In November-December, prices in the oil market declined moderately but steadily against the background of growing supply and mixed demand.
This is stated in issue No. 1653 of the monthly bulletin "Branches of the Russian Economy: manufacturing, finance, securities. Oil and Gas production and Oil refining" dated December 15, 2025.
From the second decade of November to mid—December, spot prices for crude oil gradually declined: by the end of November, Brent crude oil dropped from levels above $65 to $63 per barrel, and by mid-December, Brent fluctuated around $61, WTI - in the range of $ 57-58. OPEC+ in early November announced a gradual An increase in production by 137,000 barrels per day since December increased pressure on prices, which were declining due to oversupply: production growth in the United States (shale oil), OPEC+ and other regions outpaced demand, exacerbated by weak economies in China and Europe. Demand remained mixed: the recovery in Asia and Europe supported refined products, but weak demand for fuels and uncertainty in China held back growth.
Oil production in Russia increased by an average of 10,000 barrels per day in November compared with October. Such data is provided by OPEC. Thus, production in November amounted to 9.367 million barrels per day against 9.357 million barrels per day in October. In its December report, the International Energy Agency estimated that Russia produced 9 million barrels per day in November. Taking into account the updated schedule under the OPEC+ agreement, in December and the first quarter of 2026, Russia is allowed to increase production to 9.574 million barrels per day.
In the first ten months of 2025, gas production in Russia amounted to 540.2 billion cubic meters. m, having decreased by 3.3% compared to the same period in 2024. Natural gas production decreased by 3% year-on-year, amounting to 456.1 billion cubic meters. Associated petroleum gas production decreased by 4.4% year-on-year to 84.2 billion cubic meters. According to the medium-term forecast of the Ministry of Economic Development, gas production in 2025 is expected to reach 680.2 billion cubic meters, which is 0.6% lower than in 2024.
The Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department has extended the deadline for the transaction with LUKOIL's foreign assets until January 17, 2026. This effectively shifted the pressure to close the deal from December 13 to a later date. After the sanctions were imposed, a wide range of major companies expressed interest in acquiring LUKOIL's foreign assets. By the beginning of the second decade of December 2025, LUKOIL, according to Reuters, began to lean in favor of the application of the American bank Xtellus Partners, suggesting a "cashless" exchange scheme: a package of foreign assets in exchange for American securities of LUKOIL, previously blocked from foreign investors.
For a more detailed analysis, see Issue No. 1653 of the monthly bulletin "Branches of the Russian Economy: Manufacturing, Finance, Securities. Oil and Gas production and Oil refining" dated December 15, 2025.
