US President Donald Trump has signed an executive order rescinding a 25% punitive duty on all imports from India, the White House announced on February 6. The move marks a significant de-escalation in trade tensions triggered by India’s high-volume procurement of Russian crude oil following the 2022 invasion of Ukraine.
US oil major Chevron has signed a memorandum of understanding (MoU) with the Syrian Petroleum Company and Qatar’s UCC Holding to explore oil and gas opportunities off the Syrian coast. The agreement marks a significant shift in the region's energy landscape and represents the first major Western entry into the Syrian offshore sector in over a decade, Reuters reported.
ADNOC Distribution, the UAE’s largest fuel and convenience retailer, reported a record net profit of $761 million for 2025, marking a 15.4% year-on-year (YoY) increase that exceeded analyst expectations. The performance was driven by disciplined execution of its growth strategy, a significant expansion of its retail network, and sustained earnings momentum across all business verticals.
Kuwait Oil Company (KOC) has awarded the global oilfield services firm, SLB, a five-year integrated contract worth about $1.5 billion for the next phase of development at Kuwait’s Mutriba oil field. The contract covers design, development and production management work and builds on SLB’s existing subsurface studies of the Mutriba field. It includes development of high-pressure, high-temperature reservoirs with sour conditions, expanding SLB’s scope as the project moves into more technically complex stages.
QatarEnergy has entered into a long-term agreement with Malaysia’s state energy firm, Petronas, to supply two million tons of liquefied natural gas (LNG) annually for 20 years. The sales and purchase agreement, scheduled to begin in 2028, marks the first long-term LNG supply partnership between the two national energy giants.
Saudi Aramco, one of the world’s largest integrated energy and chemicals companies, has completed a $4 billion bond issuance across four tranches under its Global Medium Term Note Program, the company said, underscoring its strategy to optimize its capital structure while maintaining financial discipline.
Kuwait expects to launch tenders this year for the long-delayed development of the Durra oil and gas field, a major offshore project to be developed in cooperation with Saudi Arabia, Kuwait’s Oil Minister Tariq Al-Roumi said.
Eight OPEC+ member nations agreed to maintain their pause on planned oil production increases during a virtual meeting held on February 1. The group cited seasonal demand factors and ongoing market uncertainty as the primary reasons for extending the output freeze.
The participating countries, Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, reaffirmed their decision to halt production increments originally scheduled for March 2026. This move follows an earlier agreement in November 2025 to delay the restoration of voluntary output reductions.
ExxonMobil reported full-year 2025 earnings of $28.8 billion, according to the company’s latest financial results. This figure represents a decline from the $33.7 billion recorded in the previous year. For the fourth quarter of 2025 (Q4), the energy major announced earnings of $6.5 billion. This quarterly result followed a stronger performance in Q3 2025, when earnings reached $7.5 billion.
US energy majors ExxonMobil and Chevron have expressed tentative interest in re-engaging with Venezuela’s petroleum sector following the easing of US sanctions, provided that the country establishes robust legal and political stability, according to Reuters. The shift in tone follows the US Treasury’s Office of Foreign Assets Control (OFAC) issuance of General License 46 on January 29, 2026. The license authorizes established US entities to engage in a broad range of activities involving Venezuelan-origin oil.
