Oil prices are once again under pressure after several OPEC+ members signaled a willingness to start hiking production again, even as inflation data provided some support.
Friday, February 13, 2026
OPEC+ never fails to disappoint oil bulls, this time sending ripples through the media landscape as its leading members signalled readiness to start hiking production again after a quota freeze in Q1 2026. The physical impact of OPEC+’s alleged plans wasn’t as steep as one could expect, particularly because robust US inflation data rekindled hopes that interest rate cuts could be back on the short-term agenda again. ICE Brent is set to close the week off slightly above $67 per barrel, a 2% week-on-week drop.
Saudi Arabia Wants Its Market Share Back. According to media reports, OPEC+ countries are currently leaning towards a resumption in oil production hikes from April 2026 onwards as the oil group reconvenes for its monthly meeting on March 1, having raised output quotas by 2.9 million b/d last year.
OPEC Warns of Waning Global Demand. Publishing its monthly report this week, OPEC anticipates Q2 crude demand for OPEC+ barrels to drop by 400,000 b/d compared to January-March 2026, but the oil group kept its global demand growth forecast for this year unchanged at 1.34 million b/d.
Libya Welcomes Oil Majors Back. Libya’s Tripoli government awarded oil and gas exploration blocks to international majors such as Chevron, ENI, Repsol, and QatarEnergy in the country’s first licensing round since 2007, but only 5 out of 20 blocks on offer were allocated due to drilling commitment disputes.
Chinese Refiners Double Down on Saudi Oil. Saudi Arabia’s crude oil exports to China are expected to reach a 3-year high after the country’s refiners nominate at least 58 million barrels for March-loading cargoes, benefiting from lower prices as Saudi Aramco cut prices for the fourth straight month.
Top Lithium Miner Shuts Capacity on Losses. Albemarle (NYSE:ALB), the world’s top producer of lithium, decided to idle its Kemerton processing plant in Australia after the US-based miner posted a larger-than-expected quarterly loss in Q4, coming in at $456 million after a net profit of $34 million a year ago.
CME Eyes First-Ever Rare Earth Futures. The world’s top operator of futures exchanges, CME, is reportedly planning to launch the world’s first rare earth futures, combining neodymium and praseodymium into one financial instrument, helping companies hedge their exposure to soaring prices.
Venezuela Doubles Down on New Exploration Drilling. According to Reuters, Venezuela’s state-controlled PDVSA has been negotiating with its existing joint venture Partners Chevron, Repsol, and Maurel & Prom, to expand their acreage beyond what is already allocated to them.
Ukraine’s Drone Strikes Hit Russian Refineries. Following a two-week lull in confirmed refinery hits, Ukraine has struck the 320,000 b/d Volgograd refinery this week, quickly followed by an attack on the smaller Ukhta refinery in Siberia’s Komi region, with both plants operated by the private major Lukoil.
Trump Eyes U-Turn on Steel and Aluminium Tariffs. US President Donald Trump is expected to lower some of the administration’s 2025 tariffs on steel and aluminium goods, currently pegged at 50%, as the US Commerce Department claims they contributed to a wider spike in canned food items.
Argentina Powers Ahead on First LNG Plant. Argentina’s state oil firm YPF (NYSE:YPF), joined by Italy’s ENI and ADNOC’s investment arm XRG, has signed a binding development agreement on the 12 mtpa Argentina LNG project, planning two floating regasification facilities with a 6 mtpa capacity each.
Namibia’s Oil Future Is Getting Clearer. During TotalEnergies’ (NYSE:TTE) Q4 results presentation call, CEO Patrick Pouyanne stated that Namibia’s giant Mopane find contains at least 800 million barrels of recoverable oil, believing an FID on the 200,000 b/d FPSO would take place at some point in 2028.
India’s Top Refiner Looks Toward Venezuela. The Trump government has issued a general licence to India’s leading private refiner, Reliance Industries, to buy Venezuelan crude directly without violating remaining sanctions, less than a week after Reliance bought a 2-million-barrel cargo from trader Vitol.
Chinese EV Sales Continue to Decline. Chinese sales of new energy vehicles (NEVs) dropped sharply from December, coming in at only 945,000 units or 45% lower month-over-month, as Belling halved its purchase tax exemption to 15,000 per unit ($2,170) after EV penetration reached 48% in 2025.
By Michael Kern for Oilprice.com
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