The Gulf Barrel

Abaxx Exchange will list three financially-settled LNG futures on November 16, 2026, two in North Pacific Asia and one Gulf of Mexico mini contract, according to Abaxx. They settle against its physically deliverable benchmarks, so the test is liquidity rather than listing. This is analysis, not trading advice.

Saudi Arabia told OPEC its crude output rose 26 percent last month to the highest since the war began, according to Rigzone. The figure is Riyadh's own reported number, not independently verified. Set against the 8.372 million bpd Saudi Arabia reported for September, it implies a rebound, though the barrel level is unpublished.

Brent fell 1.2% to $91.49 on 10 November, according to Bloomberg reporting carried by Rigzone, as traders priced in a possible diplomatic end to the Iran war and Strait of Hormuz flows recovered. The figures are wire-reported, not official data, and risks persist. This is analysis, not trading advice.

QatarEnergy has agreed to buy a 25% stake in Namibia's PEL82 offshore licence from Chevron Namibia Exploration II, a Chevron subsidiary. It is an exploration position, not a development: Chevron would remain operator with 55%, and the price and regulatory approvals are still outstanding. No barrels or LNG volumes are implied.

The UK government refused development consent for the 840 MW Botley West Solar Farm on 10 November 2026, according to the Planning Inspectorate's project page. Energy Voice reports heritage concerns; the examining authority had earlier recommended refusal over safety and landscape harms. Announced capacity is not consented capacity. This is analysis, not advice.

ADNOC Gas earned $1.34 billion in the third quarter of 2026, matching the same quarter of 2025 and roughly doubling the second quarter's reported $665 million. The ADNOC unit's recovery looks like normalisation after disruption, not new growth. LNG Prime and Offshore Technology report the figures; volumes and margins remain unpublished in those summaries.

ExxonMobil produced the most among the three U.S. majors in the third quarter of 2026, at 4.496 million barrels of oil equivalent per day as reported by Rigzone, ahead of Chevron at 3.980 million and ConocoPhillips at 2.302 million. Chevron and ConocoPhillips both cited the Middle East conflict in explaining lower volumes.

The ADNOC Gas agreement with Sharjah National Oil Corporation is a study framework, not a supply contract. It lets both companies assess gas storage and processing, long-term supply, infrastructure and LPG trading, and discloses no volumes, prices or timelines. Its weight is that Sharjah buys ADNOC gas under a 2021 deal, so a binding follow-on would deepen that tie.

The week's most consequential LNG item for the Gulf was not a contract but a security event: Nakilat reported that its Q-Max carrier Al Mayeda was hit by unidentified objects in the Arabian Gulf, with no injuries. Elsewhere, ExxonMobil's larger Rovuma LNG stake kept a year-end investment decision on track, according to LNG Prime.

MOL Group's third-quarter profit rose because the refining margin, not volume, did the work: Rigzone reports a $38.8-a-barrel margin, nearly four times a year earlier, while processed crude fell. Net profit reached about $865 million, up 143%. MOL says October margins have softened but remain elevated.