Trending News: Libya Signals a New Gas Push as Europe Searches for SupplyØrsted to Sell European Onshore Business for $1.7 BillionKuwait Seeks Foreign Majors’ Help to Develop Offshore FieldsQatar Moves to Reclaim Japan’s LNG Market With Major Jera DealDevon, Coterra Sign ‘Blockbuster’ Merger DealEU set outs carbon removal standards for DACCS and BioCCSOil Steadies as Investors Weigh Supply, Possible US-Iran de-EscalationCOMMENTARY: A $47 Bln Deal Heralds US Oil Boom’s Middle AgeMarathon Petroleum Profit Beats as Margins Rebound From Multi-Year LowsUS-Driven Gas Turbine Crunch May Speed Global Clean Power UptakeSiemens Energy to invest $1bn in the USAtlas Copco boosts profile in Germany with Zind acquisitionU.S.-India Trade Deal Puts Oil and Russian Crude at the CoreIndia’s Russian Oil Dilemma Threatens to Shake Global MarketsBP Shareholders Demand Proof That Fossil Fuel Pivot Will PayTop Stories Of The Day: India Installs 5.28 Cr Smart Meters; GERC Clears 2 MW Solar Dispute and More…Industry urged to ‘manage PFAS risks’ in UK policy paperBiogas to power Viking Line ships through 2026U.S. Extends License Protecting Venezuela-Owned Citgo From CreditorsQatar’s Al-Kaabi Warns AI Power Demand Could Spark LNG Shortage by 2030Major LNG Players Skip Qatar ConferenceRolls-Royce SMR and Yokogawa Join Forces to Deliver Data Processing and Control Systems for Small Modular ReactorsINOXAP commissions package warehouse for specialty gases in Tamil NaduSolar Flex Prague Highlights Growing Role Of Battery Storage As Over 90% Of New Czech Residential PV Systems Now Include BatteriesExxon pulled into antitrust fight over blue ammonia access to CO2 pipelineSEIA CEO Abigail Ross Hopper Testifies Before U.S. Senate EPW Committee Urging Federal Permitting Reform For Solar And StorageLiquid hydrogen leak stops Artemis II rehearsalELITE Solar Deepens Egypt Expansion Strategy to Boost Solar Manufacturing and Renewable Energy Industrial IntegrationUS Natural Gas Plunges by Most in About 30 Years on Warm WeatherOil Field Vendor Nine Files Bankruptcy to Cut $320 Million DebtThe $3 Trillion AI Data Center Build-Out Becomes All-Consuming For Debt MarketsTrump Cuts India Tariffs in Deal He Links to Russian OilUS Dropping 25% Separate Tariff on Indian Imports After Pledge to Cut Russian Oil, White House SaysWinter Freeze Cut US LNG Output in January; Imports From Trinidad Helped Fill GapUS Crude Oil Production Nears Full Recovery After Storm Hit OutputLianjiang simulator completes on-site acceptance testingUS, Japanese partnership for fusion technology developmentWANO rolls out new enhanced monitoring initiativeDeep Isolation launches full-scale demonstration programmeDevon and Coterra to Create Shale Giant in $58-Billion Merger DealEquinor Exits Vaca Muerta With $1.1 Billion Sale to Vista EnergyShell Sees LNG Sector Growing by 3% Per YearEquinor Exits Argentina’s Vaca Muerta Shale PlayShell CEO Says LNG Sector Growing Faster Than Gas, Around 3% Per AnnumEurope’s Russian Gas Ban Is Set to Trigger a New Wave of LNG Tanker DemandKuwait’s Fuel Oil Exports Surge After Al-Zour Refinery RestartRussia Raises Pipeline Gas Supply to Europe via TurkStreamOxyfuel offers immediate CO2 cuts of up to 40%, panel saysOxyfuel offers immediate CO2 cuts of up to 40%, panel saysOil Falls 5% on US-Iran De-EscalationCONFIRMED: Devon, Coterra Merge to Create U.S. Shale Giant in $58 Billion DealTwo Things OPEC+ Can’t Control. Trump and China Imports: RussellBP’s Whiting Refinery Union Workers Agree to 24-Hour Rolling ExtensionAnalysts Explain Energy ‘Bloodbath’UK strengthens semiconductor ties with BulgariaDutch Hydrogen Network receives first green hydrogenAfter Years Offline, Trinidad Looks to Indian Oil to Restart RefiningOPEC+ Extends Output Pause Amid Glut ConcernsNatural Gas Prices Plummet on Warmer February ForecastIran Hopes Diplomacy Push Will Avert War With USATop Stories Of The Day: Budget 2026-Powering India’s Solar Future; NTPC Brings 210 MW Khavda Solar Online and More…Indonesia–Switzerland Partnership Strengthens Renewable Energy Skills For Net Zero 2060Wawasan