03 Nov Energy Price/News Update Brent $64.64/bbl, WTI Crude $60.85/bbl, OPEC $66.72/bbl
London, November 03, 2025, (Oilandgaspress) –––Eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 2 November 2025, to review global market conditions and outlook.
In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137 thousand barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023. This adjustment will be implemented in December 2025.
Beyond December, due to seasonality, the eight countries also decided to pause the production increments in January, February, and March 2026 as detailed in the table below.
The eight participating countries reiterated that the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023.
The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC).
They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 30 November 2025. Read More
OPEC Secretariat receives updated compensation plans from Russia, Iraq, the United Arab Emirates, Kazakhstan, and Oman
As agreed during the virtual meeting held by the eight countries with additional voluntary adjustments, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, on 5 October 2025, the OPEC Secretariat received updated compensation plans as per the table above. . Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $60.85 | Up |
| Crude Oil (Brent) | USD/bbl | $64.64 | Down |
| Bonny Light 03/11/25 CBN | USD/bbl | $66.63 | Up |
| Dubai | USD/bbl | $65.00 | Up |
| Natural Gas | USD/MMBtu | $4.19 | Up |
| Murban | USD/bbl | $67.24 | Up |
| OPEC basket 31/10/25OPEC | USD/bbl | $66.72 | Up |
| At press time November 03, 2025 . |
Amazon.com, Inc. announced financial results for its third quarter ended September 30, 2025.
Net sales increased 13% to $180.2 billion in the third quarter, compared with $158.9 billion in third quarter 2024. Excluding the $1.5 billion favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 12% compared with third quarter 2024.
North America segment sales increased 11% year-over-year to $106.3 billion.
International segment sales increased 14% year-over-year to $40.9 billion, or increased 10% excluding changes in foreign exchange rates.
AWS segment sales increased 20% year-over-year to $33.0 billion.
Operating income was $17.4 billion in the third quarter, compared with $17.4 billion in third quarter 2024. Third quarter 2025 operating income includes two special charges—$2.5 billion related to a legal settlement with the Federal Trade Commission and $1.8 billion in estimated severance costs primarily related to planned role eliminations. Without these charges, operating income would have been $21.7 billion.
North America segment operating income was $4.8 billion, compared with $5.7 billion in third quarter 2024. Excluding the $2.5 billion charge related to a legal settlement with the Federal Trade Commission, North America operating income would have been $7.3 billion. These results also include estimated severance costs primarily related to planned role eliminations.
International segment operating income was $1.2 billion, compared with $1.3 billion in third quarter 2024. These results also include estimated severance costs primarily related to planned role eliminations.
AWS segment operating income was $11.4 billion, compared with $10.4 billion in third quarter 2024. These results also include estimated severance costs primarily related to planned role eliminations.
Net income increased to $21.2 billion in the third quarter, or $1.95 per diluted share, compared with $15.3 billion, or $1.43 per diluted share, in third quarter 2024.
Third quarter 2025 net income includes pre-tax gains of $9.5 billion included in non-operating income (expense) from our investments in Anthropic, PBC.
Operating cash flow increased 16% to $130.7 billion for the trailing twelve months, compared with $112.7 billion for the trailing twelve months ended September 30, 2024.
Free cash flow decreased to $14.8 billion for the trailing twelve months, driven primarily by a year-over-year increase of $50.9 billion in purchases of property and equipment, net of proceeds from sales and incentives. This compares to free cash flow of $47.7 billion for the trailing twelve months ended September 30, 2024. Read More
AWS activates Project Rainier:
AWS collaborated with AI safety and research leader, Anthropic, on Project Rainier, which features nearly half a million Trainium2 chips and provides more than five times the compute power Anthropic used to train its previous AI models. Anthropic is actively using Project Rainier to build and deploy its industry-leading AI model, Claude. Claude is expected to be on more than 1 million Trainium2 chips—for workloads including training and inference—by the end of the year. One of the world’s largest AI compute clusters comes online
This AI compute power is being used to build and deploy future versions of Claude. The more compute that is dedicated to training this frontier model, the smarter and more accurate it will become.
Trainium2, a custom-designed AWS AI chip built specifically for training artificial intelligence systems. Unlike the general-purpose chips in your laptop or phone, Trainium2 is specialized for processing the enormous amounts of data required to teach AI models how to complete all manner of different and increasingly complex tasks—fast.
