OPEC+ ministers reaffirmed their commitment to oil market stability and called for safeguarding maritime routes as shipping and insurance costs surge, adding to inflationary pressures and the burden on oil producers and consumers.
Russia could increase diesel exports to 3 million to 3.5 million metric tons per month by the end of 2026, potentially exceeding volumes announced by US President Donald Trump, according to Reuters.
Italian energy company Eni has signed two binding agreements to sell its 10% stakes in selected Indonesian upstream assets to state-owned Pertamina and energy company Medco.
Saudi Aramco is expanding its overseas oil storage capacity and evaluating additional crude export routes to strengthen supply security amid shipping disruptions and constraints affecting the Strait of Hormuz.
OPEC expects global oil demand to grow by 400,000 barrels per day (bbl/d) in 2026, down from its initial projection of 1.4 million bbl/d, as market developments over the course of the year have prompted a reassessment, OPEC Secretary General Haitham Al Ghais said on October 12, Reuters reported.
Saudi Arabia aims to increase its oil pipeline capacity to 10 million barrels per day (mmbbl/d) over the next two to three years through several initiatives, including upgrades to pumping stations along the East-West Pipeline, Saudi Energy Minister Prince Abdulaziz bin Salman said on October 12, according to Asharq, Bloomberg’s Arabic news platform.
Oil prices rose to near two-week highs on October 12 as attacks on Saudi Arabia heightened concerns over Middle East supply disruptions, outweighing expectations of additional diesel supplies from Russia, Reuters reported.
Seven US senators from both the Republican and Democratic parties urged President Donald Trump to reverse a diesel supply deal with Russia, saying it violates US law prohibiting Russian energy imports until Moscow ends its aggression against Ukraine, according to Reuters.
The US Department of Energy has authorized the release of up to four million barrels of crude oil from its Strategic Petroleum Reserve to offset supply disruptions caused by Hurricane Isaias, Reuters reported.
Saudi Arabia and the United Arab Emirates (UAE) have increased crude oil exports as shipments through the Strait of Hormuz recover, with both countries seeking to regain market share lost during the Iran war, according to data from analytics firm Kpler cited by Reuters on October 8.
