Oil markets are focused on supply disruptions, with a fire at Kazakhstan’s Tengiz field lifting Brent to $65. China saw the first annual drop in fossil-fuel power generation since 2015 in 2025, with renewables accounting for 60% of new capacity. Japan’s Mitsubishi bought Aethon Energy Management’s assets for $7.53 billion.

Syria’s new government is reclaiming oil fields from Kurdish control. Chevron’s license in Venezuela is set to expand, producing 240,000 b/d. LNG Canada stakeholders are considering selling their stakes. Russia’s diesel exports are booming, and China’s refinery runs hit record highs in 2025.

A factory explosion in China raises concerns about plant safety checks. Norway’s oil production exceeded expectations in December. Peru’s oil industry faces strikes over privatization plans. The Philippines discovered natural gas, while Venezuela’s power grid struggles. Hungary’s MOL reached an agreement with Gazprom Neft to buy a Serbian oil refinery stake.

Read more at Yahoo Finance: Tengiz Disruption Lifts Brent Back to $65