World Oil Surplus, U.S. Arctic Blast, Venture Global Prevails Again: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

CRUDE OIL
IEA: World Oil Market Faces Significant Surplus in First Quarter - The global oil market will be in deep surplus in the first quarter of 2026, the International Energy Agency (IEA) said on Wednesday, as so far excess supplies have offset the geopolitical risk of disruption. The IEA in its monthly oil report projected global oil supply would exceed demand by 4.25 million barrels per day in the first quarter. A surplus of that size would be about 4% of world demand and is larger than other predictions. (Reuters)

REFINING
U.S. Refineries Prepare for Arctic Blast - U.S. refineries are preparing for extreme cold weather as an unexpected Arctic blast rolls in, threatening to disrupt operations. A cold front will bring frigid temperatures to the eastern two-thirds of the country, the National Weather Service said on Wednesday, expecting sub-zero lows to spread from the Northern Plains to the Northeast by Sunday and reach the Gulf Coast by early next week. Most refineries are designed to operate between 32 and 95 degrees Fahrenheit (0-35 degrees Celsius). Extreme cold could lead to equipment malfunctions and a reduction in refining capacity. (Reuters)

LNG
Venture Global Wins Arbitration Case Brought by Spain's Repsol - Venture Global LNG (Arlington, Virginia) said on Wednesday an arbitration tribunal had ruled in its favor in a dispute with Spain's Repsol (Madrid) over the U.S. supplier's initial failure to deliver liquefied natural gas (LNG) from its Calcasieu Pass project under a 20-year long-term contract. The ruling contrasts with a decision on October 9 that saw BP (London, England) prevail over Venture Global in a similar complaint brought at the International Chamber of Commerce International Court of Arbitration. It also means Venture Global has won two out of the three arbitrations brought against it, having first prevailed in an arbitration brought against it by energy major Shell (London). (Reuters)

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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).