12 Dec Outlook and Oil Market Price & Trends
OPEC’s latest report projects average demand for OPEC+ crude at 43 million bpd in 2026, unchanged from last month and broadly aligned with the group’s November output. For the first quarter of 2026, OPEC forecasts demand for its own crude at 42.6 million bpd.
OPEC Reference Basket (ORB) and Crude Prices
The OPEC Reference Basket (ORB) fell by 74¢ month-on-month to $64.46/b in November.
Price movements by category:
- West & North African grades (Bonny Light, Djeno, Es Sider, Rabi Light, Sahara Blend, Zafiro): –89¢ to $62.73/b
- Arabian & Multiple-region grades (Arab Light, Basrah Medium, Iran Heavy, Kuwait Export): –79¢ to $64.88/b
- Murban: –27¢ to $65.53/b
- Merey: –$1.05 to $47.51/b
Oil Futures Market
Crude oil futures prices averaged slightly lower in November 2025 due to:
- Selling pressure from money managers, increasing volatility
- Unwinding geopolitical risk premiums
- Continued uncertainty in US–China trade relations
- Cautious sentiment in broader financial markets
Partial support for prices came later in the month from:
- Optimism around resolving the US government shutdown
- Strengthening petroleum product markets
- A softer US dollar Read More
| Oil and Gas Blends | Units | Oil Price | |
| Crude Oil (WTI) Oilprice | USD/bbl | $57.47 | Down |
| Crude Oil (Brent) | USD/bbl | $61.11 | Down |
| Bonny Light 11/12/25 CBN | USD/bbl | $63.74 | Down |
| Dubai | USD/bbl | $62.10 | Down |
| Natural Gas | USD/MMBtu | $4.13 | Down |
| Murban | USD/bbl | $62.30 | Down |
| OPEC basket 11/12/25 OPEC | USD/bbl | $61.28 | Down |
| At press time December 12, 2025 . |
Subsea 7 S.A. today announced that, its Board of Directors has agreed to reimburse Siem Industries S.A. for certain legal costs in relation to the proposed merger of Subsea7 S.A. with Saipem S.p.A. The total value of the reimbursement is under $1 million and covers legal work relating to the Shareholders’ Agreement dated 23 July 2025 entered into between Eni S.p.A., CDP Equity S.p.A. and Siem Industries S.A. and ongoing support in relation to the anti-trust process associated with the proposed merger.
Under the Shareholder Agreement, Eni S.p.A., CDP Equity S.p.A. and Siem Industries S.A. have agreed to vote in favour of the proposed merger. The Shareholders’ Agreement further ensures a balanced leadership and governance structure as agreed in the Merger Agreement dated 23 July 2025 between Subsea7 S.A. and Saipem S.p.A. which is in the interests of Subsea7 S.A. and its shareholders.
As the transaction qualifies as a related party transaction under the law of 24 May 2011 on the exercise of certain rights of shareholders in general meetings of listed companies and implementing the so called SRD II EU directive (“SRD II”) Kristian Siem and Louisa Siem did not participate in the vote to approve the above payment in accordance with SRD II and Luxembourg Company Law. Read More
Russia’s oil and gas revenues are on track to fall nearly 50% year-on-year in December to $5.15 billion (410 billion rubles)—their lowest level since August 2020, according to Reuters calculations. The sharp decline is driven by falling oil prices and a strengthening ruble, both of which significantly reduce export earnings.
In November, revenues were already estimated to be down 35% from a year earlier as Russian crude prices dropped and the local currency appreciated. The last comparable revenue level was recorded in August 2020, when the pandemic severely depressed global oil demand. Read More
Russian state oil and gas revenue in December is likely to almost halve from a year earlier to 410 billion roubles ($5.17 billion) as a result of lower crude prices and a stronger rouble, Reuters calculations showed on Friday. For the entire year, the revenue is set to fall by almost a quarter to 8.44 trillion roubles, below the Finance Ministry’s 8.65 trillion rouble forecast, according to calculations based on data from industry sources and official statistics on production, refining and supplies. Read More
US President Donald Trump announced on Wednesday that US forces had seized an oil tanker off Venezuela’s coast, marking a sharp escalation in Washington’s confrontation with President Nicolás Maduro’s government. “We have seized an oil tanker off the coast of Venezuela, a large, very large oil tanker, the largest ever seized, in fact,” Trump told reporters at the White House. “It was seized for a very good reason.” Venezuela’s foreign ministry condemned the action as “blatant theft and an act of international piracy,” claiming it exposed Washington’s true motives. Read More
More Energy, Oil & Gas Stories !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Submit your Releases or contact us now!, victor@oilandgaspress.com
OilandGasPress.com is a website that provides news, updates, and information related to the oil and gas industry. It covers a wide range of topics, including exploration, production, refining, transportation, distribution, and automotive market trends within the global energy sector. Visitors to the site can find articles, press releases, reports, and other resources relevant to professionals and enthusiasts interested in the energy, oil and gas industry.
Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases
“Stay informed with Oilandgaspress.com—your independent source for global energy, oil, gas, EV, and automotive industry news and analysis.”
Sorry, the comment form is closed at this time.