London, January 27, 2026, 08:01 GMT — Regular session
- BP shares edged up modestly in early London trading.
- A new buyback filing, along with remarks on Venezuela-related gas options, drew focus to upcoming catalysts.
- Oil dipped as the Feb. 1 OPEC+ meeting approaches, while BP is set to report earnings on Feb. 10.
BP shares (BP.L) climbed 0.5% to 446.9 pence by 0800 GMT Tuesday. The stock closed Monday at 444.85 pence. BP is set to release its earnings on Feb. 10. (Investing)
This shift is significant as investors seek clarity following a volatile streak in crude prices and a packed schedule for energy markets early in February.
BP’s immediate focus remains unchanged: delivering cash returns through buybacks and pushing a few gas projects from “interesting” to “happening” quickly enough to impact forecasts.
BP revealed it bought 2,929,845 ordinary shares on Monday as part of its ongoing share buyback programme. The volume-weighted average price came in at 447.3 pence, with individual trades ranging between 444.05 and 450.00 pence. The company said it will move these shares into treasury. (TradingView)
BP’s Trinidad and Tobago head, David Campbell, said the company is still keen on cross-border gas deals with Venezuela, despite Caracas halting bilateral energy agreements with Trinidad last year. He highlighted the Cocuina-Manakin project with Venezuela’s PDVSA, located near Trinidad’s underused Atlantic LNG and Point Lisas facilities. Campbell added that about 10% of BP’s global capital expenditure last year was funneled into Trinidad projects. “It is an obvious project to have,” he said. (Reuters)
The sector took a hit Tuesday. Brent slipped 0.7% to $65.15 a barrel by 0440 GMT as traders eyed potential added supply from Kazakhstan. A U.S. winter storm capped losses, though. ING’s commodity strategists noted that a rebound in flows “should improve availability in the prompt market” — the front end of the curve. ANZ’s Daniel Hynes flagged the storm’s threat to fuel supply as a concern. (Reuters)
Focus is shifting to OPEC+, as three sources told Reuters the group plans to maintain its current oil output pause for March at their Feb. 1 meeting. Oil prices have jumped roughly 8% this January, topping $66 a barrel, Reuters noted, boosted in part by a decline in Kazakhstan’s production. (Reuters)
The list of potential pitfalls is still long. Projects tied to Venezuela come with political and legal hurdles, often dragging out timelines. Meanwhile, a quick rebound in Kazakh output or softer demand might drag crude prices down, cutting into the cash flow investors usually count on for buybacks.
Traders are eyeing further buyback announcements and concrete news on Venezuela-Trinidad gas ventures. The next solid milestones come with the OPEC+ meeting on Feb. 1 and BP’s earnings report due Feb. 10.
