Global oil supply will match demand in 2026 in a reflection of the wider Opec+ group's production increases and higher supply from other producers, an Opec report showed today, marking a further shift from its earlier projections of a supply deficit.
Oman’s oil exports reached approximately 230.1804 million barrels by the end of September 2025, recording a slight decrease of 0.2 per cent compared to the same period in 2024, which totalled 230.5755 million barrels.
Two Indian refiners have purchased 5 million barrels of crude oil from spot markets, seeking alternatives to Russian supplies. Hindustan Petroleum acquired 2 million barrels each of US West Texas Intermediate and Abu Dhabi's Murban crude, while Mangalore Refinery and Petrochemicals bought 1 million barrels of Basra Medium crude.
Oil prices fell on Friday after US President Donald Trump said Washington would not attack Iran before the November 3 midterm elections, citing what he described as productive discussions with Tehran and easing concerns over further disruption to Middle East energy supplies.
Equinor and its partners have discovered gas at the Gullfaks South field, 190 kilometres northwest of Bergen, with recoverable resources estimated at 0.5 million to 1.6 million standard cubic metres of oil equivalent, or 3.3 million to 10.3 million barrels of oil equivalent.
The US Energy Information Administration (EIA) forecasts in its October Short-Term Energy Outlook (STEO) that US crude oil production will average 13.5 million barrels per day (mmb/d) in both 2025 and 2026, both slightly higher than the agency’s September forecast.
Oil prices rose on Wednesday (October 7), with Brent crude futures climbing 93 cents, or 0.92 per cent, to $101.51 a barrel. US West Texas Intermediate (WTI) crude futures also gained 82 cents, or 0.92 per cent, to reach $90.25 a barrel.
Saudi Arabia has restored oil flows through its strategic East-West Pipeline to 5.8 million barrels per day (bpd), strengthening the Kingdom’s ability to move crude to global markets.
Bahrain’s Minister of Oil and Environment and Special Envoy for Climate Affairs, Dr. Mohammed Bin Dinah, stressed the importance of closer GCC coordination on oil and energy policies to safeguard global energy security and market stability amid rapid economic, technological and geopolitical changes.
Oil prices edged lower in early Asian trading on Tuesday (October 6), with Brent crude futures slipping 4 cents to $100.28 a barrel, while US West Texas Intermediate crude futures fell 11 cents, or 0.1%, to $89.33 a barrel.
