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

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