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

The companies have been unable to export Venezuelan oil since the second quarter of last year, when President Donald Trump’s administration suspended the licenses

The OPEC+ oil alliance, led by Saudi Arabia and Russia, produced an average of 42.83 million barrels per day (bpd) of crude in December, cutting output by 238,000 bpd, or 0.5%, from November levels

Oil prices are likely to fall this year as a wave of supply creates a surplus in the market, although geopolitical risks linked to Russia, Venezuela and Iran will continue to fuel volatility, Goldman Sachs said

The United States will control Venezuela’s oil sales for an “indefinite” period and will deposit the proceeds from those transactions into accounts controlled by Washington, U.S. Energy Secretary Chris Wright said

U.S. Energy Secretary Chris Wright plans to meet with oil industry executives this week to discuss reviving Venezuela’s energy sector following the capture of President Nicolás Maduro

All eyes will be on the Organization of the Petroleum Exporting Countries and its allies in 2026, and on how the cartel manages its decision-making process to balance a volatile market

Crude oil output in 2025 will remain at 516 million tonnes, the same level as the previous year, and will rise by 2% in 2026 to 525 million tonnes, Russian Deputy Prime Minister Alexander Novak said