Dengkil Subsidiary Subleases Land In Kedah For Solar PV ProjectHandphil Enertex, Lubelco Partner To Develop Solar PV And Battery Storage Project On Lubang Island In The PhilippinesGolden Pass LNG gears up for March launchOman Showcases Green Hydrogen And Renewable Energy Ambitions At India Energy WeekOPEC+ Poised to Maintain Oil Output in March as Brent Breaks $70EU Weighs Scrapping Russia Oil Price Cap for Harder SanctionsSaudi Arabia Accelerates Renewable Energy Push To Secure Its Future Beyond OilTata Power Commissions Two Major 765 kV Transmission Corridors In Uttar Pradesh, Boosting Grid Reliability And Enabling 3,000 MW Power EvacuationGCC Begins Direct Power Grid Interconnection Project With Oman To Strengthen Regional Energy SecurityMontenegro Launches Renewable Energy Sources (RES) Association With EBRD And EU Support To Unite Investors And Boost Green TransitionJigawa Partners Private Firms To Set Up 100 MW Solar Panel Assembly FactoryLNG industry requires more than 650 ships by 2040Iberdrola And Norges Bank Reach 1,500 MW With Caparacena And Ciudad Rodrigo Solar Plants, Supplying 800,000 People & Cutting 85,000 Tonnes of CO₂Asia impacted most by helium headwinds says Air ProductsEBRD Invests Nearly US$2B (€1.72B) In 120 Projects Across Central Asia And Mongolia In 2025, Driving Renewable Energy, Sustainable Infrastructure And SME GrowthAfDB Launches $3.9M Project To Bring Electricity To 13 African CountriesEBRD Makes First-Ever Investment In Nigeria With US$100M (€85M) Trade Finance Facility For Access Bank, Marking Its First Sub-Saharan Financial Sector DealSolarPower Europe Appoints Two New Board Directors For 2026: K2 Systems’ CEO Katharina David And Weidmüller’s PV Solutions VP Julius Beutel Join Leadership TeamJIVO Energy Commissions Sierra Leone’s First Hybrid Off-Grid Power System in MoyambaGCC Begins Construction of 400 kV Cross-Border Grid Interconnection Linking Oman to Regional Power NetworkReal-Time Battery Impedance Monitoring: A Breakthrough in Safety, Performance, and LifespanUnion Budget 2026–27: Higher Clean Energy Allocation To Boost Manufacturing, Storage, And InfrastructureFujiyama Power Systems Reports 74% YoY Revenue Growth in Q3 FY26, Commissions 1 GW Solar Cell PlantNiCo₂O₄ Nanowire Photo-Capacitor Enables Self-Charging Energy StorageEngineering Projects (India) Invites EOI For 250 MW Solar PV Project Near Bikaner Under SJVN Green Energy Tender Plan₹1.81 Lakh To ₹3.15 Lakh: Kerala And Tamil Nadu Discover New Benchmarks In Standalone BESS TariffsUnion Budget 2026 :Duty Exemption on Solar Glass Input Boosts India’s Solar Manufacturing AmbitionsVungu Solar Signs 25-Year PPA with ZETDC for 30 MW Solar Project in ZimbabweMeranti Green Steel Secures Full Offtake for 2.5 MTPA Green Hydrogen-Based HBI Project in Oman, Strengthening Global Low-Carbon Steel SupplyPhilippines Fast-Tracks Net-Metering Rollout Through Unified LGU Reforms, ERC Simplification Measures, and Expanded Consumer IncentivesUS Drillers Add Oil and Gas Rigs for Second Week in a Row, Baker Hughes SaysUnion Extends talks with Marathon, Averting Strike at RefineriesTrump Says India Will Buy Oil From VenezuelaDarlington refurb completed ahead of schedule, under budgetSerbia discusses new nuclear with French development agencyYokogawa to supply Rolls-Royce SMR control systemsKursk II’s first unit reaches 40% capacityUnion Budget 2026: Solar Power Anchors India’s Clean Energy Transition with Focus on Manufacturing, Storage, and Grid Resilience
Tue. Feb 3rd, 2026
