U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 0.6 million barrels from the week ending November 21 to the week ending November 28, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report. That EIA report was released on December 3 and included data for the week ending November 28. It showed that crude oil stocks, not including the SPR, stood at 427.5 million barrels on November 28, 426.9 million barrels on November 21, and 423.4 million barrels on November 29, 2024. Crude oil in the SPR stood at 411.7 million barrels on November 28, 411.4 million barrels on November 21, and 391.8 million barrels on November 29, 2024, the report revealed. Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.687 billion barrels on November 28, the report showed. Total petroleum stocks were up 5.5 million barrels week on week and up 58.5 million barrels year on year, the report pointed out. “At 427.5 million barrels, U.S. crude oil inventories are about three percent below the five year average for this time of year,” the EIA noted in its latest weekly petroleum status report. “Total motor gasoline inventories increased by 4.5 million barrels from last week and are about two percent below the five year average for this time of year. Finished gasoline and blending components inventories increased last week,” it added. “Distillate fuel inventories increased by 2.1 million barrels last week and are about seven percent below the five year average for this time of year. Propane/propylene inventories decreased 0.7 million barrels from last week and are about 15 percent above the five year average for this

Today’s $67 per barrel is only $44 per barrel in 2008-dollars. That’s what Skandinaviska Enskilda Banken AB (SEB) Chief Commodities Analyst Bjarne Schieldrop said in a SEB report sent to Rigzone by the SEB team on Wednesday. “The ‘fair price’ of oil today ($67 per barrel) is nominally not much different from the average prices over the three years to April 2008,” Schieldrop highlighted in the report. “Since then, we have had 52 percent U.S. inflation. And still the nominal fair price of oil is more or less the same. Today’s $67 per barrel is only $44 per barrel in 2008-dollars,” he added. “In real terms the world is getting cheaper and cheaper oil – to the joy of consumers and to the terror of oil producers who have to chase every possible avenue of productivity improvements to counter inflation and maintain margins,” Schieldrop continued, noting that, as they successfully do so, “the consequence is a nominal oil price not going up”. In the report, Schieldrop went on to outline that a “cost-floor of around $40 per barrel” multiplied by “a natural cost inflation-drift of 2.4 percent” comes to $0.96 per barrel. He added that, since 2008, the oil industry has been able to counter this drift with an equal amount of productivity. “The very stable five year oil price at around $67 per barrel over the past three years, and still the same today, is implying that the market is expecting the global oil industry will be able to counter an ongoing 2.4 percent inflation per year to 2030 with an equal amount of productivity,” Schieldrop said. “The world consumes 38 billion barrels per year. A productivity improvement of $0.96 per barrel equals $36 billion in productivity/year or $182 billion to 2030,” he added. Schieldrop outlined in the report that the

Crescent Energy Co has entered into more than $900 million worth of sales involving non-core assets this year, the Houston, Texas-based oil and gas producer said. Crescent set a target of offloading non-core assets worth around $1 billion when it announced its acquisition of Vital Energy Inc on August 25. The latest divestment involves its non-operated DJ Basin assets, which will be acquired by an unnamed private buyer for $90 million. Mostly located in Weld County, Colorado, the assets produce about 7,000 barrels of oil equivalent a day (boed), with oil accounting for about 20 percent, Crescent said in an online statement. In its quarterly report November 2 Crescent said it had signed over $700 million worth of non-core divestitures including all its Barnett, conventional Rockies and Mid-Continent positions. In its latest divestment update, Crescent said, “The company has recently closed its previously announced conventional Rockies and Barnett divestitures and expects the remainder of its announced non-core asset sales to close before year-end”. On April 22 Crescent said it had sold non-operated Permian Basin assets to an unnamed private buyer for $83 million. The assets, in Reeves County, Texas, had a projected 2025 production of approximately 3,000 boed, with oil comprising over 35 percent.  On August 25 it announced its $3.1-billion all-stock, debt-inclusive purchase of Tulsa, Oklahoma-headquartered Vital. Expected to close before the year ends, the combination will create a “top-10 independent”, a joint statement said. The enlarged Crescent will have a “scaled and focused asset portfolio with flexible capital allocation across more than a decade of high-quality inventory in the Eagle Ford, Permian and Uinta Basins”, the companies said. Vital shareholders will receive 1.9062 Crescent shares for each Vital share. On a diluted basis, Crescent and Vital shareholders will own approximately 77 percent and 23 percent of the combined entity

