The head of the International Energy Agency (IEA) said there is ample oil on global markets and that current problems stem from a “temporary logistical disruption” caused by the blockade of the Strait of Hormuz

U.S. Treasury Secretary Scott Bessent said oil markets are well supplied amid the U.S.–Israeli conflict involving Iran, adding that the United States plans to make a series of additional announcements on the matter

Global oil demand will grow more slowly than previously expected this year, the International Energy Agency (IEA) said, while forecasting that the global market will continue to face a sizable surplus despite supply cuts that reduced output in January

U.S. President Donald Trump said he expects oil prices to decline as soon as his administration’s military operations in Iran come to an end

OPEC+ is likely to consider a larger oil production increase of 411,000 barrels per day at its upcoming meeting, two sources familiar with the group’s position said

The U.S. Department of the Treasury has eased restrictions allowing American companies to operate in Venezuela’s oil market, although under strict oversight and reporting conditions

The Organization of the Petroleum Exporting Countries (OPEC) pumped 28.34 million barrels per day in January, 60,000 bpd less than in December, according to the survey, with Nigeria posting the largest decline

The Energy Information Administration said in its Weekly Petroleum Status Report that gasoline stocks increased by 685,000 barrels to 257.9 million barrels for the week ended January 30

Oil-related tax revenues were halved to 281.7 billion rubles ($3.7 billion) compared with January 2025. Combined revenues from the oil and gas sectors also dropped 50% to 393.3 billion rubles

Oil prices could see further gains in 2026 as geopolitical risks continue to fuel volatility, HSBC said, although the bank added that market fundamentals should cap rallies and keep prices anchored in the mid-$60s range