Markets

The French energy giant is expanding global operations with new drilling in Suriname and a major project in Iraq. 

Oil prices have experienced notable fluctuations during the first days of Jan. 2025, with concerns over supply glut, technical resistance levels, and geopolitical tensions influencing the market.

The oil market is currently navigating significant challenges that may influence pricing and production strategies.

In a decisive move before exiting office, President Joe Biden enacted a sweeping ban on offshore drilling in over 625MM acres (252.93MM hectares) of US coastal and offshore territories, including sensitive areas like the eastern US Atlantic coast and parts of the Arctic.

Speculators and algorithmic traders are increasingly optimistic about rising oil prices, driven by anticipated policy shifts in the US, stricter sanctions on Iran, and evolving trends in global oil demand.

In Canada, Suncor Energy achieved record-breaking oil production in 2024, surpassing its high-end forecast due to growing demand and improved market access.

Venezuela's oil exports grew 10.5% in 2024, averaging 772K b/d, the highest since 2019.

The US is preparing to implement stringent sanctions on Russia's oil industry, targeting over 180 vessels, senior executives, traders, and two major oil companies.

The global oil market in 2025 is poised to see a surplus, driven by increasing non-OPEC+ supply and modest demand growth.

Crude oil prices have seen significant fluctuations in the closing weeks of 2024, driven by a complex mix of economic factors, geopolitical risks, and shifting market sentiment.