Geopolitics and its impact on pricing and trade flows were the talk of the town as oil market participants convened in the cobbled streets of London across Feb. 9-13 for International Energy Week, one of the most important events in the industry's calendar.

Following a blockbuster 2026 edition, S&P Global Energy's John Morley, global director of crude and fuel oil markets, sits down with Associate Directors Emma Kettley and Gary Clark to discuss the key takeaways from the week covering the full breadth of the oil complex with crude, fuel oil and refined product dynamics in view.

In this episode of the Oil Markets Podcast by S&P Global Energy, host Jeff Mower, Director of Americas Oil News, is joined by Senior Refining Editor Janet McGurty and Senior Upstream Editor Ashok Dutta to break down the biggest takeaways from fourth-quarter oil earnings so far.

How are Gulf Coast refiners positioning for a potential return of Venezuelan heavy crude — and what does it mean for heavy crude differentials? On the upstream side, are shale producers truly delivering "more with less" in the Permian through new technologies and lower costs? What's driving the next wave of M&A? From capital discipline to geopolitical risk, this episode explores whether 2026 is shaping up to be a year of measured growth — or strategic transformation — across upstream and refining.

Europe's dependence on imported middle distillates is in sharper focus after the EU's 18th sanctions package halted imports of refined products processed from Russian crude from Jan. 21. Europe is leaning more heavily on replacement supply from the Middle East and the US—driving fresh volatility in diesel and jet fuel differentials even as underlying fundamentals remain mixed.

Join Gary Clark, Aruni Sunil, Jan Kedzior, and Rebeka Foley as they unpack how trade flows are being reshuffled, why jet cracks have outperformed diesel, and how geopolitical risk and low buffer stocks are amplifying price swings across Europe's refined product markets.