Week In Review: Energy Industry News Jan. 13-18, 2026

• Jan 13 – Iran protests send crude higher:

  • Oil futures jumped about 2–3% as massive anti‑government protests in Iran spurred fears of export disruptions; Brent settled at $65.47 and WTI at $61.15 per barrel.

  • Risk premium is back in the market, underscoring how geopolitical flashpoints can swiftly tighten supply and boost prices.

• Jan 13 – EIA warns U.S. drilling will slow:

  • The Energy Information Administration said lower prices will cut U.S. drilling and output by about 1% in 2026; it expects Brent to average $56/bbl and cautioned that lifting Venezuelan sanctions could depress prices further.

  • The agency’s forecast signals that supply growth will slacken just as new Venezuelan barrels threaten to flood the market.

• Jan 13 – Norway adds 57 exploration licenses:

  • Norway awarded stakes in 57 offshore exploration blocks to 19 companies, up from 53 last year, as part of its plan to extend North Sea output; Equinor won 17 operator-ships, Aker BP 12 and Vår Energi six. The government will expand next year’s acreage by another 70 blocks, including 38 in the Barents Sea.

  • Europe’s biggest supplier is doubling down on hydrocarbons even as environmental groups protest, hinting at a long runway for North Sea projects.

• Jan 13 – U.S. energy reforms could hurt shale:

  • U.S. producers warned that President Trump’s call for domestic companies to help rebuild Venezuela’s industry will undermine U.S. shale; the EIA noted that additional Venezuelan supplies would add downward price pressure.

  • Producers worry Washington’s Venezuela strategy could backfire by depressing prices and investment at home.

• Jan 15 – Prices tumble on easing Iran tensions:

  • Oil fell around 4% after Trump said Iran’s crackdown on protests was easing; Brent dropped to $63.76/bbl and WTI to $59.19, while the EIA reported large U.S. crude and gasoline builds and analysts warned Venezuelan output cuts were being reversed.

  • Price volatility underscores that geopolitical fears may be fleeting when inventories are ample and supply is loosening.

• Jan 15 – OPEC recovers market share in India: 

  • India’s imports of Russian oil slid sharply due to sanctions, lifting OPEC’s share of Indian crude imports to nearly 11‑month highs while Middle Eastern supplies rose.

  • Shifting trade flows show how sanctions and geopolitics can quickly realign major buyers’ sourcing patterns.

• Jan 15 – Russia’s oil and gas revenues drop 24%:

  • Moscow said its oil‑and‑gas budget revenues fell by nearly a quarter in 2025 due to an 18% decline in prices and a strong rouble.

  • The revenue slump highlights how lower prices and currency movements are squeezing producers, raising questions about future investment.

• Jan 16 – U.S. to expand Chevron’s Venezuela license:

  • Energy Secretary Chris Wright said Washington will quickly grant Chevron an expanded license letting it pay royalties in cash rather than crude; this would let Chevron export all its Venezuelan output, which the U.S. sells at a roughly $15/bbl discount to Brent.

  • This accelerates efforts to monetize Venezuela’s reserves and positions the U.S. as de facto marketer of its crude, potentially crowding out other heavy grades.

• Jan 16 – Oil prices steady amid holiday trading:

  • Ahead of the Martin Luther King holiday, investors covered short positions and oil settled up modestly—Brent at $64.13 and WTI at $59.44—despite underlying ample supply and expectations of more Venezuelan barrels.

  • The bounce shows how thin trading can exaggerate price moves even when fundamentals remain weak.

• Jan 16 – DOE denies using Venezuela’s crude for SPR:

  • The U.S. Energy Department rejected rumors that it would swap Venezuelan heavy oil for U.S. crude to refill the Strategic Petroleum Reserve; the SPR currently holds 414 million barrels, about 60% of capacity.

  • The statement implies Washington is still exploring ways to rebuild emergency stocks without relying on sanctioned barrels.

• Jan 16 – Mitsubishi buys U.S. shale gas assets:

  • Japanese trading house Mitsubishi agreed to acquire Aethon Energy’s gas assets in Texas and Louisiana for $7.53 billion—$5.2 billion in equity and $2.33 billion in debt—giving it reserves capable of producing over two billion cubic feet per day.

  • This deal signals long‑term confidence in U.S. gas exports and the need for new midstream infrastructure, from pipelines to LNG terminals.

• Jan 16 – Lukoil gets more time to sell foreign assets:

  • The U.S. Treasury extended the deadline to Feb 28 for Lukoil to negotiate sales of its international holdings—including stakes in Iraqi fields and refineries in Bulgaria—with potential buyers ranging from private‑equity firms to oil majors.

  • Sanctions continue to reshape asset ownership, creating opportunities for investors but uncertainty for joint ventures.

• Jan 16 – White House calls for emergency power auction:

  • The Trump administration urged PJM Interconnection, operator of America’s largest power grid, to run an emergency procurement auction and require data‑center operators to bring their own generation capacity amid soaring electricity demand.

  • The move reflects growing strain on grids as data‑center loads surge, highlighting cross‑sector linkages between digital infrastructure and energy supplies.

• Jan 16 – Oil traders brace for supply glut despite flare‑ups:

  • Reuters noted that simultaneous crises in Venezuela, Iran, and the Black Sea have added a risk premium to prices, but analysts expect a 2.8 million bpd inventory build in 2026, leaving markets oversupplied.

  • Traders remain cautious: geopolitical risks may cause price spikes, but the fundamental outlook points to excess supply and downward pressure.

Check back daily for updates on the latest news for the energy indsutry and insider insights.