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

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

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

According to the company’s 2026–2028 strategic plan, the projected investments aim to increase Vaca Muerta production by 60%, reaching 180,000 boe/d in 2028

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

“This is the fifth-deepest well Petrobras has ever drilled, and it is a pioneer well in an unexplored area. That requires great care,” said Sylvia Anjos, Petrobras’ Exploration and Production director, at a press conference

The company’s CFO, Fernando Melgarejo, attributed the profit to an increase in crude output, which helped offset the decline in international prices

British oil company BP announced a net profit of USD 3.477 billion in the first nine months of 2025, 48.6% higher than in the same period a year earlier, thanks in part to improved performance at its production facilities

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