OPEC+ discusses oil production boost as US war against Iran disrupts shipments
Two OPEC+ source said that OPEC+ would consider a bigger-than-expected 'oil production increase' on Sunday. This is after the U.S. and Israel war against OPEC+ Member Iran, as well as Tehran's retaliation caused?shipment disruptions throughout?the Middle East. OPEC+ is known for boosting oil production to compensate for disruptions, but analysts say the group has little capacity left to add meaningfully to the supply. The exceptions are Saudi Arabia and United Arab Emirates.
Mercuria profits fall as the company expands into metals and LNG
Mercuria's?chief finance officer? told a reporter on Friday that the trading house had posted a 6% drop in profit for 2025, despite expanding its metals and physical LNG businesses, as well as its shipping business, from Latin America into Central Asia. Trading?houses' profits fell from the record highs in 2022-2023 when energy prices rose due to Russia’s invasion of Ukraine. Merchants reinvested profits in business expansion, equity and dividends while paying record amounts.
Sources say that OPEC+ will consider an increase in oil production of 137,000 bpd for April.
OPEC+ will likely consider?raising their oil output by 137,000 barrels a day for April. Three sources familiar with OPEC+'s thinking stated that the group is preparing for the peak summer demand as well as a price increase due to tensions between the U.S. After a three-month pause, the OPEC leader Saudi Arabia, and other OPEC+ countries such as Russia, Iran and Kazakhstan, are facing Western sanctions, while Kazakhstan is recovering from a series oil production setbacks.
Sources: Saudi Arabia increases oil production and exports to prepare for a US attack against Iran
Saudi Arabia has increased its oil exports and production as part of an emergency plan, in case a U.S. attack on Iran disrupts Middle East supplies. Two sources familiar with this plan told Reuters on Wednesday. The Saudi Government Media?Office did not respond immediately to a comment request on the plan. Donald Trump, the U.S. president, has stated that he would consider a strike against Iran in order to press its leaders to agree to a deal to curb Tehran’s nuclear program.
Libyan traders bring in Western traders to counter Russian fuel flow
Three trading sources have confirmed that global oil traders and firms including Vitol Trafigura, and TotalEnergies won the tenders for supplying gasoline and diesel to Libya. The country is allowing large Western companies a broader access and reducing its imports of Russian petrol. Libya has been overhauling its oil industry for 15 years, following the fall of Muammar Gadhafi. It produces 1.4 million barrels of crude oil a day…
Gunvor Management Buyout Values Trading Group at Around $5 Billion, Sources Say
According to two sources, and a calculation made based on the financing of the deal via a loan given to employees, a management buyout has valued Gunvor at around $5 billion. Two sources familiar with the deal said that Gunvor's founder Torbjorn Tornqvist provided a loan to employees of more than 4 billion dollars for the buyout. According to the calculations of the two sources, the loan values Gunvor at $5 billion based on Tornqvist’s 86% stake.
Glencore earned less money from energy sales despite selling more oil for the third consecutive year
The annual earnings of the commodity trader, mining group Glencore showed that it traded more oil in 2013 but made less money?from energy trading? for the third consecutive year. The company stated that "Energy coal and steelmaking coking coal faced a more subdued climate." The company said that "well-supplied markets and geopolitical uncertainties, as well as softer sentiments" affected performance.
Greek joint venture seeking 20-year US Liquefied Natural Gas deal to boost Southern Europe's gas supplies
Atlantic Sea LNG Trade is a joint venture of Greece's gas supplier DEPA and the construction group Aktor. It is currently in negotiations to secure 15 billion cubic metres (bcm), or LNG, from the United States every year for 20 years, to supply southern Europe. Greece is seeking to strengthen its role as a gas transit route into Europe, and the continent is preparing to stop Russian gas imports in late 2027.
Sources say that Chevron wants better terms with Iraq before acquiring the Lukoil Oilfield.
Sources say that Chevron is seeking better terms for the West Qurna 2 Oilfield. Iraq nationalized oilfield operatorship after U.S. Three sources with knowledge of the matter said that Chevron, the U.S. oil major, is pressing Iraq to increase returns on the West Qurna 2 field in order to buy the project from Russia’s Lukoil. Iraq nationalised its oilfield earlier this month after the U.S. imposed restrictions on Lukoil in order to pressure Russia to stop the war in Ukraine.
Sources say that OPEC+ is likely to continue its oil production pause in March, despite the rising prices.
Three OPEC+ delegates said that OPEC+ was expected to maintain its pause in oil production?increases during a Sunday meeting. Prices are rising because of a 'drop in Kazakhstan oil production. Eight members of OPEC+ met to discuss the price of oil. Prices have risen by 8% this month, and now exceed $66 a barrel. This is despite fears that a glut of oil would drive prices down. Saudi Arabia, Russia, Kuwait, Iraq, Algeria, and Oman are all due to meet in February.
