Oil prices plunge on Iran ceasefire, causing European energy stocks to fall
After weeks of gains, European oil and gas stocks fell sharply Wednesday. Equinor, a Norwegian company, led the declines, falling 13%. It was followed by its domestic competitors Var Energi and Aker BP, who had benefitted from the disruptions in Qatar's gas flow after the closure of the Strait of Hormuz. TotalEnergies, France, BP and Shell in Britain, Eni and?Italy were all around 6%-9% down. Oil prices fell after U.S. president Donald Trump announced that Washington had agreed to an?armistice? with Iran for two weeks, subject to the safe and immediate reopening of?Strait of Hormuz. WTI fell 15% and Brent futures dropped 13%, while WTI was down $95.0 per barrel.
Petrobras increases prices for Brazilian natural gas distributors by around 20% in May
The executive director of the industry group Abegas stated that Brazil's state-run petroleum company Petrobras could raise prices for natural gas sold to distribution companies by up to 20% in May, due to an increase in global oil prices. Petrobras adjusts natural gas prices every quarter, based on Brent oil. The last adjustment was made in early February, just before the U.S. and Israel war against Iran caused a spike in global oil prices. According to its Executive Director Marcelo Mendonca, Abegas is concerned that a further increase of more than 35% could occur in August, based on the current market data.
Glass Lewis urges a vote against BP chairman over climate resolution
Glass Lewis, a proxy adviser, recommended that BP share holders vote 'against' Albert Manifold who assumed the position in October. Citing BP’s decision to exclude a resolution related to climate change from its upcoming Annual Meeting, according to a notice seen by. Glass Lewis, a large shareholder advisory group whose recommendations can guide shareholder votes at annual general meetings, is not a common place to ask investors to vote contrary to the board. Glass Lewis' recommendation was based on BP’s?decision not to include a resolution from the April 23 annual meeting that called on it to reveal its longer-term strategies?under scenarios with declining oil and natural gas demand?…
Eni, an Italian company, has discovered 2 trillion cubic feet (or 2 trillion cubic meters) of gas off the coast of Egypt
Eni announced on Tuesday that it had made a discovery of 'gas and condensate' offshore Egypt after drilling the Denise W-1 exploratory well in the Temsah Concession, located in the Eastern Mediterranean. According to preliminary estimates, there are approximately 2 trillion cubic feet (or barrels) of gas in place initially and 130 millions (or barrels) of condensate. Eni said that the discovery would help it to "support Egypt's goals of increasing gas reserves and?production". Egypt's domestic gas production has declined in recent years, and it is now?suffering? from the spillover effects of the Iran War, especially in the energy sector. The country depends on imported fuel.
ISS recommends voting against BP's decision to eliminate some climate reporting
According to a note seen by, influential proxy adviser Institutional 'Shareholder Services' (ISS) recommended a vote against BP board’s?move revoke previous climate reporting resolutions. Investors are rarely asked to vote against board wishes by large shareholder advisory groups like ISS. Their recommendations influence a significant portion of the votes cast at annual general meetings. BP's Board has?called on its 23rd April meeting to vote to repeal two resolutions?from 2019 and 2015 that required company-specific reporting. In its analysis of the recommendation…
Sources say that oil giants have shown early interest in US Gulf Deepwater Field stake
TotalEnergies, a European energy giant, and Shell are among the companies that want to buy a majority stake at one of?U.S. Three sources familiar with the process have said that the Gulf is one of the most promising sites. This is because the Middle East conflict has heightened 'interest in North American energy prospects. Two people, including a fourth, said that BP, a London-listed company, is also interested. Repsol of Spain is, too, a fifth said. Two people have said that Chevron will also consider a bid. Three people reported that two owners of Shenandoah's offshore field have started a process to sell their stakes. They are offering 51% of this project to?potential buyers.
After Trump's threats to attack Iran, the price of oil in the near-term has reached a record high compared with later deliveries.
U.S. crude futures for immediate next-month delivery hit their highest-ever premium on Thursday as traders scrambled to secure barrels following Donald Trump's pledge to?continue?attacking Iran. Backwardation, or the trading of immediate delivery barrels at a higher price than barrels due to arrive in future months, indicates traders are expecting a tighter supply in the near term. WTI crude futures contracts for May were traded up to $16.70 higher per barrel than the contract for June during the session. The contract reached a session peak of $113.97 per barrel on Thursday, before settling down at $111.42. The U.S.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 3 weeks.
Baker Hughes, a?energy services firm?, said on Thursday that U.S. firms added to the number of oil and gas rigs operating for the first time since three weeks. The number of oil and 'gas rigs, an early indicator for future production, increased by five in the week ending April 2. Baker Hughes reported that despite this week's increase in rigs the total count is still 42 rigs or 7.1% lower than this time last year. Baker Hughes reported that oil rigs increased by two this week to 411, while gas rigs increased by three to 130. Oil and gas rig counts declined by about 7% in 2025.
