06 Jan Energy Price/News Update, OPEC+ countries to hold monthly meetings to review market conditions, conformity, and compensation
(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 4 January 2026, to review global market conditions and outlook.
The eight participating countries reaffirmed their decision on 2 November 2025 to pause production increments in February and 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 countries will meet on 1 February 2026. Related News
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $57.64 | Down |
| Crude Oil (Brent) | USD/bbl | $61.17 | Down |
| Bonny Light 31/12/25 CBN | USD/bbl | $63.42 | Down |
| Dubai | USD/bbl | $62.05 | Up |
| Natural Gas | USD/MMBtu | $3.37 | Down |
| Murban | USD/bbl | $61.06 | Down |
| OPEC basket 02/01/26 OPEC | USD/bbl | $59.81 | Down |
| At press time January 06, 2026 |
The European Commission has framed the removal of Venezuelan President Nicolás Maduro as an “opportunity for a democratic transition” that should be led by the Venezuelan people, rather than by Maduro’s immediate successor, Delcy Rodríguez.
That stance puts the bloc at odds with United States President Donald Trump, who has claimed he is “in charge” of Venezuela and wants “total access” to the country’s valuable oil reserves following Saturday’s military intervention. Trump has also called on Rodríguez to acquiesce to the US’s demands or pay a “very big price”.. Related News
U.S. oil stocks jumped Monday following the capture of Nicolás Maduro over the weekend.
Chevron Corp., the only American oil major currently operating in the South American nation under special U.S. permission, surged as much as 6.3%, the most since April.
ConocoPhillips and Exxon Mobil Corp. also rose. The three largest oil-service companies — Halliburton Co., SLB Ltd and Baker Hughes Co. — all jumped more than 5%.
Trump said U.S. oil companies will spend billions of dollars to rebuild Venezuela’s crumbling energy infrastructure and restore the nation’s oil sector to its former glory.
Chevron — which remained in Venezuela after the seizure of foreign oil assets at the turn of the century — is best positioned among global oil giants to immediately benefit from greater US access to the world’s largest crude reserves. ConocoPhillips is owed more than $8 billion by Venezuela and Exxon is still owed about $1 billion stemming from the nationalization of assets, international arbitrators have ruled. Related News
Desalination is a solution to address dire freshwater crisis. It is the technology used to strip salt and minerals from ocean water, transforming it into fresh water for drinking, farming, and industry.
Flocean, aims to literally reinvent desalination by experimenting with tech placed hundreds of meters beneath the ocean’s surface. Flocean was named one of TIME’s Best Inventions of 2025, the only desalination solution to make the prestigious list. Norway’s Alver Municipality is exploring integrating Flocean’s water into its existing infrastructure. Moreover, Flocean has already been desalinating water at its test site in Mongstad Industrial Park for a year, proving its viability.
The company also aims to “advance large-scale commercial projects across Europe, the Middle East, the Americas, and island nations. Flocean’s technology operates at depths of 300–600 meters to make seawater drinkable. This location provides a fundamental engineering advantage. Related News
Verge Motorcycles has taken solid-state battery technology out of the lab and onto public roads. Unveiled during CES 2026, the company’s latest production-ready motorcycle achieves ten-minute fast charging and a claimed range of up to 370 miles.
The move positions Verge as the first manufacturer to deliver production motorcycles powered by solid-state batteries, a milestone long anticipated across the electric vehicle industry. Related News
Empire Offshore Wind LLC (Empire) filed a civil suit in the U.S. District Court for the District of Columbia on 2 January 2026 challenging the U.S. Department of the Interior’s order directing a suspension to the Empire Wind project. As part of that case, Empire plans to seek a preliminary injunction and allow construction to continue while the litigation proceeds.
While Empire continues to work closely with Bureau of Ocean Energy Management (BOEM) and the other relevant authorities to find a prompt resolution to the matter, the order is in Equinor’s view unlawful and threatens the progress of ongoing work with significant implications for the project. The preliminary injunction filing is necessary to allow the project to continue as planned during this critical period of execution and avoid additional commercial and financing impacts that are likely to occur should the order remain effective.
Empire has coordinated closely with numerous federal officials on national security reviews since it executed its lease for the project in 2017, including with the Department of War, and has complied with relevant national security related requirements identified as part of the regulatory process. In addition, Empire meets regularly with officials charged with oversight of security issues for the project, including weekly meetings with the U.S. Coast Guard and other marine first responders. . Related News
CNOOC Limited announces that Buzios6 Project has commenced production safely.
Buzios oilfield is located in the Santos Basin, southeast offshore of Brazil. It is the largest deep-water pre-salt oilfield in the world. Buzios6 is the seventh project commissioned of the oilfield. It will be developed with an FPSO and subsea production system. 13 development wells are planned to be commissioned, including 6 oil producers and 7 injectors. With Buzios6 on-stream, the installed production capacity of the Buzios oilfield will reach 1.15 million barrels per day.
The FPSO used in the Buzios6 project has a designed production capacity of 180,000 barrels of crude oil per day and 7.2 million cubic meters of natural gas per day, along with a storage capacity of 2 million barrels. To enhance environmental performance, it is equipped with closed flare to reduce greenhouse gas emissions, and heat recovery devices to reduce energy consumption.
CNOOC Petroleum Brasil Ltda., a wholly-owned subsidiary of the Company, holds a 7.34% interest in the Buzios Shared Reservoir, while the operator Petrobras holds 88.99%, and CNODC Brasil Petróleo e Gás Ltda. holds 3.67%. Read More
Baker Hughes Rig Count: International -8 to 1,065., U.S. +3 to 545 Canada -67 to 118
U.S. Rig Count is up 3 from last week to 545 with oil rigs up 3 to 409, gas rigs unchanged at 127 and miscellaneous rigs unchanged at 9.
Canada Rig Count is down 67 from last week to 118, with oil rigs down 60 to 59, gas rigs down 7 to 59 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.
| U.S.A | December 23, 2025 | 545 | +3 |
| Canada | December 23, 2025 | 118 | -67 |
| International | December 2025 | 1065 | -8 |
Baker Hughes |
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