Oil Market Overview - Oil prices remained rangebound this week, with ICE Brent hovering around $63 per barrel as markets reacted to higher Russian oil export loadings and potential military action in Venezuela [2] - The curtailment of Kazakhstan's CPC Blend exports has been a bullish factor, but this was offset by Saudi Arabia's weak pricing for January, indicating lukewarm Asian demand signals for January-February 2026 [2] Saudi Aramco Pricing Strategy - Saudi Aramco has reduced its January official selling price for Asia-bound grades by 20-60 cents per barrel compared to December, with the Arab Light grade set at a $0.60 per barrel premium to Oman/Dubai, the lowest since January 2021 [3] Chinese Oil Purchases - Chinese independent refiners in Shandong province have been purchasing large volumes of Iranian crude at discounts exceeding $8 per barrel compared to Brent, sourced from bonded storage following the last 2025 import quota issued by Beijing [4] Chevron's Investment in Gas - Chevron announced the approval of a $2 billion Stage 3 expansion of the Gorgon LNG project off Australia's northwestern coast, focusing on the Geryon and Eurytion fields [5] Turkey's Gas Deal with Russia - Turkey's BOTAS has extended its natural gas import deal with Gazprom for another year, securing 16 billion cubic meters (bcm) of supply via the Blue Stream pipeline and 6 bcm from the Turkish Stream conduit [6] Chile-Argentina Oil Agreement - Chile's ENAP has signed a $12 billion term deal with Argentina's major oil producers, including YPF, Vista Energy, Shell, and Equinor, to purchase crude oil from Vaca Muerta over the next 7 years, fulfilling 35% of the company's total requirements [7] PetroChina's Gas Storage Acquisition - PetroChina has acquired three natural gas storage companies for $5.7 billion, marking one of the largest M&A deals in 2025, aimed at enhancing its geographic coverage and capacities for gas-driven power peak-shaving [8]