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Can Trump Really Revive Venezuela’s Oil Industry?
What Maduro’s capture and Trump’s declaration that Washington is now “in control” of the country’s vast crude resources mean for oil markets over the…
Jan 5
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Rory Johnston
21
Oil Context Weekly (W1)
Crude ended the week roughly flat despite reports of material supply losses across Venezuela and Kazakhstan as the Dubai crude benchmark slips into…
Jan 2
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Rory Johnston
20
December 2025
Waiting for the Glut: Oil Market 2025, Wrapped
The year was defined by the emergence—and avoidance—of the oil market’s largest glut since 2020, driven by an OPEC pivot and thus far absorbed by…
Dec 31, 2025
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Rory Johnston
39
Oil Context Weekly (W52)
Crude prices rise through Christmas only to completely reverse course in a Boxing Day selloff; oil markets closing out 2025 at extremely oversold levels…
Dec 26, 2025
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Rory Johnston
14
Global Oil Data Deck (December 2025)
Global liquids market balances loosened further in October and remained acutely oversupplied, with the observed surplus continuing to be validated by…
Dec 23, 2025
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Rory Johnston
17
Oil Context Weekly (W51)
Crude price fell to lowest level since 2021 amidst intense speculative selling pressure—and likely record net-short spec position—before Trump’s…
Dec 19, 2025
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Rory Johnston
18
Oil’s Off-Balance-Sheet Glut
Global petroleum stocks in 2025 have risen at their fastest pace since 2020, but the product mix, geography, and stage many of these barrels occupy in…
Dec 17, 2025
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Rory Johnston
20
1
Oil Context Weekly (W50)
Crude prices fell despite Trump’s seizure of a Venezuelan tanker and more Ukrainian attacks on Russian oil in a show of either the market’s apathy or…
Dec 12, 2025
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Rory Johnston
17
OPEC+ Data Deck (December 2025)
Official OPEC+ crude production figures rose in November alongside quota hike but flows-implied output estimates fell, shrinking the estimate gap that…
Dec 11, 2025
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Rory Johnston
26
1
Oil Context Weekly (W49)
Crude rises on CPC terminal attacks and discussion of ever-harsher restrictions on the provision of maritime services to the Russian fleet, while OPEC…
Dec 5, 2025
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Rory Johnston
20
North American Oil Data Deck (December 2025)
Another record month for continental petroleum production, with year-over-year growth supercharged by favourable 2024 maintenance and hurricane-related…
Dec 3, 2025
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Rory Johnston
8
November 2025
Oil Context Weekly (W48)
Crude prices gained slightly on the week but ended the month lower, and Ottawa and Alberta finally signed the “Grand Bargain” MOU on which the Canadian…
Nov 28, 2025
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Rory Johnston
20
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