12 Feb Energy Price, news updates and expert commentary/ Russia to send oil to Cuba as humanitarian aid.
(Oilandgaspress) Global oil demand is expected to rise by 850,000 barrels per day this year, the International Energy Agency (IEA) reportedly said today as it cut its growth estimate from 930,000 bpd expected last month. All the 850,000 bpd growth this year is poised to come from developing economies, with China leading the additional demand, the agency said in its closely-watched Oil Market Report for February. Petrochemical feedstock products are set to account for more than half of this year’s gains, compared with only a third in 2025 when transport fuels dominated growth, the IEA said.
The agency’s forecast is well below OPEC’s estimate of 1.4 million bpd oil demand growth this year from 2025, which the cartel reiterated in its own monthly report earlier this week. OPEC sees robust growth of 1.3 million bpd for 2027, too. The IEA also confirmed its estimate that the oil market will be in a surplus in 2026, with supply set to rise by 2.4 million bpd in 2026, to 108.6 million bpd. Growth will be roughly evenly split between non-OPEC+ and OPEC+ producers, the agency said. Related News
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $63.33 | Down |
| Crude Oil (Brent) | USD/bbl | $68.05 | Down |
| Bonny Light 10/02/26 CBN | USD/bbl | $73.03 | Up |
| Dubai | USD/bbl | $67.38 | Down |
| Natural Gas | USD/MMBtu | $3.21 | Up |
| Murban | USD/bbl | $68.55 | Down |
| OPEC basket 11/02/26 OPEC | USD/bbl | $68.52 | Up |
| At press time February 12, 2026 . |
Russia to send batch of oil to Cuba as humanitarian aid. Russia’s ministry of economic development has recommended Russian tourists refrain from visiting Cuba amid the “fuel emergency” in the country. “In the near future, it is planned to deliver oil and oil products to Cuba as humanitarian aid,” the embassy told the Izvestia daily.
According to the embassy’s post on Telegram, it is in touch with Russia’s Aeroflot airlines and Cuba’s aviation authorities so that Russian nationals could safely return to Russia. Aeroflot promised to organize special flights from Varadero and Havana to Moscow.
Cuba’s already complicated energy situation deteriorated after the US military seized Venezuelan President Nicolas Maduro on January 3. The Bolivarian Republic once was a major oil exporter to Cuba. On January 29, the United States signed an executive order making it possible for Washington to impose tariffs on goods from the countries providing oil to Cuba. The document also declared a state of emergency over an alleged threat from Cuba.. Related News
Long-term energy cooperation between Venezuela and the United States should be beneficia for both countries, Venezuelan authorized President Delcy Rodriguez said after a meeting with US Secretary of Energy Chris Wright.
“Long-term, productive partnership on the energy agenda should be an effective driving engine of bilateral relations [with the United States] <…> beneficial and mutually supplementary for both countries, for the United States and the Venezuelan people,” she told Venezolana de Television, adding that energy cooperation should develop without impediment.
She said that she is convinced that the issues between Venezuela and the United States can be resolved diplomatically. Political and energy dialogue should be an appropriate channel for developing relations between the two countries, she stressed.
According to Rodriguez, her talks with Wright focused on projects in the oil and gas, mining, and electricity generation sectors… Related News
SANY Marine, the port machinery BU of SANY Group, announced at its Global Customer Summit & Smart E-Product Launch a strategic partnership with Construction Equipment Australia (CEA), part of the CFC Group. This collaboration will bring SANY’s range of telehandlers and material handlers to the growing Australian Material Handling sector, offering a powerful combination of rugged durability and innovation, tailored to meet the demands of the Australian market.
Under the terms of the agreement, CEA will leverage its extensive national distribution network to bring SANY’s cutting-edge telehandlers and material handlers to key sectors across Australia, including mining, rental, construction, agriculture, and bulk handling. Related News
SANY Group announced that its self-developed Aerial Water Jet Fire Truck JP100 set a Guinness World Record™ for “The Highest Water Jet from a Fire Truck (Prototype)” with a maximum jet height of 159.66 meters at the 21st China International Fire Protection Equipment Technology Conference & Exposition, which concluded on October 16. This certification marks a historic milestone for SANY’s emergency rescue equipment, and for high-rise buildings firefighting worldwide..Related News
The US has slowly been peeling away from acknowledging its involvement in the climate crisis, despite being the world’s second-largest annual emitter of greenhouse gases and, historically, the largest contributor to global warming.
It has stopped sending delegates to COP talks, scrubbed all mention of fossil fuels from its Environmental Protection Agency’s website and scaled back on environmental protection. Meanwhile, Trump has been criticising the renewable energy boom and taking his “drill baby drill” attitude global. So, here is everything the POTUS has done so far in 2026.. Related News
ORLEN Upstream Norway has agreed to acquire a 25% interest in production license PL293 in the North Sea from Vår Energi. The license covers the unconventional Afrodite gas discovery, which has the potential to deliver nearly 2 billion cubic meters of natural gas net to ORLEN. The Afrodite project will also serve as a testing ground for new methods for producing unconventional resources on the Continental Shelf, including Victoria—the largest undeveloped gas discovery in Norway—in which ORLEN also holds a stake…. Related News
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