Ukraine needs an energy ceasefire, says top power executive
The head of Ukraine's biggest private power producer said that the country is on the verge of a "humanitarian disaster" due to Russian airstrikes against energy systems. Any future peace agreement must include an end to attacks on energy infrastructure. Maxim Timchenko said that Russia, which invaded Ukraine in full force almost four years ago, has been conducting an "energy terror campaign" since October 2025. This includes attacking power stations and overpowering air defence systems.
TotalEnergies CEO anticipates EU mandate on sustainable aircraft fuel being dropped in the future
TotalEnergies CEO Patrick Pouyanne stated on Wednesday that he expects the European Union will water down its mandate in the future to include sustainable aviation fuel, similar to the recent decision of the bloc to drop the proposed ban on combustion-engine vehicles from 2035. Last year, the EU required that 2% jet fuel available at airports be sustainable aviation fuel. This requirement will increase to 6% by 2030 and 20% by 2035.
Galp is focusing on upstream growth in Brazil and Namibia with its refining spin-off.
The co-chief executive of Galp, Joao diogo marques da Silva, said on Tuesday that the company will "focus" on growing its upstream oilfields business in Brazil and Namibia. It may also list some of its newly created downstream business within a few years. The company announced earlier this month that it was in discussions with Moeve, a private equity-backed firm, to combine their two businesses into two new?entities. One entity would focus on retailing and the other on refining.
Sources say that Chevron Vitol Trafigura are all competing to control Venezuelan oil imports.
Sources familiar with the situation say that Chevron, Vitol, Trafigura and other companies are competing to get deals from the U.S. Government to export crude oil from Venezuela. Venezuelan officials are trying to control oil sales in the United States. This competition is a reflection of the desire for many oil companies to gain access to Venezuela's crude oil stocks and production. Donald Trump, the U.S. president, has demanded Venezuela grant the United States access to the oil sector.
Vitol, Trafigura and the White House invited to Venezuelan oil discussions on Friday
Four sources familiar with the situation have confirmed that the U.S. administration of President Donald Trump has invited the heads of commodity trading companies Vitol and Trafigura to meet at the White House this Friday to discuss the marketing Venezuelan crude oil. European trading houses dominate global oil trading, and could assist the U.S. in selling oil from Venezuela despite Washington's desire for U.S. oil majors to take the lead. White House announced that it would host U.S.
Sources say that OPEC+ will maintain oil production despite tensions among its members
OPEC+ agreed to?maintain a?steady?oil output during its Sunday meeting, according to an OPEC+ delegates and a source who was familiar with the talks. This is despite the political tensions that exist between Saudi Arabia and UAE and the capture by the U.S. of Venezuela's president. The eight members of OPEC+ who pump about half a world's oil will meet on Sunday after oil prices dropped more than 18% between 2025 and 2020, their steepest annual drop since 2010.
Sources say that OPEC+ will maintain oil production despite tensions among its members
OPEC+ delegates reportedly said that despite the political tensions between Saudi Arabia and the UAE?and U.S. capture the president of smaller producer 'Venezuela,' OPEC+ is likely to maintain steady oil production at its Sunday meeting. The OPEC+ meeting on Sunday, which includes eight members who pump about half of the world's crude oil, was called after oil prices dropped more than 18% between 2025 and 2020, their biggest drop in a year since then, amid concerns over an increasing oil supply.
Carlyle hires Goldman Sachs to bid for Lukoil assets
Two sources familiar with the matter said that Carlyle, the U.S.-based private equity firm, has hired Goldman Sachs for its bid to acquire Lukoil's assets. The race for the Russian oil company's foreign portfolio is heating up. Carlyle and?U.S. Sources have confirmed that Exxon Mobil, Chevron and Abu Dhabi conglomerate IHC as well as Saudi Arabia's Midad Energy are interested in buying Lukoil assets. Carlyle and Goldman Sachs both declined to comment.
Sources claim that Fedun, the co-founder of Lukoil, has sold his stake to the company.
Three sources and data show that Leonid Fedun sold his $7 billion stake in Lukoil. This marked the end of a 30-year journey which made Lukoil an international force, but saw it recently shrinking rapidly under sanctions. Lukoil, which had avoided Western sanctions for months over Russia's invasion in Ukraine, was severely hit by Western sanctions and now is selling its foreign assets. Analysts have long suggested that the company could be a target for Rosneft - a state-controlled competitor…
Carlyle is exploring options to purchase Lukoil's foreign assets, according to sources
Three sources familiar with this situation have confirmed that the U.S. Carlyle private equity firm is looking at options to purchase foreign assets of Russian oil giant Lukoil. As part of their efforts to get the Kremlin into peace talks on Ukraine, the U.S. has imposed sanctions on Lukoil and blocked its attempt to sell assets ahead of the November 21, sanctions deadline. Lukoil produces 2% of the world's oil at home and abroad.