Venezuela’s state oil company PDVSA has begun storing crude oil and fuels on tankers as onshore inventories rise amid U.S. seizures of vessels linked to Venezuela, according to company documents and maritime data
The Council of the European Union has renewed economic sanctions against Russia for a further six months, until 31 July 2026, in response to its war against Ukraine
In its monthly oil market report, the IEA now estimates global supply at 106.2 million barrels per day in 2025, up 3 million bpd from 2024, which is 100,000 bpd less than it forecast in November
The production increase follows a decision by the OPEC+ group of oil-producing countries to implement a moderate rise in production quotas. se in production quotas. Novak also said that Russian companies are increasing investment to meet the higher production quotas set by OPEC+
The decision does not include the potential production increases that eight member countries may agree on, as these nations aim to finish returning to the market the barrels they voluntarily withdrew to support prices
The government said the elimination of export duties aims to preserve activity in mature basins, provide investment certainty, and protect jobs in the sector
YPF announced that it has reached a production milestone of 200,000 barrels per day of oil in Vaca Muerta. This shale oil production level represents 82% growth in just over two years
Global demand for oil and gas could continue to rise until 2050, the International Energy Agency (IEA) said, marking a shift from its earlier expectations of a rapid transition to cleaner fuels and warning that the world is unlikely to meet its climate goals
The ministers of eight OPEC+ member countries, led by Saudi Arabia and Russia, decided in an online meeting to increase their oil supply by 137,000 barrels per day (bpd) starting in December
Petrobras produced an average of 4.54 million barrels of oil and gas equivalent per day in the third quarter of 2025, 17.3% more than in the same period last year, the company reported