Trending News: Libya Signals a New Gas Push as Europe Searches for SupplyØrsted to Sell European Onshore Business for $1.7 BillionKuwait Seeks Foreign Majors’ Help to Develop Offshore FieldsQatar Moves to Reclaim Japan’s LNG Market With Major Jera DealDevon, Coterra Sign ‘Blockbuster’ Merger DealEU set outs carbon removal standards for DACCS and BioCCSOil Steadies as Investors Weigh Supply, Possible US-Iran de-EscalationCOMMENTARY: A $47 Bln Deal Heralds US Oil Boom’s Middle AgeMarathon Petroleum Profit Beats as Margins Rebound From Multi-Year LowsUS-Driven Gas Turbine Crunch May Speed Global Clean Power UptakeSiemens Energy to invest $1bn in the USAtlas Copco boosts profile in Germany with Zind acquisitionU.S.-India Trade Deal Puts Oil and Russian Crude at the CoreIndia’s Russian Oil Dilemma Threatens to Shake Global MarketsBP Shareholders Demand Proof That Fossil Fuel Pivot Will PayTop Stories Of The Day: India Installs 5.28 Cr Smart Meters; GERC Clears 2 MW Solar Dispute and More…Industry urged to ‘manage PFAS risks’ in UK policy paperBiogas to power Viking Line ships through 2026U.S. Extends License Protecting Venezuela-Owned Citgo From CreditorsQatar’s Al-Kaabi Warns AI Power Demand Could Spark LNG Shortage by 2030Major LNG Players Skip Qatar ConferenceRolls-Royce SMR and Yokogawa Join Forces to Deliver Data Processing and Control Systems for Small Modular ReactorsINOXAP commissions package warehouse for specialty gases in Tamil NaduSolar Flex Prague Highlights Growing Role Of Battery Storage As Over 90% Of New Czech Residential PV Systems Now Include BatteriesExxon pulled into antitrust fight over blue ammonia access to CO2 pipelineSEIA CEO Abigail Ross Hopper Testifies Before U.S. Senate EPW Committee Urging Federal Permitting Reform For Solar And StorageLiquid hydrogen leak stops Artemis II rehearsalELITE Solar Deepens Egypt Expansion Strategy to Boost Solar Manufacturing and Renewable Energy Industrial IntegrationUS Natural Gas Plunges by Most in About 30 Years on Warm WeatherOil Field Vendor Nine Files Bankruptcy to Cut $320 Million DebtThe $3 Trillion AI Data Center Build-Out Becomes All-Consuming For Debt MarketsTrump Cuts India Tariffs in Deal He Links to Russian OilUS Dropping 25% Separate Tariff on Indian Imports After Pledge to Cut Russian Oil, White House SaysWinter Freeze Cut US LNG Output in January; Imports From Trinidad Helped Fill GapUS Crude Oil Production Nears Full Recovery After Storm Hit OutputLianjiang simulator completes on-site acceptance testingUS, Japanese partnership for fusion technology developmentWANO rolls out new enhanced monitoring initiativeDeep Isolation launches full-scale demonstration programmeDevon and Coterra to Create Shale Giant in $58-Billion Merger DealEquinor Exits Vaca Muerta With $1.1 Billion Sale to Vista EnergyShell Sees LNG Sector Growing by 3% Per YearEquinor Exits Argentina’s Vaca Muerta Shale PlayShell CEO Says LNG Sector Growing Faster Than Gas, Around 3% Per AnnumEurope’s Russian Gas Ban Is Set to Trigger a New Wave of LNG Tanker DemandKuwait’s Fuel Oil Exports Surge After Al-Zour Refinery RestartRussia Raises Pipeline Gas Supply to Europe via TurkStreamOxyfuel offers immediate CO2 cuts of up to 40%, panel saysOxyfuel offers immediate CO2 cuts of up to 40%, panel saysOil Falls 5% on US-Iran De-EscalationCONFIRMED: Devon, Coterra Merge to Create U.S. Shale Giant in $58 Billion DealTwo Things OPEC+ Can’t Control. Trump and China Imports: RussellBP’s Whiting Refinery Union Workers Agree to 24-Hour Rolling ExtensionAnalysts Explain Energy ‘Bloodbath’UK strengthens semiconductor ties with BulgariaDutch Hydrogen Network receives first green hydrogenAfter Years Offline, Trinidad Looks to Indian Oil to Restart RefiningOPEC+ Extends Output Pause Amid Glut ConcernsNatural Gas Prices Plummet on Warmer February ForecastIran Hopes Diplomacy Push Will Avert War With USATop Stories Of The Day: Budget 2026-Powering India’s Solar Future; NTPC Brings 210 MW Khavda Solar Online and More…Indonesia–Switzerland Partnership Strengthens Renewable Energy Skills For Net Zero 2060Wawasan Dengkil Subsidiary Subleases Land In Kedah For Solar PV ProjectHandphil Enertex, Lubelco Partner To Develop Solar PV And Battery Storage Project On Lubang Island In The PhilippinesGolden Pass LNG gears up for March launchOman Showcases Green Hydrogen And Renewable Energy Ambitions At India Energy WeekOPEC+ Poised to Maintain Oil Output in March as Brent Breaks $70EU Weighs Scrapping Russia Oil Price Cap for Harder SanctionsSaudi Arabia Accelerates Renewable Energy Push To Secure Its Future Beyond OilTata Power Commissions Two Major 765 kV Transmission Corridors In