Show Notes
Sweeping changes to crude and product flows following sanctions and tariffs, shipping disruptions and questions surrounding China's demand outlook—oil markets have seen it all in 2025. The year was also a mixed bag for oil investments across the globe amid accelerated push towards clean energy and rising EV usage, while some regions also unveiled concrete plans on refinery expansions. In this special episode of Platts Oil Markets Podcast, Sambit Mohanty, Asia energy editor, John Morley, global director for crude oil, Francesco Di Salvo, global director for refined products, and Jeff Mower, head of Americas oil news, look back at the key drivers for oil markets in 2025 and the themes that are likely to spill over and remain in the spotlight in 2026.
More from Oil Markets
Could a shift in Congress reshape oil policy or just intensify the scrutiny? The US midterm elections are just around the corner, with all 435 House seats and 35 Senate seats on the ballot Nov. 3. At stake is whether Republicans retain control of Congress or Democrats win one or both chambers and gain new leverage over the Trump administration's energy agenda. On the Oil Markets Podcast by S&P Global Energy, host Jeff Mower joins policy editors Kate Winston and Eamonn Brennan to explore what the US midterms could mean for sanctions, investment and fuel prices.
The resumption of Russian diesel exports could bring some relief to a constrained European market, but uncertainty remains high. This episode unpacks how the lifting of Russia's diesel export ban and the return of supply could reshape market balances. Join S&P Global Energy's Gary Clark, associate director, price reporting, and reporters Sophia Aung and Elza Turner as they dissect what is keeping European diesel tight and why prices remain particularly sensitive to geopolitical and other market-moving headlines.
India is entering a pivotal phase in the development of its upstream oil and gas sector, with the government seeking to unlock the potential of deepwater and ultra-deepwater resources amid rising energy demand. Recent reforms have focused on improving access to acreage, strengthening fiscal and contractual terms, streamlining regulations, and reducing the risks associated with frontier exploration, while the Samudra Manthan initiative aims to expand subsurface data and introduce new cost-sharing measures for exploratory drilling. In this bonus episode of the Platts Oil Markets podcast, Asia Energy Editor Sambit Mohanty examines India's evolving upstream landscape with India's Secretary of the Ministry of Petroleum and Natural Gas, Neeraj Mittal and Atul Arya, chief energy strategist at S&P Global Energy. The discussion throws light on what the reforms mean for international investors and operators, and the practical steps needed to accelerate the path from exploration and discovery to production.
Latin America is becoming a critical engine of global oil supply growth. In this episode of the Platts Oil Markets Podcast, Jeff Mower is joined by Washington-based policy editor Kate Winston and Mexico editor Sheky Espejo to examine Venezuela's reopening to international energy companies, Brazil's record production and exploration push, and why the region is attracting renewed investment. As concerns persist over Middle East crude supplies and key shipping routes, the team explores how new barrels from the Atlantic Basin could reshape global oil markets.
Prices for Russian crude strengthened in September, amid lower domestic production and Middle East supply concerns while Russia's refining sector continues to face major challenges as a result of Ukrainian attacks. Russia has extended its diesel export ban and the US is considering introducing similar restrictions, driving prices higher and raising the risk of diesel deficits in the coming months. Recent comments from Russian and US officials have underlined the importance of diesel in negotiations between Russia, the US and Ukraine aimed at securing an energy ceasefire ahead of the winter season. In this episode of the Platts Oil Markets podcast by S&P Global Energy, OPEC+ lead reporter Rosemary Griffin discusses the impact of refinery attacks, sanctions and a possible energy ceasefire on the Russian and global oil markets with senior price reporter Jan Kedzior, associate director, near-term oil markets Rebeka Foley, and senior reporter Elza Turner.