Crude Oil – Page 4 – Oil & Gas 360

Aramco begins gas production at Jafurah, world’s largest shale project outside U.S.

December 3, 2025

(World Oil) – Aramco has begun gas production from the first phase of its Jafurah development, marking a major step in Saudi Arabia’s push to scale unconventional resources and expand domestic gas supply. According to Reuters, the milestone was disclosed in the Saudi Ministry of Finance’s 2026 budget statement, which listed the start-up as a key 2025 achievement. Jafurah is considered the

Venezuela’s oil exports surpass 900,000 bpd despite US pressure, data shows

December 3, 2025

(BOE Report) – Venezuela’s oil exports rose slightly to some 921,000 barrels per day (bpd) in November, the third-highest monthly average so far this year, as the country used more diluents to produce exportable grades, according to shipping data and documents. The OPEC producer is under increasing political pressure from the U.S., which has struck a score of alleged drug-smuggling

Hydrocarbon discovery strengthens Namibia’s onshore potential at Kavango West 1X well

December 3, 2025

(World Oil) – Reconnaissance Energy Africa (ReconAfrica) has confirmed hydrocarbon pay at its Kavango West 1X exploration well on Petroleum Exploration Licence (PEL) 73 in northern Namibia, advancing early appraisal of the emerging Damara Fold Belt play. The well—drilled to a total depth of 4,200 m—encountered approximately 400 m of gross hydrocarbon-bearing interval within the Otavi carbonate section, including 64

Oil prices rise as talks fail to achieve Ukraine peace deal

December 3, 2025

(Investing) – Oil prices rose Wednesday, bouncing after the previous session’s losses, as high-level U.S.-Russia talks failed to reach a breakthrough in ending the war in Ukraine. At 08:05 ET (13:05 GMT), Brent Oil Futures expiring in February rose 1.1% to $63.15 per barrel and West Texas Intermediate (WTI) crude futures gained 1.3% to $59.38 per barrel. Both contracts slipped more than 1% on Tuesday.

U.S. crude oil inventories increase by 0.5 million barrels- oil and gas 360

U.S. crude oil inventories increase by 0.6 million barrels

December 3, 2025

Weekly Crude Oil Storage as of November 28, 2025 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.6 million barrels from the previous week. At 427.5 million barrels, U.S. crude oil inventories are 3% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,

OPEC+ members to undergo annual oil capacity audit under new plan, sources say

December 2, 2025

(Investing)– OPEC+ members will undergo an annual assessment of their oil production capacity starting next year for use in 2027, OPEC+ sources said, to ensure that the group sets output quotas that are more closely aligned with each country’s real capacity. This follows an agreement reached on Sunday which marks progress in resolving what has been a thorny issue for

Alberta government urges oil regulator to go soft on flaring

December 1, 2025

(Oil Price) – The provincial government of Alberta, Canada’s key oil and gas-producing province, has advised the Alberta Energy Regulator to go soft on imposing penalties for excess flaring, Reuters reported on Monday, citing documents it had obtained through access to information laws. The provincial government has urged the regulator to take a “softer” tone in communication with companies that are found to

Chevron takes 40% stake in TotalEnergies’ offshore Nigeria blocks

December 1, 2025

(World Oil) – TotalEnergies has strengthened its global exploration ties with Chevron following a new farmout agreement covering two offshore licenses in Nigeria’s West Delta basin. The company announced that its Nigerian subsidiary, TotalEnergies EP Nigeria, has agreed to transfer a 40% interest in exploration licenses PPL 2000 and PPL 2001 to Star Deep Water Petroleum Limited, a Chevron company. TotalEnergies will remain operator

Ecopetrol to drill up to 430 wells under 2026 investment plan as upstream remains priority

December 1, 2025

(World Oil) – Ecopetrol has approved an investment plan of COP 22–27 trillion ($5.4–$6.7 billion) for 2026, maintaining capital levels similar to those projected for year-end 2025 while prioritizing upstream development and operational efficiencies. Roughly 70% of next year’s budget — about COP 17.2 trillion — will go to exploration, production, refining and transport activities aimed at sustaining output between 730,000

Targa strengthens Permian presence with $1.25 billion deal for midstream firm

December 1, 2025

(BOE Report) – Pipeline operator Targa Resources said on Monday it would buy Stakeholder Midstream in a $1.25 billion all-cash deal, expanding its processing capacity in the key Permian Basin. Dealmaking in the midstream sector has been picking up pace as companies look to cut costs or add scale and gain access to attractive oil- and gas-producing regions, as well

Petrobras trims $109 billion capex plan as lower oil prices pressure dividends

December 1, 2025

(World Oil) – Brazilian oil major Petrobras announced a 2% decrease in its next five-year investment plan to $109 billion, putting dividend payments in doubt at a time of lower oil prices. Shares fell. The state-controlled oil producer is caught between the government’s desire to grow the economy – especially ahead of a 2026 presidential election – and investors who demand high

Oil prices climb after OPEC+ reaffirms pause; supply risks in focus

December 1, 2025

(Investing) – Oil prices ticked higher on Monday, bolstered by OPEC+’s reaffirmation that it will hold output steady during the first quarter, as well as renewed supply concerns stemming from geopolitical tensions. Get the latest updates and insights on the biggest market-moving stories by upgrading to InvestingPro – get 60% off today. As of 08:20 ET (13:20 GMT), Brent oil futures expiring in March

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