Petroleum

Global oil prices plunged after a rapid surge as expectations of easing Middle East tensions erased the geopolitical premium, sending WTI and Brent crude sharply lower within 24 hours.

Oil prices jumped over 20% and briefly topped $100 a barrel after Israeli strikes on Iranian oil facilities disrupted tanker traffic through the Strait of Hormuz, shaking global markets and lifting energy stocks.

Oil prices jumped sharply as escalating Middle East tensions raised fears of supply disruptions, with U.S. crude posting its biggest one-day gain since 2020 and gasoline prices rising nationwide.

As US–Iran negotiations resume in Geneva, Brent holds near $71 and WTI trades at $65–66, with markets pricing in a $7–10 geopolitical risk premium tied to sanctions and Strait of Hormuz supply risks.

Following Libya's 2025 ceasefire, TotalEnergies and ConocoPhillips signed a $20B, 25-year Waha oil field deal, targeting 850,000 bpd and accelerating Libya's plan to reach 2 million bpd by 2030.

Weak global growth, surging oil supply and geopolitical uncertainty are set to push the 2026 oil market into a record imbalance, keeping crude prices low while fueling extreme volatility.

As Abu Dhabi's Mubadala shifts investment toward AI, green energy and digital infrastructure, the UAE's post-oil strategy is creating fresh openings for Chinese companies across energy, technology and logistics.

China's leading energy think tank says the global oil and gas industry is undergoing six major shifts in 2025, while China's eight stabilizing trends are reinforcing energy security and growth amid rising uncertainty.

Russian Urals crude prices to China have fallen to record lows as weaker Indian demand and US sanctions pressure exports, boosting Chinese imports and reshaping Russia's oil trade flows.

The U.S. military action in Venezuela has disrupted oil exports and drawn global attention, raising questions over China's crude supply and chemical trade, though analysts see limited long-term impact on China's market.

Escalating social unrest in Iran is disrupting chemical production and exports, raising supply risks across methanol, ethylene glycol, PX and urea markets while intensifying global price and trade uncertainties.

The United States has reached a trade agreement with Taiwan, China, cutting reciprocal tariffs to 15%, granting sector-specific exemptions, and linking tariff relief to major semiconductor investment commitments in the U.S.

Iran reported record growth in oil exports over the past 14 months, underscoring its resilience under sanctions and raising renewed attention on global supply balances and Middle East shipping risks.

Trump says U.S. oil firms could help control over half of global oil if they re-enter Venezuela, but industry leaders warn investment needs major reforms first.

Venezuela's oil exports have plunged to near zero, triggering emergency production cuts and escalating fears of deeper economic turmoil.

OPEC+ has agreed to keep oil production steady through March 2026, signaling a cautious approach as seasonal factors and market balance remain in focus.

ExxonMobil's planned shutdown of a major Scottish ethylene plant highlights the mounting pressures reshaping Europe's energy and petrochemical industry.

Occidental Petroleum has closed its US$9.7 billion OxyChem deal, a move set to reshape its balance sheet and the U.S. chemicals landscape.

As President Trump's sudden military move in Venezuela rattles markets and halts oil exports, investors and Asian buyers are racing to assess whether the world's largest proven reserves could become the next global energy flashpoint.

By 2025, China's offshore oil output is projected to reach 68 million tonnes — accounting for about 80% of national production growth — underpinned by deepwater discoveries, offshore gas and LNG expansion, and accelerating offshore wind development.

CNOOC has announced the discovery of the Qinhuangdao 29-6 oilfield in the Bohai Sea, marking the seventh consecutive billion-ton oil and gas find since 2019 in China's largest crude oil production base.

China's Bohai Oilfield has reached a historic production milestone through capacity expansion and technological innovation, solidifying its role as the backbone of China's offshore oil and gas supply and national energy security.

Despite its vast oil reserves, Venezuela is sliding into a worsening oil crisis that threatens global energy stability.

CNPC completed its largest-ever one-million green power certificate deal, marking a key milestone in its low-carbon transition.

European refineries are under growing pressure to pivot to cleaner fuels as oil majors cut jobs and spending despite confidence in long-term oil and gas demand.

China's Petroleum and Chemical Industry Prosperity Index fell to 97.21 in November, down 2.58 points month-on-month, ending two months of steady recovery.

China's Changqing Oilfield surpassed 60 million tonnes of annual oil and gas equivalent on 26 November, achieving six consecutive years of production growth since 2020.

CNPC is set to launch its Dalian Petrochemical Relocation and Upgrading Project in 2026, boosting refining capacity by 10 million tonnes per year.

China's Western Crude Oil Pipeline Marks 18 Years of Safe Operation, Transporting Over 200 Million Tons of Oil.

Sinopec Yanshan Petrochemical has launched full-scale operations of its Nankang Green High-End Rubber Project in Tianjin after signing a strategic investment cooperation agreement with TEDA.