The eight Opec+ countries—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—will adjust production by 137,000 bpd in November due to a stable global economic outlook and low oil inventories.
The International Energy Agency (IEA) forecast a global oil market oversupply of 4 million barrels per day (bpd) in 2026, citing the recent increase in crude oil supplies from the Middle East and the Americas. It noted that this increasingly underscores the need for market change.
Oil prices have fallen to about $57 per barrel due to a growing imbalance of supply exceeding demand, despite Opec+ increasing production. This decline significantly impacts Mena economies, which heavily rely on oil revenues for their financial stability, according to Mohanad Yakout, Senior Markets Analyst, Scope Markets.
Suriname is becoming a significant player in global energy, with major offshore oil discoveries and recoverable resources of 2.4 billion barrels of oil equivalent and 12.5 trillion cubic feet of natural gas. Rapid exploration is expected, with production anticipated between 2025 and 2027.
The future of the oil and gas industry was on display at The Oil and Gas Automation and Digitalisation Congress (AUTOMA) 2025, held on October 13-14 in Amsterdam. Experts from O&G companies, EPCs, pipeline operators, refineries, service providers and technology developers explored technologies driving AI-powered transformation, smart infrastructure, digital decarbonisation and autonomous operations.
Algeria's Sonatrach and Saudi company Midad Energy North Africa have signed a production-sharing hydrocarbon contract for the exploration and exploitation of hydrocarbons on the contractual perimeter of Illizi South, located nearly 100 km south of In Amenas.
Aramco President & CEO Amin H Nasser has emphasised the importance of energy addition to meet rising global demand and Aramco's determination to remain dominant in oil.
bp has started up its sixth major upstream oil and gas project of 2025 with production from the Murlach field in the UK North Sea. The six projects add around 150,000 barrels of oil equivalent per day (boed) combined peak net production, contributing to bp’s target to deliver an additional 250,000 boed combined peak net production by the end of 2027.
Caracas and Washington have reached a deal to export up to $2 billion worth of Venezuelan crude to the US, US President Donald Trump said, a flagship negotiation that would divert supplies from China while helping Venezuela avoid deeper oil production cuts.
Saudi oil giant Aramco has announced the launch of its 98-octane gasoline product, which will begin supplying in January 2026 as part of efforts to expand consumer fuel options and diversify its product portfolio without affecting existing products in the market.
