Oil prices record a further decline after the U.S. government's decision to release millions of additional barrels from its strategic reserve and the possible buildup of U.S. crude inventories. Analysts expect oil prices to continue to fall in the coming days.

Pakistan wants to buy cheap Russian oil to reduce its financial burden, but logistical and technical obstacles stand in its way, according to government and industry sources.

Aker BP announces ambitious plans to increase its crude oil production, including increased volumes of Grane crude blend. Investments in the Ivar Aasen, Edvard Grieg, Symra, Solveig Phase 2 and Troldhaugen fields, as well as the major Yggdrasil project, will enable Aker BP to reach an average production of 430,000 to 460,000 b/d in 2023.

Oil consumption exceeds its pre-pandemic level according to Opec. Despite growing concerns about climate change, global demand for oil is not waning. Developing countries will drive growth, while China is expected to support demand in 2023.

TC Energy announced Thursday that the aftermath of the December oil spill in Kansas will cost it $480 million. The amount includes costs incurred for cleanup, surveys and feedback. According to the initial investigation, the leak was caused by a combination of factors, including pressure that could lead to deformation of the pipeline and a weld defect.

While strategic reserves remained unchanged, U.S. commercial crude inventories rose by 2.4 million barrels last week according to figures released by the EIA. Rising inventories have led to a surge in refinery capacity utilization and record U.S. consumption of petroleum products at 20.5 million barrels per day.

Oil prices rose Wednesday for the third day in a row as analysts forecast higher Chinese demand amid volatility in the global market. Expected U.S. inventories should also influence the market.

Private companies should accelerate hydrocarbon exploration and production in Mexico despite the challenges they face.

Ecuador suspends its debt by refusing to pay the $290 million loan owed to Petrolia Ecuador. Petrolia Ecuador, is a subsidiary of the Canadian public company New Stratus Energy, in South America.

Russia will ban the sale of its oil to foreign countries that use the price cap from February 1.

Sberbank, a Russian bank, accuses Glencore Energy UK of not paying the bill for oil supplied through it.

Cobra IS, announced the $1.1 billion acquisition of Brazilian group Petrobras' assets in Polo Carmópolis.

Auctions of pre-salt oil blocks in Brazil brought in 916 million reais (nearly $173 million).

The Spanish competition authority has opened an investigation against three hydrocarbon giants, Repsol and Cepsa and the British company BP.

Admiral, a petrochemical plant project in Saudi Arabia, is the subject of a final investment decision by TotalEnergies and Aramco.

Turkey has announced the end of the crisis in the transportation of Russian crude oil linked to the price cap, which was causing tankers to be jammed.

Opec has maintained its oil demand growth forecast for 2022 and 2023, despite the slowdown in China.

HH BHD (Huang Hua BHD Petroleum Equipment Manufacturing Co. Ltd.) was awarded a $0.57 million contract for the supply of equipment.

SOCAR, the Azerbaijani state oil company, is stopping its purchases of Russian crude oil for its Turkish refinery.

Shell and Exxon are facing delays in abandoning an oil field in California due to pending approvals.

The entry into force of the European embargo on Russian oil and the levelling off of the price of Russian crude oil are disrupting the maritime transport of black gold, already slowed down by new formalities linked to the insurance of tankers.

Oil tankers that want to use the Turkish-controlled straits, the Bosphorus and the Dardanelles, must now prove that they are insured, Turkish officials announced Wednesday.

Equinor has submitted the Verdande ODP to the Ministry of Petroleum and Energy. This project aims to ensure higher oil production.