Brent crude oil futures fell by 23 cents, or 0.4%, to $60.52 a barrel, while U.S. West Texas Intermediate (WTI) crude declined by 21 cents, or 0.4%, to $57.11 a barrel.
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Venezuela’s state-owned oil company PDVSA has asked several joint ventures to reduce crude oil output as exports remain paralyzed and storage fills up, adding stress to an already fragile oil sector and deepening pressure on the interim government.
Trump said after Maduro’s removal that major U.S. oil companies are ready to invest billions to revive Venezuela’s battered oil sector, though analysts warn restoring production will require massive, long-term investment despite the country’s vast reserves.
Venezuela’s state oil producer PDVSA says production and refining continue normally, with no damage reported after a U.S. military strike that captured President Nicolás Maduro, sources told Reuters.
India has ordered refiners to report weekly oil purchases from Russia and the U.S. as it expects Russian imports to drop below 1 mbpd while negotiating a trade deal with Washington to ease 50% U.S. tariffs over its continued buying of discounted Russian crude.
Brent crude futures fell $0.04 (a small percentage decrease) to $60.81 per barrel. US West Texas Intermediate (WTI) futures fell $0.03 to $57.39.
Turkey’s Energy Minister Alparslan Bayraktar announced on Wednesday that the country will deploy the Cagri Bey drilling vessel to Somali waters in February, marking Turkey’s inaugural deepwater exploration project abroad.
The financial director of the National Iranian Oil Company denied reports that $8 billion in revenue from crude oil and gas condensate exports has not been collected, saying there are currently no stalled receivables.
US crude oil imports dropped to 4.95M bpd last week—lowest in nearly 5 years—due to ad valorem taxes on year-end stocks. Mexico imports hit record low of 71K bpd amid Pemex production struggles. Inventories fell on strong refining.
The US Treasury has sanctioned four companies and four oil tankers linked to Venezuela’s “shadow fleet” as Trump ramps up pressure on Maduro. Exports have already halved due to a blockade—aimed at stopping oil profits funding alleged drug trafficking.
Iran’s petroleum minister said the petrochemical sector is a key economic driver, arguing that stable feedstock supply depends on petrochemical firms investing directly in gas field development—an approach welcomed and legally supported.
Brent crude oil futures fell by $0.20 to $61.13 a barrel, while U.S. West Texas Intermediate (WTI) futures also declined by $0.20 to $57.75 a barrel.
Saudi Aramco is set to take a 20% stake in BPCL’s $11bn greenfield refinery–petrochemical complex at Ramayapatnam port, as India’s state refiner dilutes 30–40% of the project to strategic investors to meet rising fuel and petrochemical demand.
Despite a U.S. blockade and a sharp fall in exports, at least two oil tankers have reached Venezuela in recent days, underscoring PDVSA’s push to build floating storage and keep crude flowing—mainly to China to repay debt.
Behzad Shamsi, chief financial officer of the National Iranian Oil Company (NIOC), said global oil prices have dropped about 21% in recent months compared with previous periods—a significant decline. However, the oil ministry has partly offset the drop by boosting export volumes and reducing discounts.
Brent crude oil futures rose by 15 cents (a 0.24% increase) to $62.09 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by 14 cents (a 0.24% increase) to $58.22 per barrel.
India is offering 50 new exploration blocks for oil, gas, and coal bed methane under multiple bid rounds, aiming to boost domestic output and cut heavy reliance on energy imports, the oil minister said.
Oil output in Kazakhstan declined by around 6% in December, led by a fall at the vast Chevron-led Tengiz oilfield after a Ukrainian drone attack damaged Russia’s Black Sea exporting terminal, an industry source said on Monday.
The head of research and technology at the National Iranian Oil Company said more than 51% of Iran’s recoverable oil reserves have already been produced, underscoring the need to accelerate the development and localization of enhanced oil recovery (EOR) technologies to protect remaining reserves and sustain output.
Brent crude futures rose by 63 cents (equivalent to 1.04%) to $61.27 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by 58 cents (equivalent to 1.02%) to $57.32.