South Korea is continuing negotiations on a free trade agreement with the Gulf Cooperation Council to enhance its energy security and improve the economics of importing sour crude from the Middle East. Discussions focus on opening markets for products and services, improving environmental trading conditions and intellectual property rights.

Oil prices rose due to a reduction in Russian oil production, which exceeds that announced by the Russian Deputy Prime Minister for Energy. Analysts have warned of a tight market due to growing demand from China and India.

According to the International Energy Agency (IEA), global oil demand is expected to increase by 100,000 barrels per day in 2023 due to China's economic recovery and the aviation sector. Market optimism and external factors boosted production, with an increase in the estimate for global oil production growth of 200,000 b/d.

U.S. commercial crude oil reserves rose by 16.3 million barrels last week, despite a general softening in demand. This surprise figure caused prices to plummet and commercial stocks are at their highest level since early June 2021.

Israel is starting to export crude oil for the first time in its history, a further step towards energy independence thanks to its resources in the Mediterranean.

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.