(Investing)– Oil prices slipped slightly lower Monday, adding to the previous week’s sharp losses as concerns over a global supply glut and weak demand outlook continued to dominate market sentiment. At 06:05 ET (11:05 GMT), Brent Oil Futures expiring in February fell 0.2% to $61.02 per barrel and West Texas Intermediate (WTI) crude futures dropped 0.2% to $57.15 per barrel. Last week
(BOE Report) – Oil prices rose on Friday supported by concerns of Venezuelan supply disruptions, though they remained on track for a weekly drop amid cautious market sentiment and optimism over the prospects for a Russia-Ukraine peace deal. Brent crude futures rose 43 cents, or 0.70%, to $61.71 a barrel by 0352 GMT, and U.S. West Texas Intermediate crude was
