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Global oil markets will face a widening glut in 2026 as OPEC brings back production and output from the U.S., Canada and Guyana continues to grow.

Oil tanker rates jumped as the Biden administration’s sanctions on Russia’s petroleum trade threaten to cut the supply of ships while forcing traders to seek alternative sources of crude.

The outgoing Democratic administration billed the new sanctions as the most significant to date against Moscow’s oil and liquefied natural gas sectors, the driver of Russia’s economy.

Donald Trump has pledged that he’ll move immediately to reverse several actions undertaken by Joe Biden through executive action and legal challenge.

WASHINGTON — President Joe Biden is moving to ban new offshore oil and gas drilling in most U.S. coastal waters, an effort to block action by the incoming administration to expand offshore drilling.

Biden is set within days to issue the executive order barring the sale of new drilling rights in portions of the country’s outer continental shelf, according to people familiar.

U.S. crude exports to China plunged by almost half this year as shifts in the nation’s economy weighed on demand and it bought more barrels from other countries including Russia and Iran.

U.S. President-elect Donald Trump is poised to order changes meant to encourage domestic oil and gas development immediately after his Jan. 20 inauguration.

The Baltic Exchange’s TD3C Index, which reflects rates for VLCCs on the Middle-East-to-Asia route, dropped to so-called Worldscale 39.05 on Dec. 13.

TRENTON, N.J. — The New Jersey Legislature is considering charging gas and oil producers fees, and creating a Climate Superfund to clean up toxic waste.