The global oil market is closely watching the outcome of the Trump-Xi meeting in South Korea this week, with Brent crude hovering around $65 per barrel. Traders are awaiting any developments that may impact crude production and export, especially in light of US sanctions on Russian oil giants Rosneft and Lukoil.
The US oil industry has seen a shift from black gold to blue flame, with a focus on gas deals as crude prices remain subdued. While upstream dealmaking in the US dipped by almost 30% in Q3 2025, gas consolidation deals are on the rise, particularly in Louisiana’s Haynesville Basin. Market rumors suggest that over $28 billion worth of gas and LNG assets are up for sale in the United States.
In other market news, Algeria’s Sonatrach has resumed exploration activities in Libya after an 11-year hiatus, while Indonesia’s Pertamina has farmed into Petronas’ ultra-deepwater Bobara field. QatarEnergy has taken a 40% stake in Egypt’s North Rafah offshore concession, and Japan’s JERA has agreed to purchase US upstream gas assets in Louisiana’s Haynesville basin for $1.5 billion.
Meanwhile, ExxonMobil has signed a non-binding memorandum of understanding with Gabon’s Oil and Gas Ministry for deepwater blocks, marking its re-entry into the African country. The market is also closely watching developments in Iraq, Kuwait, India, and Venezuela, as well as OPEC+ discussions on December 2025 production quotas.
On the energy front, Mozambique has seen progress on the TotalEnergies’ Mozambique LNG project, with force majeure lifted after a 4-year hiatus. China continues to boost its underground natural gas storage capacity, while copper prices remain volatile on news of a potential China-US trade agreement.
Overall, the oil and gas market remains dynamic and influenced by geopolitical events and industry developments. Stay tuned for more updates on the energy sector.
By Tom Kool for Oilprice.com
