London, September 29, 2025, (Oilandgaspress) –––World oil demand is forecast to increase by 740 kb/d y-o-y in 2025, up marginally from last month’s Report, with resilient deliveries in advanced economies contrasting with relatively muted consumption in emerging economies. OECD demand growth of 80 kb/d y-o-y in 1H25 has exceeded expectations, supported by lower oil prices, but is forecast to move into contraction in the remainder of the year, leaving 2025 annual oil use broadly flat. Global oil supply inched up in August to a record 106.9 mb/d as OPEC+ continued unwinding output cuts and non-OPEC+ supply hovered near all-time highs. World oil production is now projected to rise by 2.7 mb/d to 105.8 mb/d this year and 2.1 mb/d to 107.9 mb/d next year, of which non-OPEC+ countries account for 1.4 mb/d and just over 1 mb/d, respectively.
Refinery crude throughputs surged by 400 kb/d to a record 85.1 mb/d in August but is set to fall by 3.5 mb/d through October as seasonal maintenance intensifies. Global refinery crude throughputs are forecast to average 83.5 mb/d in 2025 and 84 mb/d in 2026, as growth slows from 580 kb/d to 540 kb/d, respectively. Refining margins remain strong, as a sharp deterioration in diesel cracks was partly offset by better gasoline economics.. Read More
Oil markets are being pulled in different directions by a range of forces, with the potential for supply losses stemming from new sanctions on Russia and Iran coming against a backdrop of higher OPEC+ supply and the prospect of increasingly bloated oil balances. China continues to stockpile crude oil, helping keep Brent crude futures in slight backwardation. Prices moved in a narrow band since August and at the time of writing Brent was $67/bbl, largely unchanged from a month earlier.
Toughened sanctions on Iran and Russia have so far had a relatively modest impact on supply and trade flows, even as exports from both countries have been trending lower in recent months. The EU ban on imports of refined products derived from Russian crude oil from the start of 2026 may yet curb output and upend trade patterns in the coming months. Read More
Brent crude for November delivery was trading at $69.45 per barrel at 8.45 am ET on Friday, more than $10/bbl below the current year’s peak at ~81/bbl, while WTI crude was changing hands at $65.05 per barrel compared to the January peak of $78.71 per barrel. Goldman Sachs has predicted that oil markets could be oversupplied by 1.9 million b/d in 2026 amid OPEC+ unwinding production cuts and production in the Americas rising. Wall Street now sees oil prices sinking to the $50s per barrel next year, further compounding this year’s decline.
In sharp contrast, commodity analysts at Standard Chartered have predicted that oil prices will move higher in the coming year driven by robust demand and a raft of economic stimulus measures. Read More
Baker Hughes Rig Count: : International -3 to 1076, :U.S. +7 to 549 Canada +1 to 190
U.S. Rig Count is up 7 from last week to 549 with oil rigs up 6 to 424, gas rigs down 1 to 117 and miscellaneous rigs up 2 to 8.
Canada Rig Count is up 1 from last week to 190, with oil rigs up 1 to 129, gas rigs unchanged at 60 and miscellaneous unchanged at 1.
International Rig Count is down 3 from last month to 1,076 with land rigs down 3 to 833, offshore rigs unchanged.
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 | September 26, 2025 | 549 | +7 |
| Canada | September 26, 2025 | 190 | +1 |
| International | August 2025 | 1076 | -3 |
| Baker Hughes |
Oil India has made the first-ever natural discovery in the Andaman Sea, which is also the first discovery of any hydrocarbons in the basin. The size of the discovery, containing 87% methane, is yet to be established, but the company’s shares jumped by over 3% following the news. Oil India had drilled two exploration wells in the shallow-water field it was exploring, and struck gas in the second one, it said in a regulatory filing.. Read More .
Over 35 high-level participants focused on how to achieve pledges to triple global renewable capacity, double energy efficiency progress. Brazil’s COP30 Presidency and the International Energy Agency (IEA) today held the third in a series of High-Level Energy Transition Dialogues, which are bringing together energy and climate leaders from around the world to help shape the energy agenda and outcomes for COP30 in Belém, Brazil.
The event, held in partnership with the United Nations Climate Action Team, was co-chaired by IEA Executive Director Fatih Birol, COP30 President-Designate André Corrêa do Lago and Special Adviser to the United Nations Secretary-General on Climate Action and Just Transition Selwin Hart.. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $64.80 | Down |
| Crude Oil (Brent) | USD/bbl | $69.41 | Down |
| Bonny Light 25/09/25 CBN | USD/bbl | $70.90 | — |
| Dubai | USD/bbl | $70.24 | — |
| Natural Gas | USD/MMBtu | $3.18 | Up |
| Murban | USD/bbl | $70.33 | Down |
| OPEC basket 26/09/25OPEC | USD/bbl | $71.83 | Up |
| At press time September 29, 2025 . |
More Energy, Oil & Gas Stories !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole , victor@oilandgaspress
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