Uttar Pradesh, Boosting Grid Reliability And Enabling 3,000 MW Power EvacuationGCC Begins Direct Power Grid Interconnection Project With Oman To Strengthen Regional Energy SecurityMontenegro Launches Renewable Energy Sources (RES) Association With EBRD And EU Support To Unite Investors And Boost Green TransitionJigawa Partners Private Firms To Set Up 100 MW Solar Panel Assembly FactoryLNG industry requires more than 650 ships by 2040Iberdrola And Norges Bank Reach 1,500 MW With Caparacena And Ciudad Rodrigo Solar Plants, Supplying 800,000 People & Cutting 85,000 Tonnes of CO₂Asia impacted most by helium headwinds says Air ProductsEBRD Invests Nearly US$2B (€1.72B) In 120 Projects Across Central Asia And Mongolia In 2025, Driving Renewable Energy, Sustainable Infrastructure And SME GrowthAfDB Launches $3.9M Project To Bring Electricity To 13 African CountriesEBRD Makes First-Ever Investment In Nigeria With US$100M (€85M) Trade Finance Facility For Access Bank, Marking Its First Sub-Saharan Financial Sector DealSolarPower Europe Appoints Two New Board Directors For 2026: K2 Systems’ CEO Katharina David And Weidmüller’s PV Solutions VP Julius Beutel Join Leadership TeamJIVO Energy Commissions Sierra Leone’s First Hybrid Off-Grid Power System in MoyambaGCC Begins Construction of 400 kV Cross-Border Grid Interconnection Linking Oman to Regional Power NetworkReal-Time Battery Impedance Monitoring: A Breakthrough in Safety, Performance, and LifespanUnion Budget 2026–27: Higher Clean Energy Allocation To Boost Manufacturing, Storage, And InfrastructureFujiyama Power Systems Reports 74% YoY Revenue Growth in Q3 FY26, Commissions 1 GW Solar Cell PlantNiCo₂O₄ Nanowire Photo-Capacitor Enables Self-Charging Energy StorageEngineering Projects (India) Invites EOI For 250 MW Solar PV Project Near Bikaner Under SJVN Green Energy Tender Plan₹1.81 Lakh To ₹3.15 Lakh: Kerala And Tamil Nadu Discover New Benchmarks In Standalone BESS TariffsUnion Budget 2026 :Duty Exemption on Solar Glass Input Boosts India’s Solar Manufacturing AmbitionsVungu Solar Signs 25-Year PPA with ZETDC for 30 MW Solar Project in ZimbabweMeranti Green Steel Secures Full Offtake for 2.5 MTPA Green Hydrogen-Based HBI Project in Oman, Strengthening Global Low-Carbon Steel SupplyPhilippines Fast-Tracks Net-Metering Rollout Through Unified LGU Reforms, ERC Simplification Measures, and Expanded Consumer IncentivesUS Drillers Add Oil and Gas Rigs for Second Week in a Row, Baker Hughes SaysUnion Extends talks with Marathon, Averting Strike at RefineriesTrump Says India Will Buy Oil From VenezuelaDarlington refurb completed ahead of schedule, under budgetSerbia discusses new nuclear with French development agencyYokogawa to supply Rolls-Royce SMR control systemsKursk II’s first unit reaches 40% capacityUnion Budget 2026: Solar Power Anchors India’s Clean Energy Transition with Focus on Manufacturing, Storage, and Grid Resilience
Tue. Feb 3rd, 2026

IEA chief Birol Sees ‘Comfortable’ Oil Markets, Unless Geopolitical Shock

Equinor's Autumn Conference 2024
Executive Director of International Energy Agency (IEA) Fatih Birol gives a speech during Equinor’s Autumn Conference 2024 at Det Norske Teater in Oslo, Norway November 26, 2024. Thomas Fure/NTB/via REUTERS

(Reuters) – The supply of oil and gas will be plentiful, with oil markets being “comfortable” this year and next unless major geopolitical escalation happens, the head of the International Energy Agency (IEA) Fatih Birol told a conference in Norway on Tuesday.

Global oil supply will exceed demand in 2025 even if OPEC+ cuts remain in place, the IEA said on Nov. 14 as rising production from the United States and other outside producers outpace sluggish demand.

The prospect of excess supply is a headwind for OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia, in its plan to start raising output.

“This year and next year, we expect comfortable oil markets unless a major geopolitical escalation happens,” Birol said on Tuesday. “There will be plenty of oil and gas.”

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