In the oil market, Rosneft/Lukoil sanctions are causing a buildup of Russian crude at sea rather than a decrease in daily loadings. TotalEnergies makes a power move by acquiring a 50% stake in Western European power generation assets, signaling a shift away from renewables towards conventional generation.

Chevron is considering purchasing international assets from Lukoil, while ConocoPhillips announces a gas discovery offshore Australia. Tokyo Gas sells its Louisiana gas business, and BHP is held liable for the 2015 Mariana dam disaster in Brazil. ExxonMobil’s LNG plant in Texas is expected to load its first shipment in February.

Goldman Sachs revises its crude oil forecast for 2026 downward, anticipating lower prices due to OPEC+ unwinding and non-OPEC supply growth. Russian oil exports decrease as Indian and Chinese buyers await Rosneft and Lukoil sanctions. Suriname’s gas project progresses, while Indonesia may reverse its coal phaseout plan.

Lithium prices surge on Chinese demand predictions, and Saudi Arabia starts supplying oil to Syria. Petrobras reports another oil discovery in Brazil, and Russia’s Black Sea port resumes loadings after a brief hiatus. Iran seizes an oil tanker, and China’s refined product exports increase. India signs a significant LPG deal with the US, while US EV sales decline due to subsidy cuts. ExxonMobil announces the closure of its Fife ethylene plant in Scotland.

Read more at Yahoo Finance: Russian Crude Piles Up but Oil Prices Refuse to Move