Key Takeaways
Hungary is releasing oil from its strategic petroleum reserves to ensure supply after Russian crude flows via the Druzhba pipeline stopped at the end of last month, according to OilPrice.com.
Shell plans to proceed with a natural gas project in Venezuela following Washington's issuance of general licenses for energy operators willing to invest in the country, per OilPrice.com.
Crude oil prices were on course for their first weekly increase after three consecutive weekly losses, following President Trump's latest threat to Iran that gave the country 10-15 days to make a deal, according to OilPrice.com.
Saudi oil exports to India are on course to book the strongest month since 2020, according to data from Kpler cited by Bloomberg and reported by OilPrice.com.
Estonia has delivered its largest heat storage facility, begun construction on its largest solar-plus-storage hybrid project, and is preparing to break ground on an 800 MWh battery park in Valga County, according to PV Magazine.
Oil & Gas Markets
Energy markets experienced significant geopolitical shifts this week, with supply disruptions and diplomatic tensions reshaping the global crude landscape.
Hungary activated its strategic petroleum reserves following the cessation of Russian crude flows through the Druzhba pipeline at the end of January, according to OilPrice.com. The Hungarian government's decision to release reserves underscores the vulnerability of Central European energy security to supply disruptions and highlights the ongoing impact of geopolitical tensions on traditional energy corridors.
In a major development for Western energy engagement in Latin America, Shell plans to proceed with a natural gas project in Venezuela following Washington's issuance of general licenses for energy operators willing to invest in the country, according to OilPrice.com. This move signals a potential shift in U.S. policy toward Venezuelan energy assets and opens new opportunities for international oil and gas companies in the region.
Crude oil prices posted their first weekly gain since January, driven primarily by escalating Iran tensions. According to OilPrice.com, President Trump's latest threat to Iran—giving the country 10-15 days to make a deal—provided support for crude markets after three consecutive weeks of losses. Meanwhile, Saudi Arabia's crude exports to India are on course to reach their strongest month since 2020, according to data from Kpler cited by Bloomberg and reported by OilPrice.com, suggesting robust demand dynamics in Asian markets despite broader market uncertainties.
In upstream development news, Canada-based Gran Tierra Energy has entered into an agreement with the State Oil Company of the Republic of Azerbaijan (SOCAR) to explore and develop oil and natural gas in Azerbaijan's Guba-Khazaryan block, according to Offshore Technology. Additionally, the Bureau of Ocean Energy Management (BOEM) has announced its intention to conduct the third offshore oil and gas lease sale as stipulated under the One Big Beautiful Bill Act, per Offshore Technology.
Libya's first oil licensing round in more than 17 years, launched by the National Oil Corporation (NOC) in March 2025, failed to deliver the promised upstream comeback after more than a decade of disruption, according to OilPrice.com. The disappointing results highlight the challenges facing the country's efforts to revitalize its oil sector amid ongoing political and security concerns.
Renewable Energy Developments
Europe's renewable energy sector continued its expansion this week, with significant developments in solar manufacturing, energy storage, and cold-climate heat pump technology.
Germany-based solar tracker developer Sunoyster Systems has developed a 440 W lightweight solar panel with a tempered glass cover designed for low-load commercial and industrial roofs, according to PV Magazine. In a major supply chain agreement, Germany's NexWafe will supply its ultrathin solar wafers to Talon PV's planned 4.8 GW TOPCon solar cell manufacturing plant in Texas under a 7 GW solar wafer supply agreement, with initial qualification work to take place, per PV Magazine.
Estonia has emerged as a regional energy storage leader, delivering its largest heat storage facility, beginning construction on its largest solar-plus-storage hybrid project, and preparing to break ground on an 800 MWh battery park in Valga County, according to PV Magazine. These developments demonstrate accelerating investment in grid-scale energy storage infrastructure across Northern Europe.
On the heating solutions front, Samsung HVAC unveiled inverter-driven residential heat pumps for cold climates, offering 2–5 ton capacity, high efficiency, Wi-Fi control, and reliable cold-climate performance down to –25 C, according to PV Magazine. This advancement addresses a critical gap in heat pump deployment in regions with severe winter conditions.
China's solar wafer market continued to experience pricing pressure, with wafer prices falling for the fourth consecutive week as discounting deepened under inventory pressure, according to PV Magazine. Meanwhile, Europe's solar resources showed mixed performance, with January 2026 marking Europe's coldest month since 2010, though Eastern Europe and Scandinavia enjoyed above-average solar irradiation, per PV Magazine.
New Zealand's Energy Efficiency and Conservation Authority (EECA) has selected 32 agricultural businesses for its Solar on Farms program to test solar and battery systems across key sectors, according to PV Magazine, signaling growing interest in distributed renewable energy adoption in the agricultural sector.
Mining & Critical Minerals
The mining sector demonstrated robust activity across multiple jurisdictions, with significant investments and project advancement across precious metals and critical minerals.
Vale Base Metals (VBM) is set to form a partnership with three companies to establish a consortium that will inject up to $200 million into the Thompson Mine Complex in Manitoba, Canada, according to Mining Technology. This investment represents a substantial commitment to expanding base metal production in North America.
In uranium development, the Wheeler River uranium project cleared its final regulatory hurdle when the Canadian Nuclear Safety Commission approved the environmental assessment and issued the Licence to Prepare Site and Construct a Mine, according to MINING.COM. This approval represents a critical milestone for uranium project development in Canada.
Lithium Americas is targeting up to $1.6 billion in capital expenditure on the Thacker Pass build this year, with the company expecting to reach peak construction employment, according to MINING.COM. The company's aggressive capex schedule reflects confidence in lithium demand and project economics.
Taseko began Florence Copper output this week, with the company targeting between 30 and 35 million pounds of copper cathode production for the remainder of 2026 as it ramps up operations, according to MINING.COM. In gold exploration, Solstice Gold has commenced its winter 2026 drilling programme at the Strathy Gold Project in Ontario's Abitibi Subprovince, per Mining Technology.
Rupert Resources has chosen Ausenco Engineering to spearhead the feasibility study for the Ikkari gold project in Northern Finland, according to Mining Technology, while Orla Mining reported strong economics in its Camino Rojo underground preliminary economic assessment (PEA), which evaluates the technical and economic potential of a stand-alone underground development project beneath the existing open pit operation, per MINING.COM.
Week Ahead Preview
Energy markets will continue monitoring geopolitical developments, particularly regarding Iran negotiations and their potential impact on crude oil prices. Investors should watch for updates on Shell's Venezuela operations and the impact of U.S. sanctions policy on energy sector investments. In renewables, attention will focus on European energy storage deployment timelines and the competitive dynamics of the solar wafer market. Mining investors will track progress on major capital projects, particularly Lithium Americas' Thacker Pass development and uranium sector advancement following regulatory approvals.
This weekly recap is compiled from coverage by OilPrice.com, Offshore Technology, PV Magazine, Mining Technology, MINING.COM, Wind Power Monthly, and Investing.com Commodities. For daily updates, visit energystandard.io.