02 Feb Energy newstrack, commentary and analysis |Oil prices down on easing US-Iran tensions
(Oilandgaspress) The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on 1 February 2026, to review global market conditions and outlook.
The eight participating countries reaffirmed their decision on 2 November 2025 to pause production increments in March 2026 due to seasonality as detailed in the table below.
The eight participating countries reiterated that the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner. The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023.
The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC). They also confirmed their intention to fully compensate for any overproduced volume since January 2024.
The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 1 March 2026. Related News
The 64th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Sunday, 1 February 2026. The JMMC reviewed the crude oil production data for the months of November and December 2025 and noted the overall conformity for OPEC and non-OPEC countries participating in the Declaration of Cooperation (DoC).
The Committee reiterated the critical importance of achieving full conformity and compensation, and reviewed the updated compensation schedules.
The Committee also reaffirmed that it will continue to monitor adherence to the production adjustments decided upon at the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 5 December 2024, and the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries as agreed upon in the 52nd JMMC held on 1 February 2024.
The JMMC retains the authority to convene additional meetings or to request an OPEC and non-OPEC Ministerial Meeting, as established during the 38th ONOMM held on 5 December 2024.
The next meeting of the JMMC (65th) is scheduled for 5 April 2026.Read More
| Oil and Gas Blends | Units | Oil Price 02/02/26 am | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $62.18. | Down |
| Crude Oil (Brent) | USD/bbl | $66.27 | Down |
| Bonny Light 30/01/26 CBN | USD/bbl | $71.91 | Down |
| Dubai | USD/bbl | $62.01 | Up |
| Natural Gas | USD/MMBtu | $3.61 | Down |
| Murban | USD/bbl | $66.89 | Down |
| OPEC basket 30/01/26 OPEC | USD/bbl | $67.03 | Up |
| At press time February 02, 2026 |
German and Saudi energy companies have concluded an agreement for exports of ammonia, as the two countries seek to expand their partnership on green hydrogen. A memorandum of understanding was signed in Riyadh on Sunday by Saudi company ACWA Power, the energy supplier EnBW Baden-Württemberg, the northern German port of Rostock and the gas importer VNG. Under the plan, hydrogen is to be exported from the Red Sea port of Yanbu to Rostock in the form of the chemical ammonia, which is easier to liquefy, transport and store. Related News
Scientists estimate that beneath the world’s oceans lies enough geothermal energy to power human civilization for millions of years. This is a measurable reality based on thermal readings from deep-sea exploration missions. The ocean floor constantly releases heat from Earth’s molten core through cracks and fractures in the planetary crust.The seafloor is an active, living system where tectonic plates pull apart, and volcanic activity creates massive heat sources. For decades, oceanographers noticed unusual temperature readings near certain underwater mountain ranges.Unlike solar panels that stop working at night or wind turbines that sit idle during calm weather, geothermal energy flows continuously from Earth’s interior. The planet’s core maintains temperatures exceeding five thousand degrees Celsius, and this heat gradually migrates toward the surface through conduction and convection. Related News
Meren Energy Inc. announced that Dr. Roger Tucker has stepped down as President and Chief Executive Officer (“CEO”) and a director of the Company and has been replaced in these roles by Dr. Oliver Quinn, Meren’s Chief Commercial and Operating Officer with effect from February 2, 2026. Dr. Quinn has also been appointed as a director of the Company. This transition follows the successful completion of a transformational year for the Company and is in line with the succession plan established by Dr. Tucker and the Company’s Board, following the closing of the Prime Oil & Gas Cooperatief U.A. (“Prime”) consolidation in early 2025..Related News
Equinor and Vår Energi have awarded Bristow a new, long-term contract for helicopter transportation and search and rescue (SAR) services from the base in Hammerfest. The contract ensures stable and predictable services at a time of increased activity in the Barents Sea. The new helicopter contract takes effect on 1 September 2026. The fixed contract period is for three years, with two one-year extension options. The total estimated value of the entire contract, including options, is about NOK 1.9 billion. Related News
Baker Hughes Rig Count: International -8 to 1,065, U.S.U.S. +1 to 544 Canada +5 to 231
U.S. Rig Count is up 2 from last week to 546 with oil rigs unchanged at 411, gas rigs up 3 to 125 and miscellaneous rigs down 1 to 10.
Canada Rig Count is up 1 from last week to 232 with oil rigs down 2 to 156, gas rigs up 3 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 | 30 January 2026 | 546 | +2 |
| Canada | 30 January 2026 | 232 | +1 |
| 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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