Oil notched its first back-to-back weekly drop this year as traders weighed the prospect of expanded OPEC+ supplies against US-Iran nuclear talks and recent weakness in wider markets. West Texas Intermediate fell 1% for the week and ended the day little changed on Friday. President Donald Trump said the US deployed an additional aircraft carrier to the Middle East in case a nuclear deal is not reached with Iran. “If we don’t have a deal, we’ll need it,” Trump said at the White House. He added he thinks negotiations will ultimately be successful. Traders have been watching for any uptick in tensions between Washington and Tehran that could pose a threat to supply from the Middle East. The commodity was down earlier as OPEC+ members see scope for output increases to resume in April, believing concerns about a glut are overblown, delegates said. The group has not yet committed to any course of action or begun formal discussions for a March 1 meeting, they added. A second weekly decline in the futures market stands to snap a long run of gains for early 2026, when recurrent bouts of geopolitical tension including the US stand-off with Iran supported oil prices. At an energy conference in London this week, attendees flagged that they expect worldwide supplies to top demand this year, potentially feeding into higher inventories in the Atlantic basin, the region where global prices are set. Still, a pile-up of sanctioned oil coupled with supply disruptions in various nations has limited the impact thus far. Trading may be thinner ahead of the Presidents’ Day holiday in the US, contributing to exaggerated price swings. Oil Prices WTI for March delivery settled up 0.1% at $62.89 a barrel in New York. Brent for April settlement edged 0.3% higher to $67.75 a barrel. What

Indian refiner Reliance Industries Ltd. has received a general license from the US government that will allow it to purchase Venezuelan oil directly, according to a person familiar with the matter.  Reliance, owned by billionaire Mukesh Ambani, applied for the permit last month and received it from the Treasury Department a few days ago, the person said, asking not to be named as the matter is not public. The move comes immediately on the heels of a trade deal with the US that slashes punitive tariffs for Indian exports but demands that the country stop importing discounted Russian oil. The Indian government has asked state-owned refiners to consider buying more Venezuelan crude, as well as oil from the US.  Venezuela is unlikely to produce large volumes of crude anytime soon, but even limited supplies provide a fallback option for India’s largest refiner. The US — which has stepped up involvement in Venezuela’s oil sector after capturing the country’s president last month — has been considering general licenses to permit purchases, trading and investment in a sprawling but threadbare industry. Reliance is the first Indian refiner to receive clearance in the current push.  Reliance has historically been an important consumer of the country’s heavy crude, having struck a term deal to secure as much as 400,000 barrels a day from Petroleos de Venezuela SA in 2012. It is among only a handful of refiners in India that have the capacity to process the high-viscosity, sour oil, which is difficult to extract and refine without diluent.  The Indian refining giant took about 25% of Venezuela’s exports in 2019, before its term deal got suspended in 2019 due to US sanctions. It last received a general license in 2024 and took crude until that expired last year, and was not renewed. Reuters first reported the issuance of

Baker Hughes Co. is exploring a potential sale of its Waygate Technologies unit, which provides industrial testing and inspection equipment, people with knowledge of the matter said.  The world’s second-biggest oilfield contractor is working with advisers to study a possible divestment of the Waygate business, which could fetch around $1.5 billion, according to the people. A sale process could kick off in the next few months and attract interest from private equity firms, the people said, asking not to be identified because the information is private.  Deliberations are ongoing and there’s no certainty they will lead to a transaction, the people said. A representative for Baker Hughes declined to comment.  Waygate, based in Hürth, Germany, makes radiographic testing systems, industrial CT scanners, remote visual inspection machines and ultrasonic testing devices. It operates in more than 80 countries and is known for brands including Krautkrämer, phoenix|x-ray, Seifert, Everest and Agfa NDT.  The company was started in 2004 as GE Inspection Technologies. It’s been under the current ownership since 2017, when General Electric Co. combined its oil and gas division with Baker Hughes in a $32 billion deal.  Baker Hughes is selling the non-core asset after agreeing last year to buy industrial equipment maker Chart Industries Inc. for about $9.6 billion in one of its biggest-ever acquisitions. Chief Executive Officer Lorenzo Simonelli said in October last year that Baker Hughes is undertaking a “comprehensive evaluation” of its capital allocation focus following the Chart deal in order to boost shareholder value.  The pending sale would join other sizeable corporate divestments in Europe. Volkswagen AG has launched the sale of a majority stake in its heavy diesel engine maker Everllence, while Continental AG is selling its Contitech business. WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions

