19 Jan Energy news, commentary and analysis | Oil prices were up slightly
(Oilandgaspress) U.S.WTI for February rose 9 cents, or 0.15%, to $59.53 a barrel. That contract expires on Tuesday and the more active March contract was at $59.39, up 5 cents, or 0.08%.
Crude stocks were up by 3.4 million barrels in the week ended January 9, the EIA said last week.
Heirs Energies acquired the entire 20.07% equity stake (120.4 million ordinary shares) previously held by Maurel & Prom S.A. in Seplat Energy Plc (Seplat Energy) at a price of GBP3.05 pence per share, valuing the transaction at approximately US500 million.
The acquisition represents a further milestone in Heirs Energies’ long-term strategy to strengthen indigenous participation in strategic assets and accelerate sustainable energy development and security for Nigeria and Africa. Related News
Heirs Energies, said it has sustainably doubled oil production from less than 25,000 bopd to over 50,000 bopd in the last five years.
In addition, the company said it has doubled gas production from under 50 MMSCF/d to over 120 MMSCF/d, tripling gas supplied into the domestic market from 30MMSCF/d to over 100 MMSCF/d and enabling electricity generation to grow from less than 100 MW to over 325 MW.
The company listed these among others achievements while marking the “five years of operatorship of OML 17”.
The company narrated how it acquired 45 per cent of OML 17 on 15 January 2021 for US$1 billion and assumed operatorship ahead of plan on 1 July 2021. Related News
Data from the US Energy Information Administration showed that between January and October 2025, Nigeria imported 42.13 million barrels of crude oil from the US, compared with 15.79 million barrels during the same period in 2024. This represents an increase of about 167 percent.
According to the data, Nigeria imported 3.79 million barrels in May 2025, about 1.71 million barrels higher than the figure recorded a year earlier. Imports rose significantly to 9.16 million barrels in June 2025, before easing to 4.17 million barrels in July, slightly above July 2024 levels. August followed with imports of 6.24 million barrels, while September and October each recorded steady volumes of 4.19 million barrels.
The surge has been linked mainly to increased crude requirements by the Dangote Petroleum Refinery.
The Organisation of Petroleum Exporting Countries disclosed that Nigeria’s crude oil production, excluding condensate, declined by 0.7 percent to 1.486 million barrels per day in November 2025, down from 1.496 million barrels per day recorded in October.Entertainment center. The disclosure was made in its December 2025 Monthly Oil Market Report, stating that the November figures were based on data obtained from secondary sources. The data showed that Nigeria failed to meet its assigned OPEC production quota of 1.5 million barrels per day during the period.
The total production of refineries in the Sultanate of Oman recorded an increase of 11.4 % by the end of November 2025, reaching approximately 76.992 billion barrels, compared to 69.113 billion barrels during the same period in 2024, according to data issued by refineries and petroleum industries.
The data indicated that the production of (91) octane gasoline rose by 17.5 percent to reach 15.64 billion barrels, while the production of (95) octane gasoline increased by 21.1 percent to 13.182 billion barrels. Gas oil (diesel) production also grew by 11.7 percent, reaching 31.639 billion barrels by the end of November 2025. Related News
US sanctions have sharply shrunk India’s buyer pool for Russian crude, leaving just Indian Oil, Nayara and Bharat Petroleum Corporation lifting cargoes so far far this month. Related News
Danish parliamentarian Rasmus Jarlov reportedly told MS NOW that Stephen Miller, the White House deputy chief of staff, should be ‘kept away’ from young women after suggesting Greenland ‘failed’ tests.
Miller previously said on Fox News: ‘Denmark cannot defend Greenland. They cannot control the territory of Greenland. Under every understanding of law that has existed about territorial control for 500 years.
‘To control a territory, you have to be able to defend a territory, improve a territory, and inhabit a territory. Denmark has failed on every single one of these tests.’
Jarlov responded: ‘I hope he’s kept away from young women, because that’s the mentality of a rapist. You can’t defend yourself, so I’m going to take you. That’s basically what he’s saying.’
He also pointed out that the US has recognised Denmark’s authority over Greenland, citing several treaties. Related News
The International Monetary Fund has warned mounting geopolitical tensions and an escalation of Donald Trump’s tariff war could hit global economic growth and trigger a backlash in financial markets.
In an update as Trump threatens to impose tariffs on Nato allies opposed to his ambitions in Greenland, the Washington-based fund said a renewed eruption in trade tensions was among the biggest risks to global growth in 2026. Related News
Trump’s “America First” policies have accelerated this shift, with high tariffs on allies and adversaries alike and his skepticism toward the U.S.-led system of alliances pushing nations into Beijing’s orbit. Meanwhile, America’s foes view Washington with diminished dread, convinced that the era of unchallenged Western dominance has come and gone.
These are the findings of the latest global survey from The European Council on Foreign Relations, (ECFR) which sampled 25,949 respondents across 21 nations in November.. One year into his second term, President Donald Trump is making one country stronger — and it isn’t America, according to a new poll. Citizens of countries around the world now believe that China is ascendant, while few say the same of the U.S. Related News
Swiss researchers at the Paul Scherrer Institute PSI have developed a new production process that extends solid-state battery lifespan to 1,500 cycles with 75% capacity retention. The breakthrough, published in Advanced Science this month, addresses two critical barriers to market-ready solid-state batteries. Related Report
Philippine President Ferdinand Marcos Jr. reportedly announced the discovery of a new natural gas deposit near an existing gas field in waters facing the disputed South China Sea, which could shield his country from a potential power crisis.
