Crude oil prices fell amid concerns of oversupply after Russia exported more than expected.

 

Crude oil prices edged slightly lower after continued Russian oil exports. November exports decreased by only 0.8% from October 2025, reaching 7.5 million tons – a smaller decrease than market expectations.

This was due to the completion of maintenance at several refineries, offsetting reduced exports in southern Russia's Black Sea and Sea of ​​Azov regions, affected by Ukrainian drone attacks that fueled market concerns about an oversupply.

President Trump indicated that the US is preparing to further disrupt Venezuelan oil shipments to increase pressure on President Nicolás Maduro, following the US seizure of a sanctioned oil tanker off the coast of Venezuela earlier this week.

 
The US action has caused several oil shipping companies to reconsider whether to proceed with their planned departures from Venezuela. Furthermore, the market anticipates that the US is likely to expand its crackdown on Venezuelan oil tankers transporting oil from other US-sanctioned countries.

Crude oil prices were supported by the release of OPEC's monthly report. The report indicates that oil supply in 2026 will be at a level close to demand, contradicting a previous report by the International Energy Agency (IEA) which stated that oil supply would exceed demand by approximately 3.84 million barrels per day, representing 4% of global demand.

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Crude oil prices edged slightly lower after continued Russian oil exports. November exports decreased by only 0.8% from October 2025, reaching 7.5 million tons – a smaller decrease than market expectations.

This was due to the completion of maintenance at several refineries, offsetting reduced exports in southern Russia's Black Sea and Sea of ​​Azov regions, affected by Ukrainian drone attacks that fueled market concerns about an oversupply.

President Trump indicated that the US is preparing to further disrupt Venezuelan oil shipments to increase pressure on President Nicolás Maduro, following the US seizure of a sanctioned oil tanker off the coast of Venezuela earlier this week.

 
The US action has caused several oil shipping companies to reconsider whether to proceed with their planned departures from Venezuela. Furthermore, the market anticipates that the US is likely to expand its crackdown on Venezuelan oil tankers transporting oil from other US-sanctioned countries.

Crude oil prices were supported by the release of OPEC's monthly report. The report indicates that oil supply in 2026 will be at a level close to demand, contradicting a previous report by the International Energy Agency (IEA) which stated that oil supply would exceed demand by approximately 3.84 million barrels per day, representing 4% of global demand.