February 11, 2026 – Oil & Gas 360

US energy secretary arrives in Venezuela with Herculean task of oil recovery

February 11, 2026

(Investing) – HOUSTON – Venezuela is hosting U.S. Secretary of Energy Chris Wright starting on Wednesday, marking the highest-level U.S. visit focused on energy policy to the OPEC nation in nearly three decades, as Washington conducts its first on-the-ground assessment of the oil industry it is proposing to rebuild. Wright landed in Caracas on Wednesday morning, a day after the U.S.

Electricity demand is surging—The grid isn’t ready

February 11, 2026

(Oil Price) – Global electricity demand is rising at the fastest pace in 15 years and will continue to do so at least until the end of the decade as AI infrastructure, advanced manufacturing, and electrification have ushered in The Age of Electricity, the International Energy Agency (IEA) says. Global power demand is expected to grow by more than 3.5% per

Russia says US restrictions on its role in Venezuela’s oil business are discrimination

February 11, 2026

(Investing) – MOSCOW – Foreign Minister Sergei Lavrov said on Wednesday that new U.S. restrictions on the role of Russia and other countries in Venezuela’s oil business were blatant discrimination and the Kremlin said it would clarify the matter with Washington. The U.S. Treasury Department on Tuesday issued a general license to facilitate the exploration and production of oil and gas

Trump allows U.S. firms to provide services for Venezuela’s oil

February 11, 2026

(Oil Price) – The Trump Administration has further eased the sanctions on Venezuela’s oil industry by allowing U.S. firms to provide services and technology for hydrocarbon exploration and production in the South American country. The U.S. Treasury’s Office of Foreign Assets Control (OFAC) noted in a new general license that U.S. entities or persons are now authorized to provide “goods, technology, software, or

Fix energy prices to be competitive, business leaders tell EU

February 11, 2026

(BOE Report) – Top business leaders urged the European Union on Wednesday to act urgently to bring down energy prices, saying that was key for European industries to be able to compete with the United States and China. The industries’ message is timed to land just before EU leaders gather in a Belgian castle on Thursday for an informal “retreat”

OPEC data indicate small Q2 surplus ahead of key OPEC+ decision on resuming oil output hikes

February 11, 2026

(Investing) – LONDON – OPEC on Wednesday forecast world oil demand from the OPEC+ group will drop by 400,000 barrels per day in the second quarter, and published data indicating a small surplus in that quarter ahead of a key decision on whether to resume output increases. World demand for OPEC+ crude will average 42.20 million bpd in the second

U.S. crude oil inventories increase by 0.5 million barrels- oil and gas 360

U.S. crude oil inventories increase by 8.5 million barrels

February 11, 2026

Weekly Crude Oil Storage as of February 6, 2026 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 8.5 million barrels from the previous week. At 428.8 million barrels, U.S. crude oil inventories are 3% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,

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