16 Jan Energy news, commentary and analysis | Oil prices stable amid supply risks
(Oilandgaspress) Oil prices were slightly up on Friday with both Brent and U.S. West Texas Intermediate up a few cents after the likelihood of a U.S. strike on Iran receded.on Thursday, US President announced that Tehran’s crackdown on the protesters was easing, allaying worries over possible military action that could disrupt oil supplies. Analysts reportedly remain bearish on expectations of longer supply in the market throughout 2026 despite earlier OPEC expectations for a balanced market.
Canada agreed to slash its tariffs on Chinese electric cars in return for Beijing lowering tariffs on Canadian farm products, Prime Minister Mark Carney announced Friday during a visit to China. Following a period of testy relations, the two countries have sought to rebuild ties after US President Donald Trump aggressively raised tariffs on Canadian products.
Breaking with the United States, Canada has agreed to cut its 100% tariff on Chinese electric cars in return for lower tariffs on Canadian farm products Related News
Germany is returning the incentives for buying electric vehicles with federal funds of $3.5 billion (3 billion euros) by 2029. With the return of the incentives, Germany plans to prop up its ailing automotive sector, which has suffered a lot in recent years from surging costs, supply chain issues, and Chinese competition in EV sales. The government of Chancellor Friedrich Merz has approved a new scheme in effect from January 1, 2026.
Under the new scheme, the German government will pay an EV buyer between $1,740 (1,500 euros) and $7,000 (6,000 euros), depending on the model of the vehicle and the household’s earnings and size, Germany’s Environment Minister Carsten Schneider told the Bild newspaper on Friday.
The total funds of $3.5 billion would be sufficient for Germany to subsidize the sales of about 800,000 electric vehicles over the next three to four years, the minister added. Related News
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $59.84 | Up |
| Crude Oil (Brent) | USD/bbl | $64.47 | Up |
| Bonny Light 15/01/26 CBN | USD/bbl | $68.23 | — |
| Dubai | USD/bbl | $61.29 | Down |
| Natural Gas | USD/MMBtu | $3.15 | Up |
| Murban | USD/bbl | $65.24 | Up |
| OPEC basket 15/01/26 OPEC | USD/bbl | $62.77 | Down |
| At press time January 16, 2026 . |
Murphy Oil’s successful appraisal of its Hai Su Vang (HSV) discovery in Vietnam’s offshore Cuu Long Basin positions it as the largest oil find in Southeast Asia of the last two decades, according to Wood Mackenzie analysis.
The HSV-2X appraisal well encountered 429 feet of oil across two reservoirs and tested at 6,000 barrels per day of 37° API oil. Murphy has revised its recoverable reserves estimate toward the upper end of the 170-430 million barrels of oil equivalent (mmboe) range previously announced, with additional shallow reservoir sections providing further upside potential. Wood Mackenzie now estimates Murphy’s Hai Su Vang to be the third largest oil discovery in Southeast Asia since 2000, and the largest oil find of the past two decades. Related News
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Submit your Releases or contact us now!, victor@oilandgaspress.com
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