Benchmark crude oil prices could be impacted significantly by escalating military tensions between the U.S. and Venezuela, with the Trump administration tightening pressure on Nicolas Maduros’ regime and signaling the possibility of a U.S. incursion. That’s what Rystad Energy stated in a market update sent to Rigzone by the Rystad Energy team late Thursday, adding that Venezuela currently produces 1.1 million barrels per day of crude oil, “placing this volume at risk depending on the scale of military activity”. “Although the volume is small in terms of global trade flows, the quality is unique as over 67 percent of the output is heavy,” Rystad highlighted in the update. Rystad Energy’s Head of Geopolitical Analysis, Jorge Leon, noted in the update that “the loss of Venezuelan volumes would likely result in stronger crude oil prices in the Pacific Basin, with China and India dependent on the heavy supply”. “Dubai prices are likely to develop stronger premiums to Brent crude while other heavy grades will strengthen against the light grades. Some upward movement in Brent and West Texas Intermediate (WTI) prices is also expected with the overall loss of Venezuelan supply,” he added. Leon went on to warn in the update that volatility in the region is unlikely to subside in the immediate term. “The geopolitical risk premium remains firmly embedded in oil markets, with upside price risks persisting as traders brace for possible setbacks or renewed escalation,” he said. “Over the coming days and weeks, the balance between cautious optimism and entrenched uncertainty will continue to shape market sentiment,” he added. In the update, Rystad highlighted that Venezuela “claims to have the largest proven reserves in the world, around 300 billion barrels as of 2024, concentrated in the Orinoco belt with most being heavy oil”.  The company noted in the update

(Update) December 5, 2025, 10:58 AM GMT: Article updated with Unite spokesperson comment. UK union Unite announced, in a statement sent to Rigzone this week, that over 400 offshore members employed by Bilfinger UK Limited “have supported taking strike action in an escalating dispute over pensions”. A Unite spokesperson declined to confirm exact numbers in relation to a vote on industrial action among offshore members employed by Bilfinger UK. The spokesperson told Rigzone, however, that Unite has “a majority of members voting in favor of action and that … means over 400 are now mandated to be supportive of the strike action”. In the statement, Unite said “a majority of Bilfinger workers have emphatically backed strike action in a fight to secure a fairer pension deal”. “Unite members are demanding that Bilfinger move to a gross earnings pension scheme like many other private sector and offshore companies because workers are losing out on thousands of pounds in pension contributions due to their pattern of pay being weekly,” Unite added. Unite noted in the statement that the majority of Bilfinger workers are enrolled in a statutory minimum workplace pension scheme “where the company pays a maximum three percent of ‘qualifying earnings’ contribution”. “The qualifying earnings income is between GBP 6,240 [$8,322] and GBP 50,270 [$67,060]. Anything above or below that does not factor in pension contributions. It means Bilfinger’s annual pension contribution is capped at GBP 1,320.90 [$1,762.10] per year irrespective of income,” Unite said. The union estimated in the statement that around GBP 2,254 [$3,006] is being lost every year in employer pension contributions when compared with a gross salary pension scheme for a worker earning GBP 59,580.36 [$79,486.58]. “If Bilfinger fails to act on the pensions issue then strikes will be called in the coming weeks”, Unite warned in the

The Trump administration extended a waiver for Lukoil PJSC’s gas stations outside of Russia, allowing them to continue operations until late April 2026.  The measure by the US Treasury Department’s Office of Foreign Assets Control could help ease concerns about sudden disruptions across Europe and the Americas, where Russia’s second-largest oil producer has retail operations.  As Russia’s most internationally diversified oil firm, Lukoil has stakes in European oil refineries as well as significant holdings in oil fields from Iraq to Kazakhstan. Its brand also extends to filling stations from the US to Belgium and Romania. Washington’s move shows that even as the US tightens the screws on Moscow, it’s willing to make targeted exceptions to prevent an unnecessary shock to local economies. Retail fuel networks in nations from the Balkans to Central Europe rely on international suppliers, and abrupt cutoffs risk spilling into fuel shortages, higher prices or operational headaches for foreign partners.  The decision lands with a key Dec. 13 deadline looming for Lukoil to offload its international assets. What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network. The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.