Markets

Nigeria's oil production reached its highest level for 2024 in Nov., hitting 1.7MMb/d, a significant 13.3% increase compared to Nov. 2023.

Canada's oil industry is preparing for increased output in 2025, with major producers Cenovus, Imperial Oil, and Suncor each planning to boost production next year despite political pressures.

Equinor and Shell have announced the formation of a joint venture (JV) to combine their UK offshore oil and gas operations, making it the largest independent producer in the UK North Sea.

Some market watchers chose to focus on predictions of a supply overhang next year rather than on OPEC+ continuing to keep large volumes off of the market.

The country’s crude imports from Venezuela have surged to their highest level since 2006, largely due to a special US license granted to Spanish energy company Repsol.

OPEC+ has decided to delay the start of its production increases for three months, postponing the gradual easing of its cuts from Jan. 2025 to Apr. 2025.

The deal between Israel and Hezbollah was seen as minimizing the potential for war-related supply disruptions in the region.

In addition to an escalation in Russia's war on Ukraine, an outage in the Johan Sverdrup oil field had traders fixated on real and potential supply disruptions.

Sharp day-on-day price drops on Monday and Friday were largely spurred by concerns about soft demand, particularly in China.

As Donald Trump returns to the White House, his energy policy promises to shift focus toward maximizing US oil and gas production, signaling a potential boost to fossil fuel sectors.