EIA data show that US oil production reached a record high in September.
The Energy Information Administration (EIA), which released data on Friday, showed that U.S. crude oil production reached a new record in September, despite concerns about oversupply. Oil production in the U.S. continues to reach record levels despite weak prices, which further weighs on global oil prices. Benchmark Brent crude traded just below $64, about 14% lower than the same time last. According to EIA, the U.S. crude output increased by 44,000 barrels a day in January to a new record of 13.84 million barrels bpd. The oil output of New Mexico, which is the second largest state in terms of production, reached a record-breaking 2.351 millions bpd.
UK court rejects challenge to the issuing of oil exploration licenses
The High Court of London ruled that Britain's decision on Friday to grant more than 20 oil and gas exploration licenses was legal. This ruling dismissed a challenge from campaigners who claimed the government had failed to take into account the effects on climate change. Oceana UK, a marine conservation organization in the UK, brought a case against 28 licences issued by the previous British government on May 20, 2024. It also claimed that the licenses did not assess the risks to marine life. The British energy department, which had not defended similar cases following a Supreme Court ruling in 2024, opposed the case. It said that the licences were only for early exploration.
The UK's FTSE 100 is set to drop for the first time in five months despite recent gains
London's FTSE 100 edged higher on Friday as energy stocks led the way. Oil prices were also rising. However, despite a budget boost earlier in the week, it was likely to end a winning streak of four months. The FTSE 100, which is a global index, was up by 0.1% at 1125 GMT. Meanwhile, the FTSE 250, a midcap index, was flat and on track for a slight monthly decline. Oil & Gas gained 0.7% on the back of a rise in oil prices due to uncertainty surrounding peace talks between Russia and Ukraine. Investors are awaiting the outcome of a OPEC+ conference on Sunday. Johnson Matthey shares rose 1.8% as J.P.Morgan upgraded the rating of the company from "neutral" to "overweight".
Venture Global accuses Shell in FT report of a campaign to harm the LNG business
According to a Financial Times staff note published on Wednesday, Venture Global, a U.S. LNG manufacturer, accused Shell of waging "a three-year campaign" against its business. This was after Shell appealed a loss in arbitration. The report could not be verified immediately. Venture Global and Shell didn't immediately respond to our request for comment. The email, seen by the FT, from co-founders Michael Sabel & Robert Pender criticized Shell for its "misguided" decision to challenge the ruling & said Venture Global will continue to defend themselves.
What might Maduro have to offer Trump? What could Maduro offer Trump in potential talks?
Venezuelan President Nicolas Maduro is in a position to use crude oil cargoes that Venezuela sells mainly to China as a bargaining tool if Venezuela decides to negotiate with the United States. The Trump administration has increased its military presence in Caribbean and has stated that it is willing to talk to Maduro. His government has been struggling to attract foreign investment to the oilfields of Venezuela due to U.S. sanction. According to sources, the U.S. designated Venezuela's Cartel de los Soles as a terrorist organization on Monday, increasing pressure against Maduro in preparation for further operations to be launched in the near future.
US federal funds for energy production will decline by 11% by 2025
Interior Department reported on Friday that revenue from energy production in U.S. public waters and lands fell by 11% to $14.61 Billion during the last fiscal year, citing lower commodity prices like oil. The total is the lowest since 2021 - the first year under the administration of U.S. president Joe Biden - but the fifth highest since 1982. As part of his agenda to dominate the energy sector, President Donald Trump pledged to increase energy production on federal land and waters while keeping prices low for consumers. Interior Department reported that the U.S. spent $14.61 billion on energy production in federal, tribal and offshore areas.
