February 3, 2026 11:36 PM GMT The Oil Manual | Europe A Tight Start but Likely Still a Loose Year Exhibit 2 : We raise near-term Brent forecasts as the geopolitical risk premium likely persists for a period, but still expect prices below $60/ bbl later this year | Brent price forecasts | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | ($/bbl) | 1Q26 | 2Q26 | 3Q26 | 4Q26 | 1H27 | 2H27 | | New | 62.5 | 57.5 | 57.5 | 60.0 | 60.0 | 65.0 | | Previous | 57.5 | 55.0 | 57.5 | 60.0 | 60.0 | 65.0 | | Change ...

January 30, 2026 05:37 PM GMT Oil Data Digest | Europe China Oil Data Summary In this short note we summarise December supply, apparent demand and trade data for China. Apparent demand grew +4% YoY, driven by strong naphtha and gasoline demand. Crude imports reached record levels on a surge in Russian and Arab Gulf oil, enabling state-owned refiners to boost SPR injections. The Extel Developed Europe 2026 survey is now open. If you found our Research helpful, please consider voting for us in 'Oil & Gas Expl ...

ab 27 January 2026 Global Research China Oil and Gas Sector Eyes on opportunities in deep-sea exploration and longer-term oil price recovery Deep-sea mining and oil & gas exploration drawing investor attention The recent acceleration in the deep-sea exploration permitting framework in the US has drawn market attention to deep-sea mining and oil & gas exploration (see note). The UBS Japan team visited the largest offshore FPSO in Guyana. MODEC's (a globally leading FPSO operator) management noted order intak ...

ab 26 January 2026 Global Research Global Oil: Monthly Agency Data Snapshot Noisy start to the year, surplus intact Crude rebounds, risk still to the downside, if no further disruption Oil prices have traded in a $7/bbl range so far this year, buffeted by geopolitical developments. Brent has for now rebounded into the mid-$60s on risks around Iran and disruptions in Kazakstan. In the absence of further disruptions, we still see risk to the downside in the near-term as fundamentals still point to a sizable s ...

Vi e w p o i n t | 28 Jan 2026 15:25:03 ET │ 12 pages Oil Monitor Why are oil prices so strong, despite a supposed global oversupply and production returning from Kazakhstan and the US? CITI'S TAKE Oil prices can stay more elevated than many had expected, despite markets starting the year anticipating large oversupply. Recent events cannot fully explain the price strength: Brent is ~$68/bbl at the time of writing, far from the ~$50/bbl price that a 2-mb/d oversupplied market could imply. We had long expecte ...

Accessible version The Oil Gusher Reporting season is outlook season Industry Overview Key takeaways 4Q25 earnings in rear view mirror: 2026 outlook ahead 4Q25 earnings season is just around the corner for Europe's Big Oils (kicking off with Equinor on February 4th). Alongside 2025 results, we believe fresh guidance for 2026 will be in focus (see our take in our Year Ahead 2026: Cushions for soft landing). We prefer Oil Services > Big Oils > E&Ps and highlight TTE as our top Big Oil pick. $60/bbl Brent need ...

January 23, 2026 05:00 AM GMT Oil Data Digest | Europe M Update Key Agency Revisions – January 2026 We summarise January oil market forecasts from the IEA, EIA and OPEC. The IEA's estimate for the 2026 oil market has shrunk marginally on a small upgrade to OECD Europe demand but still sees a 3.7 mb/d imbalance. The EIA's surplus estimate grows to 2.8 mb/d on weaker demand outlook. Key Takeaways This report summarises estimates from the IEA, OPEC and the EIA, and compares them with our latest estimates from ...

Citi Research January 20, 2026 GCC Navigating Growth Amid Oil Oversupply and Geopolitical Uncertainty Ilker DomacAC Economist ilker.domac@citi.com +971-4509-9588 Gultekin IsiklarAC Economist gultekin.isiklar@citi.com +90-212-319-4915 See AppendixA-1 for AnalystCertification, Important Disclosures and ResearchAnalystAffiliations Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors ...

ab 21 January 2026 The IEA slightly increased its projections for global oil demand growth, by 12kb/d in 2025 to 0.9Mb/d (UBSe +0.9Mb/d) and by 70kb/d in 2026 to 0.9Mb/d (UBSe +1.2Mb/ d). Absolute demand revisions rose by 130kb/d for 2025 and 200kb/d for 2026, driven by an upward revision to the base (+114kb/d for 2024). China's demand growth forecast was raised by 60kb/d for 2025, but reduced by 15kb/d to 180kb/d for both years. Non-OPEC+ growth also up Global Research First Read Global Oil Fundamentals La ...

22 January 2026 Bernstein Energy: Oil inventories build while geopolitics take centre stage Asia-Pacific Oil & Gas Neil Beveridge, Ph.D. +852 2123 2648 neil.beveridge@bernsteinsg.com Bob Brackett, Ph.D. +1 917 344 8422 bob.brackett@bernsteinsg.com Irene Himona, Ph.D. +44 20 7762 5353 irene.himona@bernsteinsg.com We expect inventories to build through 2026, with supply growth outpacing demand. Global oil demand is expected to grow by almost1.0MMbls/d to 105MMbls/ d with non-OECD Asia (0.4MMbls/d) contributin ...