Eight leading OPEC+ members, Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, agreed to pause their planned production increases for January to March 2026, citing seasonal demand patterns and a need for continued caution despite a steady global economic outlook and healthy oil market fundamentals.
Russian oil company Rosneft reported a 70.1% decline in net income during the first nine months of 2025, falling to RUB 277 billion, according to the company's financial results. During the same period in 2024, the company's net income was RUB 926 billion. The company's revenues from sales declined 17.8% to RUB 6.28 trillion during the period from January through September 2025, compared to RUB 7.64 trillion in the first nine months of 2024.
ADNOC Gas, the integrated natural gas company and a subsidiary of the Abu Dhabi National Oil Company (ADNOC), has signed a long-term agreement with Emirates Steel Arkan (EMSTEEL), one of the Middle East’s largest integrated steel and building materials producers. The deal, valued between $3.5 billion and $4.2 billion, will secure a stable supply of lower-carbon natural gas to EMSTEEL over 20 years starting January 1, 2027.
A rocket attack struck a liquid storage tank at Iraq’s Khor Mor gas field, one of the largest in the Kurdistan region, forcing a halt in production and causing major power cuts across northern Iraq, joint field operator Dana Gas confirmed on Thursday, November 27, as reported by Reuters.
Russia is exploring opportunities to increase oil exports to China and deepen cooperation on liquefied natural gas (LNG), Deputy Prime Minister Alexander Novak said Tuesday during a Sino-Russian business forum in Beijing.
China and India have become Russia’s largest oil buyers since the start of the Ukraine conflict in 2022. China currently imports around 1.4 million barrels per day (b/d) of Russian oil by sea and about 900,000 b/d via pipeline. Despite recent U.S. sanctions targeting Rosneft and Lukoil—Russia’s two biggest oil producers—President Vladimir Putin has downplayed their impact, calling the measures unfriendly but insignificant for the Russian economy.
His Highness Sheikh Mohamed bin Zayed Al Nahyan, United Arab Emirates (UAE) President, chaired the annual meeting of the Abu Dhabi National Oil Company (ADNOC) Board of Directors at the Habshan complex. During the meeting, he approved the $150 billion CAPEX plan for 2026–2030.
The European Union (EU) would not oppose a proposed deal on the outcome of the COP30 climate talks in Brazil, Reuters reported, citing two anonymous sources on November 22.
"It's lacking in ambition; it's lacking in balance, but we won't oppose," an EU negotiator said. "It will provide much‑needed money for adaptation for the poorest and most vulnerable."
The European Union (EU), on Friday, November 21, rejected a draft agreement for the COP30 meetings. The bloc refused to back the draft, stating it fell short of advancing global efforts to cut greenhouse‑gas emissions and lacked a commitment to move away from fossil fuels.
Exxon Mobil CEO Darren Woods announced on Friday, November 21, that the company has paused plans to build what would have been one of the world's largest hydrogen production facilities in Baytown, Texas, citing weak customer demand.
The Abu Dhabi National Oil Company (ADNOC), through its international investment company XRG P.J.S.C., announced on November 21 the receipt of the final outstanding regulatory approval needed for its €14.7 billion acquisition of German chemicals producer Covestro. The final clearance, granted by the German Federal Ministry for Economic Affairs and Energy, means all closing conditions are now satisfied, and the transaction is expected to be finalized within days.
Wood, a UK-based consulting and engineering company, has secured a new contract to manage Engineering, Procurement, and Construction (EPC) services for PetroChina at the West Qurna 1 oilfield in southern Iraq.
