Argentina, Guyana, and Brazil are poised to lead Latin American oil production growth in 2026, even though the possible return of Venezuelan barrels poses questions for the region’s long-term capital expenditure strategy. While the supermajors continue to flag Venezuela as difficult to underwrite on a long-term basis, traders and players like Trafigura and Hillcorp are increasingly drawn to near-term, structured opportunities in the country, signaling a possible rebalancing of portfolios. Although legal uncertainties persist and institutional…

The total number of active drilling rigs for oil and gas in the United States rose by 5 this week, according to new data that Baker Hughes published on Friday, bringing the total rig count in the US  to 551 this week, down 35 from this same time last year. The number of active oil rigs rose by 1 to 412 during the latest reporting period, according to the data. This is 68 below this same time last year. The number of gas rigs rose by 5, reaching 130, which is 30 more than this time last year. The miscellaneous rig count slipped by 1 and now…

TotalEnergies is expanding its exploration portfolio offshore Namibia with acreage north of a block where a major oil discovery has been made, as the supermajor looks to boost activity in the new global exploration hotspot. TotalEnergies on Friday announced it had signed agreements to buy a 42.5% operated interest in the PEL104 exploration license offshore Namibia from Eight Offshore Investments Holdings and Maravilla Oil & Gas. Upon completion of the transaction, TotalEnergies will be the operator of the license, which lies north of the PEL…

Iranian and US officials have started a round of high-stakes diplomacy in Oman in what is seen as a last-chance effort to avert a major military escalation in the Persian Gulf. US special envoy Steve Witkoff, who has spearheaded talks for President Donald Trump aimed at ending conflicts from the Gaza Strip to Ukraine, is leading an American delegation in the February 6 talks with Foreign Minister Abbas Araqchi, Tehran's main face on the international diplomatic front, and several other senior Iranian officials. Though the lineups may be set, the…

U.S.–Iran nuclear talks in Oman cooled oil markets, pushing Brent back to $67 and setting up volatility as vague outcomes leave sentiment hostage to headlines. Friday, February 06, 2026 The start of US-Iran nuclear talks in Oman has had a placating effect on oil markets, with ICE Brent sliding back to $67 per barrel, set for a more than 5% weekly loss after a stellar string of gains in January. The complete vagueness of the meeting’s agenda and the lack of public commentary on the outcome thereof could amplify sudden price moves next…

Japan’s trading company Mitsui & Co is in an advanced stage of talks with QatarEnergy to buy a minority stake in one of Qatar’s mega expansion projects, anonymous sources with knowledge of the development told Reuters on Friday.   Qatar’s state firm QatarEnergy is undertaking the world’s biggest LNG expansion project with multiple phases of expanding the export capacity of the offshore North Field, the world’s largest non-associated natural gas field, which Qatar shares with Iran. Mitsui is close to buying…

Japan’s trading company Mitsui & Co is in an advanced stage of talks with QatarEnergy to buy a minority stake in one of Qatar’s mega expansion projects, anonymous sources with knowledge of the development told Reuters on Friday.   Qatar’s state firm QatarEnergy is undertaking the world’s biggest LNG expansion project with multiple phases of expanding the export capacity of the offshore North Field, the world’s largest non-associated natural gas field, which Qatar shares with Iran. Mitsui is close to buying…

Oil Majors' Shareholder Payouts Under Pressure Oil majors continue to publish their Q4 2025 results, with UK-based energy giant Shell joining the ranks of those that missed fourth-quarter expectations by reporting an 11% decline in profits (at $3.3 billion).  Whilst Norway’s state oil firm Equinor cut its buyback programme by 70% and cut 2026 capital expenditures, more investor-exposed majors prefer to keep their shareholder payouts unchanged.   Shell has bought back a quarter of its stock over the past four years, totalling…

A consortium comprising Chevron and a group led by an investment bank continues negotiations with Lukoil and U.S. officials to buy the Russian firm’s international assets, even as Lukoil has signed a preliminary non-exclusive deal with Carlyle, multiple sources with knowledge of the ongoing talks tell Reuters.  Last week, Lukoil announced it had agreed to sell most of its international assets to private equity giant Carlyle.    The agreement is not exclusive and is subject to conditions such as the procurement of necessary…

WTI crude oil futures are wrapping up a volatile week with the market trading at $62.99, down $2.22 or -3.40%. With one day left before the week ends, the primary driver of the choppy trade has been the reduction of the risk premium after reports on Thursday said the United States and Iran were talking. Monday's Plunge Sets the Tone The week started with a sharp selloff on Monday after President Trump said over the weekend that Washington and Tehran were in discussions. The news caught the market off guard and triggered immediate profit-taking…