The discovery of the gas reservoir northwest off Palawan province was “significant” and could eventually supply power to more than 5.7 million households annually, Marcos said Monday.
The undersea reservoir is estimated to contain about 98 billion cubic feet (2.7 billion cubic meters) of gas. Initial tests showed 60 million cubic feet (1.6 million cubic meters) of gas could be extracted each day from the well, Marcos said without providing other details including when commercial production could start… Related News
Goldman Sachs recently revised its price predictions for 2026, saying it now expected Brent crude to go even lower after shedding about a fifth of its value last year.
“Rising global oil stocks and our forecast of a 2.3mb/d surplus in 2026 suggest that rebalancing the market likely requires lower oil prices in 2026 to slow down non-OPEC supply growth and support solid demand growth, barring large supply disruptions or OPEC production cuts,” Goldman said earlier this week—even though protests in Iran were already making headlines and pushing the benchmarks higher.
Expectations of further growth in oil production remain dominant on that market, with forecasters such as the U.S. Energy Information Administration and the International Energy Agency both predicting further supply growth, even as OPEC pauses its unwinding of production cuts implemented back in 2022 to prop up prices. Related News
Crude oil imports into the European Union fell by 8.8% over the first nine months of last year, Eurostat has reported, adding that the bill for these imports fell even more markedly amid lower international prices, by 18.3%.
In liquefied natural gas, on the other hand, volumes jumped by a sizable 25.9%, while the bill for these volumes swelled even more markedly, by 36.1%, Eurostat also said.
Over the third quarter of the year alone, the European Union imported 59.9% of its liquefied natural gas from the United States, with another 12.7% coming from Russia despite the sanctions, and another 7.7% came from Algeria.. Related News
Acwa Power has completed the acquisition of French energy giant Engie’s stake in the Al Zour North One Power and Water Plant (Az-Zour North IWPP) in Kuwait, said the project developer Shamal Az Zour Al Oula Power and Water Company.
The company is 50% is owned by Kuwaiti citizens, distributed through a public offering by the Kuwait Authority for Partnership Projects (KAPP); while 40% is owned by a private consortium comprising Engie, Sumitomo Corporation, and AH Al Sagar & Brothers and the rest 10% by the Kuwait Investment Authority (KIA) and the Public Institution for Social Security (PIFFS).
In its filing to Kuwait bourse, Shamal Az Zour Al Oula Power and Water Company said it has been notified of the acquisition move by Acwa Power.. Related News
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Tesla Lithium Refinery ushers in energy independence for North America
The Tesla Lithium Refinery just outside of Corpus Christi, Texas, is another step toward the U.S. goal of having domestic refined lithium resources to counter China’s market dominance.
“Our Lithium Refinery ushers in energy independence for North America,” Tesla North America said in the caption of a video announcing that the plant is operational Related News
World Oil Demand
The global oil demand growth forecast for 2026 remains at 1.4 mb/d, y-o-y, unchanged from last month’s assessment. The OECD is forecast to grow by 0.15 mb/d, while the non-OECD is forecast to grow by around 1.2 mb/d. In 2027, global oil demand is forecast to grow by about 1.3 mb/d, y-o-y. The OECD is forecast to grow by 0.1 mb/d next year, while the non-OECD is forecast to grow by around 1.2 mb/d, y-o-y.
In December, the OPEC Reference Basket (ORB) value dropped by $2.72/b, month-on-month (m-o-m), to average $61.74/b. The ICE Brent front-month contract dropped by $2.03/b, m-o-m, to average $61.63/b in December, and the NYMEX WTI front-month contract dropped by $1.61/b, m-o-m, to average $57.87/b.
Global economic growth is forecast at 3.1% in 2026, unchanged from last month’s assessment. This steady expansion is expected to accelerate further in 2027 to reach 3.2%. This positive outlook is underpinned by normalization in global trade, fiscal support measures, and ongoing adjustments to monetary policies in major economies. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $59.02 | Down |
| Crude Oil (Brent) | USD/bbl | $63.77 | Down |
| Bonny Light 16/01/26 CBN | USD/bbl | $68.25 | Up |
| Dubai | USD/bbl | $61.29 | Down |
| Natural Gas | USD/MMBtu | $3.49 | Up |
| Murban | USD/bbl | $64.62 | Down |
| OPEC basket 16/01/26 OPEC | USD/bbl | $62.94 | Up |
| At press time January 19, 2026 . |
Baker Hughes Rig Count: International -8 to 1,065, U.S. -1 to 543 Canada +29 to 226
U.S. Rig Count is down 1 from last week to 543 with oil rigs up 1 to 410, gas rigs down 2 to 122 and miscellaneous rigs unchanged at 11.
Canada Rig Count is up 29 from last week to 226 with oil rigs up 22 to 150, gas rigs up 7 to 76 and miscellaneous unchanged at 0.
International Rig Count is down 8 from last month to 1,065 with land rigs down 2 to 845, offshore down 6 to 220.
The Worldwide Rig Count for December was 1,783, down 30 from the 1,812 counted in November 2025, and down 82, from the 1,865 counted in December 2024.
| Region | Period | Rig Count | Change |
| U.S.A | 16 January 2026 | 543 | -1 |
| Canada | 16 January 2026 | 226 | +29 |
| International | December 2025 | 1065 | -8 |
| Baker Hughes |
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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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