Brent crude oil futures rose by 42 cents, equivalent to 0.7 percent, reaching $60.10 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by 44 cents, equivalent to 0.79 percent, reaching $56.38 per barrel.
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A growing fleet of tankers carrying Russia’s flagship Urals crude oil has accumulated off China’s eastern coast, following a sharp reduction in purchases by India—the grade’s largest buyer—due to Western sanctions.
Iran is accelerating refinery upgrade projects under its Seventh National Development Plan, concentrating resources and management on three national priority initiatives, according to NIORDC’s chief.
Cumulative oil production from the Sepehr and Jofeir oil fields has surpassed 34.5 million barrels, according to a report presented at the 24th meeting of the Joint Management Committee for the fields’ development and production increase plan.
Brent crude oil futures rose by 79 cents (1.3 percent) to $59.71 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by 77 cents (1.4 percent) to $56.04 per barrel.
Nigeria earned about ₦12.81 trillion from crude oil exports in Q3 2025, representing 56.14% of total exports and highlighting a recovery in oil revenues.
Brent crude futures dropped 35 cents (0.6%) to $60.21 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell 30 cents (0.5%) to $56.52 per barrel.
Canada’s Imperial Oil plans to boost 2026 capital spending to C$2.0–2.2 billion and raise output to 441,000–460,000 boepd, prioritizing oil sands projects at Kearl and Cold Lake to cut costs and strengthen cash flow amid weaker oil prices.
India’s Petroleum Minister Hardeep Singh Puri announced that ONGC will soon begin production at West Bengal’s Ashoknagar oil field after resolving regulatory issues, with ₹1,000 crore invested since its 2018 discovery and land provided on a nominal lease.
Brent crude oil futures rose 30 cents (0.49%) to $61.42 per barrel. U.S. West Texas Intermediate (WTI) crude futures also gained 28 cents (0.49%) to $57.72.
Indian Prime Minister Narendra Modi and Russian President Vladimir Putin reaffirmed their energy partnership in New Delhi, with Russia pledging steady fuel supplies to India despite U.S. sanctions and tariffs on discounted crude imports.
Iran’s heavy crude oil price edged lower in November in line with other grades in the OPEC basket, the group’s latest monthly report showed.
India boosted Russian crude imports to €2.6 billion in November, reinforcing its role as Moscow’s second-largest buyer and channeling discounted oil into rising exports to Australia and sanction-hit Western markets.
Brent crude futures rose 43 cents, or 0.70%, to $61.71 per barrel. U.S. West Texas Intermediate (WTI) crude futures also gained 43 cents, or 0.75%, settling at $58.03 per barrel.
The International Energy Agency has lowered its 2026 global oil surplus forecast to 3.84 million barrels per day, citing stronger demand and reduced supply from Russia and Venezuela due to sanctions.
OPEC’s crude oil production fell by 1,000 barrels per day in November, reaching 28.48 million barrels per day, according to the organization’s latest monthly report issued in December 2025.
Brent crude futures tumbled $0.73, or 1.19%, to settle at $61.47 a barrel on Wednesday, extending a slump in global oil markets. The U.S. benchmark West Texas Intermediate (WTI) crude followed suit, shedding $0.77, or 1.40%, to $57.64 a barrel.
Asian buyers are forcing Venezuelan oil exporters into record discounts amid competition from cheap sanctioned Russian and Iranian crude, while U.S. military activity in the Caribbean heightens risks for shipments from Venezuela’s ports.
Indian refiners, except Reliance Industries, are continuing to purchase discounted non‑sanctioned Russian crude, with four of the seven largest processors involved, and imports expected to persist at reduced levels into next year due to attractive pricing.
Today is the ninth anniversary of the OPEC+ Declaration of Cooperation, signed in Vienna on December 10, 2016, which reshaped global energy markets through unprecedented collaboration between OPEC and non-OPEC producers.