Florida Republicans Oppose Trump's Offshore Oil Leasing Plan
Florida Republicans, led by Governor Ron DeSantis have said that they are opposed to a plan of the Trump administration which could allow for new oil and natural gas drilling off Florida's Gulf Coast.The reactions were in response to a proposal by the Interior Department published on Thursday, which contemplated future oil leasing in an eastern portion of Gulf of Mexico that is heavily used for military training and testing.Congress ruled out energy development in the region nearly 20 years ago. President Donald Trump, who is a Republican and was elected during his first term…
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the third consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and gas rigs this week for the third consecutive week for the first since September. In the week ending November 21, the oil and gas rig counts, a good indicator of future production, increased by five, to 554 - its highest level since June. Baker Hughes reported that oil rigs increased by two this week to 419, the highest level since October. Gas rigs also rose by two, to 127. Oil and gas rig counts are expected to decline by 5% and 20% respectively in 2024, as the lower U.S.
Venezuela extends oil joint ventures with Russia for 15 years
According to a TV broadcast of a session, the Venezuelan National Assembly approved on Thursday a 15-year renewal of joint ventures that are operated by the state company PDVSA in conjunction with a unit from Roszarubezhneft of Russia. The two oilfields are located in Venezuela's western region. Before approving the extension, lawmakers said that the partnerships could continue to operate the Boqueron oilfield and Perija through 2041. The goal is to produce 91 million barrels of crude or 16,600 barrels a day. Total investment is estimated to be around $616 million. Two lawmakers confirmed that an agreement had been signed between PDVSA, Roszarubezhneft and Petromost in Moscow.
London's FTSE 100 recovers after a four-day decline; inflation data increases rate-cut bets
The FTSE 100 in London was little changed Wednesday after four sessions of falling prices. Gains in consumer staples and healthcare kept the market afloat while a slower inflation rate raised hopes for a rate cut in December. As of 12:40 GMT the blue-chip index had fallen 0.07%, while the midcap FTSE 250 was up 0.07%. The UK's inflation rate slowed for the first month since May. This is good news for the government ahead of the annual budget next week and increases the chances of a Bank of England rate cut. The markets are pricing about 86% of the odds that a quarter point reduction will occur in December.
Pakistan approves TPOC led consortium to operate offshore blocks
The adviser to the Finance Ministry said that Pakistan approved on Tuesday a new offshore exploratory consortium, allowing Turkish Petroleum Overseas Company (TPO) to assume operatorship of Eastern Offshore Block C as part of an effort to revive drilling. The Economic Coordination Committee of Pakistan approved Pakistan Petroleum Limited’s request to transfer a portion of its stake in the block to TPOC Mari Energies, and state-run Oil & Gas Development Co Ltd. This left PPL with a 35 percent stake. TPOC will own 25% of the block and operate it once a formal contract is signed.
EIA: US oil and gas rig counts slow despite record production
The U.S. Energy Information Administration reported on Monday that drilling activity in the U.S. has declined even though production is at record levels. The EIA reported that the number of active drilling rigs has decreased from 750 in December 2020 to 517 by October 2025. This is due to operators' response to lower natural gas and oil prices, and improved drilling efficiency. According to the report, since December 2022 oil-directed drilling rigs fell 33%, to 397. Gas-directed drilling rigs dropped 23%, to 120, in October 2025. EIA reported that despite fewer rigs production continues to increase.
Chevron: Argentina's costs are still challenging, despite reform progress
Mark Nelson, Vice Chairman of Chevron, said that the cost of doing business remains high in Argentina despite the promising geology. The government of Javier Milei has made progress to promote the oil industry. Mark Nelson, Vice Chairman of Chevron, said that the geology in Argentina is excellent despite the progress made by the government under President Javier Milei to promote the oil economy. Chevron holds exploration and development interest in the Vaca Muerta Formation in southern Neuquen Province, where the estimated ultimate recovery is 50% higher per well than the average in the Permian Basin in Texas.
As the US shutdown comes to an end, UK's FTSE100 hits a record high.