Chevron has signed an MoU with Syria’s state oil company and a Qatari partner to evaluate offshore oil and gas potential in Syrian territorial waters in an agreement that covers data access and early-stage technical assessment only. It includes no drilling commitment, no development plan, and no production timeline. It does not alter Syria’s current oil output. It’s a tantalizing prospect. Syria’s coastline sits within the Levant Basin, the same petroleum system that delivered Tamar, Leviathan, and Karish offshore Israel.…

Politics, Geopolitics & Conflict Iran seized two foreign-crewed oil tankers in the Persian Gulf this week, taking the crews into custody and accusing the vessels of carrying smuggled fuel. The operation was carried out by the Islamic Revolutionary Guard Corps near Farsi Island, an area Iran routinely uses to assert control over shipping lanes. The seizures came just before U.S. and Iranian officials are due to meet in Oman on Friday, for talks that remain loosely defined. On the water, Iran is reminding everyone that it can raise costs and…

Tankers carrying a total of up to 12 million barrels of crude oil are either en route or close to China in East Asian waters, waiting for buyers in the world’s top crude importer, as India is pulling back.    Five of these tankers signal ‘for orders’ or ‘China for orders’ as their status, per data intelligence firm Kpler cited by Bloomberg on Friday.   ‘For orders’ typically means the cargo doesn’t have a destination port or buyer. Six other vessels are en route to offshore Singapore…

Russian oil exports to India fell to less than 25% of the country’s total imports in December, from 34% in November, hitting the lowest in 38 months, The Hindu reported, citing data from the Indian Ministry of Commerce and Industry. Russian oil purchases in December were worth $2.71 billion, down from $3.72 billion a month earlier, and from a high of $5.87 billion in May 2024. In volume terms, India imported 5.8 million tons of Russian crude in December, or about 1.39 million barrels daily. This was the lowest monthly total since February…

Russian oil exports to India fell to less than 25% of the country’s total imports in December, from 34% in November, hitting the lowest in 38 months, The Hindu reported, citing data from the Indian Ministry of Commerce and Industry. Russian oil purchases in December were worth $2.71 billion, down from $3.72 billion a month earlier, and from a high of $5.87 billion in May 2024. In volume terms, India imported 5.8 million tons of Russian crude in December, or about 1.39 million barrels daily. This was the lowest monthly total since February…

Ahead of the U.S.-Iran nuclear talks on Friday, Tehran signaled that the negotiations will likely be a long process, dashing hopes of a quick and more sustainable de-escalation of tensions in the key oil-producing Middle Eastern regions.   Oil prices initially rose early on Friday in Asian trade on the news, with Brent climbing to $68 per barrel and WTI Crude prices trading at $64 a barrel, before both fell back later in the day.  Investors and speculators seemed to interpret the signals from Iran to mean the initial round of discussions…

India’s largest private refiner, Reliance Industries, is buying Venezuelan crude again, securing the first Indian purchase of oil from the world’s top reserves holder since the U.S. took control of Venezuela’s oil sales early last month. Reliance Industries has purchased a cargo of around 2 million barrels, an anonymous source with knowledge of the deal told Bloomberg on Friday. Reliance Industries last bought crude from Venezuela in the middle of 2025, under a special waiver from the U.S. Administration from mid-2024. Last month,…

Mexico is looking for ways to keep supplying oil to Cuba amid a U.S. squeeze on energy supplies to the island nation without triggering a response from Washington, Reuters has reported, citing unnamed sources. “There are talks happening almost every other day,” one of these sources told the publication. “Mexico doesn't want tariffs imposed, but it is also firm in its policy of helping the Cuban people.” Earlier this month, President Trump threatened he would impose import tariffs on any nation that ships oil to Cuba as he…

The oil price rally has finally run out of steam, with oil prices declining for the first time in three days, with the selection of Kevin Warsh as the next U.S Federal Reserve chair (expected to be more dovish than Jerome Powell), the notable ratcheting down of rhetoric between the U.S. and Iran, a business-as-usual OPEC+ meeting and reduction in the U.S. tariff rates on India all acting against oil prices. However, the biggest catalyst was Iran’s revelation that it will hold talks with the United States, easing fears of imminent strikes…

After years of antagonism between the federal government and Alberta over additional outlets for crude, Canada and the oil-producing province are finally on the same page regarding Canadian,/ oil exports. It took a major geopolitical and trade shift from Canada’s long-term ally and top trade partner, the United States, to have the federal government of Canada support a new oil pipeline from Alberta to the Canadian West Coast. The pipeline is expected to boost Canadian oil exports to Asia, the world’s driver of global oil demand growth,…