January 5, 2026 01:50 AM GMT Crude Oil | Global M Update Venezuela's Oil Sector in 10 Charts The charts below provide an overview of key stats related to Venezuela's oil production. Much remains uncertain for now. If there is short-term disruption, the global market is currently well placed to absorb this. Over the medium term, risks to Venezuela's production skew higher. Venezuela famously holds one of the largest oil reserves in the world. Definitions vary but focusing on crude oil only, the country indee ...

Vi e w p o i n t | 05 Jan 2026 05:31:47 ET │ 10 pages Oil Monitor Venezuela 'quarantine', Iran protests, Russia/Ukraine escalation, supportive for oil for now, likely net bearish longer term CITI'S TAKE Our baseline view is that we are likely to continue losing Venezuelan barrels from the global market, a net bullish factor, until a deal is done between the US administration and the current (or future) leadership of Venezuela. Ultimately, we expect a deal scenario is likely, but this could take months or lo ...

Morgan Stanley Research Global January 5, 2026 12:50 PM GMT January 5, 2026 Vishwanath Tirupattur – Chief Fixed Income Strategist | Strategist Devin McDermott – Head of North American Energy Research | Equity Analyst and Commodities Strategist Simon Waever – Global Head of EM Sovereign Credit and LatAm Fixed Income Strategy | Strategist Ariana Salvatore – Public Policy Strategist | Strategist MORGAN STANLEY & CO. LLC Martijn Rats – Global Commodities Strategist and Head of European Energy Research | Equity ...

4 January 2026 | 2:24PM EST Commodities Research Oil Comment: Price Risks From Venezuela: Ambiguous in Short-Run But Negative in Long-Run Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Yulia Zhestkova Grigsby +1(646)446-3905 | yulia.grigsby@gs.com Goldman Sachs & Co. LLC Alexandra Paulus +1(212)902-7111 | alexandra.paulus@gs.com Goldman Sachs & Co. LLC Price Risks From Venezuela: Ambiguous in Short-Run But Negative in Long-Run 1 PDVSA reportedly aimed to reduce Orinoco Belt pro ...

January 4, 2026 05:00 PM GMT The Oil Manual | Europe Outlook 2026: Letting the Curve Do the Work The expected surplus arrived in 2H25 and is likely to grow larger in 1H26. Rising inventories will require a steeper contango across the entire Brent curve, putting pressure on front-month prices. However, as the long-end is likely to stay resilient, spot prices should find support in the mid/upper-50s. Key Takeaways Exhibit 1: Including oil in transit, inventories built sharply in 2025, particularly in 2H. Thes ...

Weekly Performance S&P 500: 1.40% S&P 500 Energy: 1.11% XOP: -0.48% OIH: -1.36% ab 28 December 2025 Global Research North American Oil & Gas Weekend Exploration – Top 10 Predictions for 2026 WTI: 0.60% Henry Hub: 10.19% This week we provide our top predictions and ideas list for 2026 inside. We highlight 10 ideas across the sector, stocks, and commodities. Have a great rest of the weekend and Happy New Year! Josh Equities Americas Energy Josh Silverstein Analyst josh.silverstein@ubs.com +1-212-713 3513 Peyt ...

Global Commodities Research Natasha Kaneva (1-212) 834-3175 natasha.kaneva@jpmorgan.com Lyuba Savinova (1-212) 270-3781 lyuba.savinova@jpmchase.com JPMorgan Chase Bank NA J P M O R G A N Global Markets Strategy 19 December 2025 Oil Markets Weekly Barrels behind barriers—Venezuela and Russia See page 28 for analyst certification and important disclosures. {[{jTiV3YMC0MR2H-KuBHT9QiaqN9x_-k7BtiiiDrP3kH6h8QrNxllBk7Iw66x--QkHaIMO36Coqm6GInms}]} • The sharp drop in WTI to $55/bbl this week presented an opportunit ...

ab 15 December 2025 Global Research Global Oil and Gas Expert call feedback - IEA's WEO 2025 Expert webinar with the IEA on its World Energy Outlook 2025 We hosted an expert webinar with Stéphanie Bouckaert, the IEA's Head of Demand Sectors Unit and one of the lead authors of the World Energy Outlook series. We discussed the recently published World Energy Outlook 2025 with a focus on demand. A replay of the call is available here. Rising electrification drives overall energy demand The expert highlighted t ...

16 December 2025 | 10:04PM EST Commodities Research Oil Tracker: Brent in the 50s as Stocks Land and Upside Risks to Long-Term Supply Rise 1 Year-end tax rules have likely been weighing on US oil stocks as well. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Yulia Zhestkova Grigsby +1(646)446-3905 | yulia.grigsby@gs.com Goldman Sa ...

December 15, 2025 02:04 PM GMT Energy Services & Equipment | North America 2026 Outlook: Navigating an Oil Surplus Into 2026, we see NAm nearing a bottom, growth in int'l onshore driven by OPEC activity & take a more muted view on offshore as efficiency gains moderate upside. Against a challenging oil backdrop, we generally prefer exposure to more defensive & unique revenue streams. HAL to Top Pick, NOV to EW. Key Takeaways With this report, Joe Laetsch assumes coverage of North America Energy Services & Eq ...