Energy:
1. The IEA raised its 2026 oil demand growth forecast, slightly narrowing its supply surplus expectation.
2. OPEC Monthly Report: OPEC+ slightly increased production, maintaining its demand growth forecasts for this year and next.
3. CNPC Economics and Technology Research Institute: China's natural gas consumption is expected to grow by 5% year-on-year in 2026.
4. The Russian Ministry of Energy expects oil refining, natural gas, and coal production to remain at 2024 levels in 2025.
5. Sources: CPC Caspian oil pipeline exports in November fell 12% to 5.088 million tons compared to October.
6. Private equity firm Carnelian Energy Capital is preparing to sell six oil and gas production investments in North America.
7. Barclays: In 2026, Brent crude oil prices are projected to average $65 per barrel, with an oil supply surplus of 1.9 million barrels per day.
8. Venezuelan President Maduro stated that the oil tanker seized by the US was carrying 1.9 million barrels of oil.
9. Reports indicate that the US is preparing to seize more ships transporting Venezuelan oil, with shipments of 6 million barrels already stalled.
Precious Metals and Mining:
1. Spot silver surged to $64, continuing to set new highs.
2. LME three-month copper hit a new record high, reaching $11,952 per tonne.
3. Zijin Mining completed its first integrated hard-rock lithium polymetallic mining, beneficiation, and smelting project.
