Oil prices slip as investors eye Kazakhstan supply resumption

Oil prices fell on Tuesday, January 27, 2026, as investors kept an eye on a resumption in supply from Kazakhstan.

Brent crude futures fell 44 cents, or 0.7%, to $65.15 a barrel at 0440 GMT, while U.S. West Texas Intermediate crude was down 35 cents, or 0.6%, at $60.28 a barrel.

Kazakhstan is poised to resume production from its biggest oil field, its energy ministry said on Monday, though industry sources said volumes were still low.

The CPC, which operates ‌Kazakhstan’s main exporting pipeline, also said it returned to full loading capacity at its terminal on the Russian Black Sea coast after maintenance was completed at one of its three mooring points.

“A recovery in these flows should improve availability in the prompt market, putting some pressure on ‍the Brent prompt spread, which has strengthened significantly through January,” ING commodities strategists said in a statement.

Gold rises above $5,100 for first time

Oil price declines were tempered by a loss of production in the United States as a severe winter storm ‌swept ‌across the country, straining energy infrastructure and power grids.

U.S. oil producers lost up to 2 million barrels per day or roughly 15% of national production over the weekend, analysts and traders estimated.

At the same time, several refineries along the U.S. Gulf Coast reported issues related to the freezing weather, which Daniel Hynes, an ⁠analyst at ANZ, said ⁠raised concerns about fuel supply disruptions.

Further on the supply front, eight members of the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, are expected to keep the group’s pause on oil output ‍increases for March at a meeting on February 1, three OPEC+ delegates told Reuters.

The eight OPEC+ members meeting are Saudi Arabia, Russia, the United Arab Emirates (UAE), Kazakhstan, Kuwait, Iraq, Algeria, and Oman.

The Star