Investors welcomed signs that the long-running U.S. shutdown may be ending. The blue-chip index ended 0.1% higher and is now within striking distance of 10,000. The FTSE 250 mid-cap index was down by 0.7%. Upgrade the UK's regulated electric networks and expand their renewable business. Metal mining companies gained 1.3% in value as the copper price increased on global commodities markets. Market sentiment improved after growing optimism that the U.S. This has caused a disruption in the release of important economic data. The Federal Reserve would be better able to make future interest rate decisions if a resolution were reached.
Lukoil's drilling plans in the Black Sea of Romania are stymied by sanctions
Vantage Drilling, a company listed in Oslo, has cancelled a contract for drilling next year. Two industry sources said on Wednesday that the contract was with Russian oil major Lukoil to explore its Romanian Black Sea Trident discovery. This cancellation comes just days after the company declared force majeure on its Iraqi oilfield, the company's prized asset abroad. Vantage Drilling announced on 19 October that it had cancelled a contract of 260 days for its drillship Platinum Explorer without revealing the client or location. Three days earlier, Britain had imposed restrictions on Lukoil as well as Rosneft, another Russian oil company.
The UK's FTSE100 is down as energy and industrial shares weigh
The FTSE 100 index in London dipped on Wednesday, after two sessions of record-high levels. Losses in energy and industrial shares weighed heavily on the market. Blue-chip index fell 0.1% to 9,886 as of 1214 GMT. However, it is still nearing record levels and within striking range of the 10,000 point. The mid-cap index FTSE 250 rose 0.1%. The market sentiment improved this week as investors hoped for a resolution to the U.S. Government shutdown. Investors expect that the U.S. House of Representatives will vote soon to end the shutdown, which has prevented the release of important economic data.
Shell appeals against arbitration ruling on Venture Global LNG Supply Contracts
Shell has filed a lawsuit in New York Supreme Court to challenge its loss in an arbitration against U.S. liquefied gas producer Venture Global. This comes weeks after BP won a $1 billion arbitration. The two arbitration cases were based on Venture Global's inability to deliver LNG as per long-term contracts, while the prices of LNG soared following the outbreak of war in Ukraine. Shell argues in its latest filing that, while it is difficult to appeal arbitration decisions, they believe such a move was justified as Venture Global withheld crucial evidence. Shell confirmed that the document was filed on Monday.
Shell appeals against arbitration ruling on Venture Global LNG Supply Contracts
Shell has filed a lawsuit in New York Supreme Court to challenge its loss in an arbitration against U.S. liquefied gas producer Venture Global. This comes weeks after BP won a $1 billion arbitration. The two arbitration cases concerned Venture Global's inability to deliver LNG as per long-term contracts, while the prices of LNG on the spot market soared following the outbreak of war in Ukraine. Shell, in a new filing, claimed that, while it was true the legal hurdles to appeal arbitration decisions are high, they believed an appeal would be justified because Venture Global withheld crucial evidence. Shell confirmed that the document was filed on Monday.
TotalEnergies and Petronas get the green light for exploration in Guyana
TotalEnergies and Petronas are oil producers who have signed an agreement for five years with the Guyana government to explore shallow-water blocks, officials and executives of both companies said on Tuesday. Guyana is struggling to diversify its industry. Its energy sector is currently dominated by an Exxon Mobil-led consortium, which controls all oil and gas production since Guyana became a producer of crude oil in 2019. Block S4, which is located between 50 and 100 km (between 30 and 60 miles) off the coast of Guyana, was the first production sharing…
Shell challenges Venture Global Arbitration Decision in New York Supreme Court
Shell is appealing its loss in a case against U.S. liquefied gas producer Venture Global at the New York Supreme Court. This comes weeks after BP won a $1 billion arbitration. The dispute arose from Venture Global's failure of to deliver liquefied gas under long-term agreements starting in 2023. Shell claims in a new filing that Venture Global hid information from Shell and to the arbitration tribunal. Shell confirmed that the filing was made Monday. Shell, BP, Edison, and Galp, among others, filed arbitration claims in 2023 accusing Venture Global that it profited from the sale on LNG at the spot market…