EIA forecasts U.S. crude oil production will decrease slightly in 2026
In latest Short-Term Energy Outlook, experts forecast U.S. crude oil production will average 13.5 million barrels per day (b/d) in 2026, about 100,000 b/d less than in 2025. This forecast decline in production follows four years of rising crude oil output.
- Production increased by 0.3 million b/d in 2024 and by 0.4 million b/d in 2025, mostly because of increased output in the Permian Basin in Texas and New Mexico.
- In 2026, experts forecast modest production increases in Alaska, the Federal Gulf of America, and the Permian will be offset by declines in other parts of the United States.
- They also forecast that the West Texas Intermediate crude oil price will average $65 per barrel (b) in 2025 and $51/b in 2026, both lower than the 2024 average of $77/b.
Canada announces new methane emission standards
Canada has announced long-promised rules aimed at dramatically reducing methane emissions from the country’s oil and gas sector.
The regulations, announced on Tuesday, lay out a path for Canada – the world’s fourth-largest oil producer – to cut by 2035 its overall emissions of the potent greenhouse gas by 75 percent over 2014 levels.
They fulfil a promise by Prime Minister Mark Carney to strengthen Canada’s existing methane rules, but allow for a slightly longer target timeframe than the previous draft rules announced under Carney’s predecessor, Justin Trudeau.
Trudeau’s never-implemented rules called for a 75 percent reduction in methane emissions by 2030 and faced criticism from the oil and gas industry for being too difficult to achieve.
While methane does not last as long in the atmosphere as carbon dioxide, it can have 80 times the climate-warming impact of CO2 over a 20-year period.
Rising palm oil output expected to ease
PALM oil remains the key driver of incremental supply. Global palm oil output is projected to strengthen further to 80mn tonnes, supported by better yields, improved estate management practices and more stable harvesting conditions.
As a result, palm oil is expected to account for over 43 percent of the total increase in global vegetable oil production, reaffirming its position as the primary growth engine within the complex. Following a strong rebound in 2024/25, soybean oil production remains resilient, providing a stable backbone to overall supply with a further 1 percent increase.
In addition, rapeseed oil production is set to recover more meaningfully, helping to rebuild supply after recent disruptions caused by adverse weather conditions and ongoing geopolitical uncertainties.
Fake milk crackdown
According to Islamabad Food Authority (IFA) officials, the operation was carried out by food safety and vigilance teams under the supervision of Deputy Director Food Authority Dr Tahira Siddique, who said the unit had shifted locations after an earlier closure. The latest raid took place in Mohammadi Town, Khanna Syedan, where the illegal activity was being conducted away from public view.
Authorities stated that the unit had earlier been sealed in the Pandoria area by the Islamabad Food Authority. After the closure, the suspects moved their setup and resumed production at a new site. The teams maintained surveillance for an extended period, tracking supply routes and transport vehicles before identifying the location of the new unit.
During the operation, officials confiscated and destroyed 50,000 litres of prepared fake milk, 105 bags of powder, and 250 tins of oil. A case has been registered against the suspects, and further legal action is underway.
UK to produce cancer radiopharmaceuticals
A major partnership announced presently could transform the future of UK cancer treatment by turning historic nuclear materials into life-saving medicines.
Tens of thousands of doses of advanced radiopharmaceuticals are set to be produced annually using reprocessed uranium originally generated from spent nuclear reactor fuel, marking a major scientific and medical milestone for the UK.
The agreement brings together Bicycle Therapeutics, a Cambridge-based biotech innovator, and the UK Nuclear Decommissioning Authority (NDA), unlocking a new medical use for hundreds of tonnes of previously untapped nuclear material.
China’s steel output to slump to 7-year low
China’s steel production in November was the weakest month in nearly two years and will ensure that the world’s biggest producer of the metal will post its lowest annual output since 2018.
However, imports of steel’s key raw material iron ore are likely to rise to a record high in 2025, eclipsing the previous all-time high of 1.24 billion metric tons set in 2024.
The divergence between weak steel output and robust iron ore imports likely reflects several factors, including restocking of iron ore inventories amid competitive seaborne prices and optimism that Beijing’s stimulus efforts will eventually boost steel demand.
Iran’s tea export increases 48pc
According to the Mehr News Agency, Habib Jahansaz, the head of the Iranian Tea Organization, elaborated on the latest support measures and development plans, the process of reviving and renovating tea gardens, the facilities provided, and import management. He said: Fortunately, following up on efforts, the Tea Organization has been maintained and continues its activities. He added: To support tea farmers, several fundamental programs have been implemented, including providing working capital facilities, insurance, and liquidity for the purchase of chemical fertilizers for tea farmers.” Referring to the cooperation of three banks in providing banking facilities with the Tea Organization, he said: One private bank cooperates with the organization at a four-percent interest rate for garden renovation, revival, and mechanization operations with a three-year repayment period.