With Project Rainier, AWS has already built Trainium2 infrastructure that’s 70% larger than any other AI computing platform in AWS history.
To put the power of Trainium2 in context: a single chip is capable of completing trillions of calculations a second. If, understandably, that’s a little hard to visualize: consider that it would take one person more than 31,700 years to count to one trillion. A task that would require millennia for a human to complete can do in the blink of an eye with Trainium2. Read More
Amazon is working closely with UN agencies and other first responders to ensure communities in Jamaica and the Caribbean have the emergency supplies and technological resources they’ll need to recover as quickly as possible from Hurricane Melissa, a slow-moving storm with record-breaking strength.
Hurricane Melissa made landfall Tuesday in Jamaica as a Category 5 storm, the strongest to directly hit the island since records began and the most powerful storm in the world this year. Hurricane Melissa is also impacting Cuba, the Bahamas, Bermuda, and other Caribbean islands.
Amazon is positioning supplies for nonprofits and first responders from our Disaster Relief hub near Atlanta, which is stocked with tarps, blankets, medical devices, and other emergency supplies so that Amazon can help nearby disaster-impacted communities within hours. Amazon operates 15 Disaster Relief hubs around the world to quickly respond to disasters when they strike. Employee and partner safety is Amazon’s first priority in the wake of Hurricane Melissa. Dedicated teams are working around the clock to provide alerts and up-to-date information to inform operational decisions. Read More
Meren Energy Inc. announces that, as of today, its common shares have qualified to trade on the OTCQX Best Market (“OTCQX”) in the United States under the ticker symbol of ‘MRNFF’. The Company’s common shares will continue to trade on the Toronto Stock Exchange and Nasdaq Stockholm under the ticker symbol ‘MER’. No new common shares will be issued as part of the commencement of trading on OTCQX. U.S. investors can find current financial disclosure and RealTime Level 2 quotes for the Company on www.otcmarkets.com. Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws. Read More
Neste’s investment in the Singapore refinery marked a pivotal milestone as the company’s first major renewable products focused investment in Asia and outside of Finland. In 2010, Neste’s refinery in Singapore commenced operations as the world’s largest renewable diesel refinery.
A subsequent expansion in 2023 integrated sustainable aviation fuel (SAF) production capabilities into the refinery operations, elevating the total production capacity of renewable products to 2.6 million tons annually, encompassing renewable diesel, SAF, and renewable raw materials for polymers and chemicals.
Investments in Singapore have solidified Neste’s role as a significant global player in renewable fuels, enhancing its global footprint and strengthening ties with its Asia-Pacific customers.
“The Singapore refinery’s 15th anniversary is a testament to Neste’s refining expertise and the dedication of our talented employees in Singapore. Their commitment to pioneering renewable solutions and our strategic growth in the region make this refinery a cornerstone of our global operations, giving us an advantage in global competition and enabling us to continue helping our customers to reduce their greenhouse gas emissions,” says Jukka Kanerva, Senior Vice President, Refining, Renewable Products at Neste.
60-year-old Porvoo refinery, a cornerstone of Neste’s innovative refining Read More
Baker Hughes Rig Count: International -3 to 1076, :U.S. -4 to 546 Canada -12 to 187
U.S. Rig Count is down 4 from last week to 546 with oil rigs down 6 to 414, gas rigs up 4 to 125 and miscellaneous rigs down 2 to 7.
Canada Rig Count is down 12 from last week to 187, with oil rigs down 11 to 127, gas rigs down 1 to 60 and miscellaneous unchanged at 0.
International Rig Count is up 8 from last month to 1,084 with land rigs up 8 to 841, offshore rigs unchanged at 243
The Worldwide Rig Count for August was 1,793, up 7 from the 1,786 counted in July 2025, and down 153, from the 1,946 counted in July 2024.
| Region | Period | Rig Count | Change |
| U.S.A | October 31, 2025 | 546 | -4 |
| Canada | October 31, 2025 | 187 | -12 |
| International | September 2025 | 1084 | +8 |
Baker Hughes |
More Energy, Oil & Gas Stories !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Victor Cole , victor@oilandgaspress
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