United States
** The Texas oil industry is bracing for potential margin pressure as President Trump pledges to push crude prices toward $50 per barrel and increase U.S. access to Venezuelan oil, a move analysts say could make breakeven economics even more challenging for producers.
** In her first official action as governor, New Jersey Democrat Mikie Sherrill signed executive orders requiring regulators to expand electricity bill credits and freeze power rates, signaling an aggressive consumer protection stance on energy costs.
** A federal judge has allowed Dominion Energy to continue construction of its 70% complete offshore wind farm near Virginia, despite a Trump administration halt citing unspecified national security concerns.
** Lesser-known oil companies are leading political donations to candidates for the Texas Railroad Commission, the powerful regulatory body overseeing oil and gas production, pipelines, utilities, and mining operations.
World
** The International Energy Agency (IEA) says the global oil market will enter a deep surplus in the first quarter of 2026, projecting supply will exceed demand by 4.25 million barrels per day, as excess output outweighs geopolitical disruption risks.
** India’s Reliance Industries Ltd., operator of the world’s largest refining complex, is set to receive sanctions-compliant Russian oil in February and March, following a one-month pause, according to sources familiar with the matter.
** UAE President Sheikh Mohamed bin Zayed Al Nahyan concluded talks with Indian Prime Minister Narendra Modi, with the two nations signing a long-term LNG supply agreement and committing to double bilateral trade to more than $200 billion by 2032.