The U.S. Energy Information Administration (EIA) increased its 2026 West Texas Intermediate (WTI) crude oil average spot price forecast, and lowered its 2027 projection, in its latest short term energy outlook (STEO). According to the EIA’s February STEO, which was released on February 10, the EIA now sees the WTI spot price averaging $53.42 per barrel this year and $49.34 per barrel next year. In its previous STEO, which was released in January, the EIA projected that the WTI spot price would average $52.21 per barrel in 2026 and $50.36 per barrel in 2027. A quarterly breakdown included in the EIA’s latest STEO projected that the WTI average spot price will come in at $58.62 per barrel in the first quarter of this year, $53.65 per barrel in the second quarter, $51.69 per barrel in the third quarter, $50.00 per barrel in the fourth quarter, $49.00 per barrel in the first quarter of next year, $49.66 per barrel in the second quarter, $49.68 per barrel in the third quarter, and $49.00 per barrel in the fourth quarter of 2027. In its previous STEO, the EIA forecast that the WTI spot price would average $54.93 per barrel in the first quarter of this year, $52.67 per barrel in the second quarter, $52.03 per barrel in the third quarter, $49.34 per barrel in the fourth quarter, $49.00 per barrel in the first quarter of next year, $50.66 per barrel in the second quarter, $50.68 per barrel in the third quarter, and $51.00 per barrel in the fourth quarter of 2027. In a BMI report sent to Rigzone by the Fitch Group on Friday, BMI projected that the front month WTI crude price will average $64.00 per barrel in 2026 and $68.00 per barrel in 2027. Standard Chartered sees the NYMEX WTI nearby

Some OPEC+ members see scope for the alliance to resume supply increases in April, believing concerns of a glut in global oil markets to be overblown. The group led by Saudi Arabia and Russia hasn’t committed to any course of action or begun formal discussions ahead of its meeting on March 1, according to several delegates, who asked not to be identified as the process is private. Their ultimate decision may depend on whether US President Donald Trump launches military action against — or reaches a nuclear deal with — OPEC member Iran, one added.  Nonetheless, some nations in the Organization of the Petroleum Exporting Countries and its allies said they see room to resume the output increases the coalition paused during the seasonal demand slowdown of the first quarter.  Trump’s assertive stance toward OPEC members Venezuela and Iran, along with disruptions spanning from North America to Kazakhstan, drove oil prices to a strong start of the year despite warnings of a supply glut. Several top traders have said that prices are supported by tightness in key markets, as many of the surplus barrels are from producers subject to sanctions like Russia and Iran, and thus remain unavailable to a wider pool of buyers. That has made the market surprisingly resilient. Brent futures are up 11% this year, after spiking to a six-month high near $72 a barrel at the end of January over concerns a conflict might erupt in the Middle East. Oil inventories piled up last year at the fastest pace since the 2020 pandemic amid swelling output from both OPEC+ and its competitors in the Americas, according to the International Energy Agency, though the impact on prices was tempered as China scooped up barrels for its strategic reserves. Last April, the Saudis stunned crude traders by steering OPEC+ to

In a release sent to Rigzone on Thursday, ADNOC Drilling said it had delivered its “best year on record with 2025 net profit of $1.45 billion”. “ADNOC Drilling Company PJSC announced today record fourth quarter and full year 2025 results, marking a step change in scale, technology-enabled performance and excellence in execution,” the company noted in the release. “This performance represents the strongest in the company’s history, reflecting high asset utilization and continued growth across integrated drilling and oilfield services, and driven by strong operational execution across the fleet,” it added. ADNOC Drilling highlighted in the release that its 2025 net profit marked an 11 percent year on year increase. In 2025, the company reported revenue of $4.9 billion, which it pointed out was a 22 percent increase year on year, and EBITDA of $2.2 billion, which it highlighted was an increase of nine percent year on year. “2025 was a defining year for ADNOC Drilling,” ADNOC Drilling CEO Abdulla Ateya Al Messabi said in the release. “Our record breaking results were delivered by our people, whose discipline, innovation and commitment to operational excellence and safety underpin every milestone we achieve,” Messabi added. “Our resilience as a business, built on strong systems, disciplined operations and the ability to adapt at pace, continues to reinforce our competitive strength,” the CEO continued. “Through execution excellence, technology‑led efficiency and a disciplined approach to capital allocation and operations, we continue our transformation into the region’s most advanced energy services company,” Messabi said. “By expanding across the GCC, pioneering AI‑driven operations and setting new benchmarks in sustainability, we are unlocking value and helping power the UAE’s energy future. This is just the beginning of a new era of growth, innovation and impact,” Messabi went on to note. In a release posted on its site in November last year, ADNOC Drilling announced that