Carol Howle named as BP's deputy CEO to oversee portfolio reviews and strategy
Carol Howle was named BP's 'deputy CEO' on Thursday. She will oversee the company’s ongoing portfolio re-evaluation and strategy developments. Howle will return to her previous role as head for supply, trading, and shipping. She was interim chief executive until Meg O'Neill took over the top position on Wednesday. BP is undergoing a major strategic shift, after pivoting to a focus 'on oil and natural gas a year back following an ill fated foray into'renewables. It has slashed billions from renewable energy projects and pledged to sell $20?billion worth of assets by the year 2027. They have also reduced debt?and cost.
Follow This activist shareholder to broaden climate campaign against BP
Follow This, a group of European investors led primarily by Follow This, urged BP to abandon plans to scrap?climate reporting commitments on Thursday and called for shareholders to vote against this move at the?oil firm's annual meeting later?this?month. Investors published an 'open letter' opposing a BP backed resolution which would rescind the two decisions taken in 2015 and 2019. These required detailed climate strategy, emissions reporting and linked climate performance with executive pay. BP must have at least 75% of shareholders support in order to cancel the commitments.
Baker Hughes' drilling equipment company HMH is valued at $815m amid market turmoil
HMH Holding, a provider of drilling equipment, was valued at 815 million dollars?after its shares dropped 5.5% on Wednesday in its Nasdaq début?amid fragile sentiments and persistent geopolitical uncertainties. Houston-based Akastor, a joint venture between Norway's Akastor and oilfield services firm Baker Hughes, has pushed forward with its long-sought New York IPO despite the Middle East conflict boosting oil prices. Brent crude futures are up 67% in the last year, but they were down 1.9% on Wednesday. Lukas Mühlbauer, Research Associate at IPOX, said: "Listing now can be beneficial because investors pay more attention to energy-related?names.
Staff note: New BP CEO pledges consistency
BP's 'CEO' Meg O'Neill said on Wednesday that she would provide consistency and accelerate the performance of the group, a full year after BP refocused its strategy firmly to oil and natural gas. This was according to a note to staff seen by. O'Neill began her new job as BP's 4th CEO?since 2020, and the first external hire in the role for more than a hundred years. She is the first female to head a major oil company. O'Neill, formerly of Australia's Exxon Mobil and Woodside Energy?, joins BP as it seeks to get away from its ill-fated venture into renewables. 'CLEAR CONSISTENCY AND?DIRECTION' She said, in a staff note that was seen by the.
Oil rally fails to boost drilling as services firms are squeezed
Oilfield services firms around the world are bracing themselves for a 'hit to their earnings, as the Iran War disrupts energy infrastructure in the Middle East. Producers will hold off on new drilling until the higher oil prices have been proven durable. Brent benchmark prices are up 53% from February 27, the day before U.S. and Israel began their strikes against Iran. This makes oil and gas projects much more profitable and increases demand for crews and rigs. However, the Iran War has seen a drop in activity and a reduction in demand for oilfield equipment and services. Igor Isaev is the head of analytical services at European broker Mind Money.
PetroChina's net profit for 2025 drops 4.5% due to lower oil prices
PetroChina, Asia's biggest oil and gas producer said on Sunday that its 2025 net annual?profit fell 4.5% from the record set in 2024 as lower oil prices affected earnings. PetroChina reported in a filing with the Shanghai Stock Exchange that its net income was 157.3 billion yuan (22.76 billion dollars) in 2018, compared to 164.7 billion yuan (2024), while revenue fell 2.5% to 2,864.5 billion yuan. CNOOC Ltd, a domestic peer, reported a 11.5% drop in net profits to 122.08 bn yuan on Thursday. Earnings at the refining giant Sinopec dropped 37% to $31.8 bn yuan. PetroChina produced 948 million barrels of crude last year or 2.6 millions barrels per day. This is up 0.7% compared to?2024.
Oil and gas exploration is back. Energy giants are hunting to replenish reserves
Executives at the CERAWeek Conference in Houston, Texas, this week declared that global energy companies have returned to the basics, focusing their efforts on finding?new oil and gas sources. This marks the end of years of underinvestment. The'shale revolution' in the U.S. in recent years promised a flexible, abundant supply. However, growth in renewable energy sources like wind and sun raised doubts over long-term demand for oil. Oil and gas drillers have chosen to 'flood profits into dividends and stock buybacks rather than exploration. Production?in the Permian Basin of the U.S. will plateau as energy demand continues to grow.
Oil rally fails to boost drilling as services firms are squeezed
Oilfield services firms around the world are bracing themselves for a drop in earnings, as the Iran War?disrupts the energy infrastructure throughout the Middle East. Producers will hold off on new drilling until the higher oil prices have been proven to be durable. Brent's benchmark price has risen 53% in the past two months, just one day before Israel and the U.S. launched their strikes against?Iran. This makes oil and gas projects much more profitable and increases demand for crews and rigs. However, the Iran War has seen a drop in activity and a reduction in demand for oilfield equipment and services. Igor Isaev is the head of analytical services at European broker Mind Money.
Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a week.
Baker Hughes, an energy services firm, said that U.S. firms have 'cut back on the number of oil & /natural gas rigs for a second consecutive week for the first time since mid-January. The number of oil and gas rigs, a good indicator of future production, dropped by nine in the week ending March 27 to 543, the lowest level since January 16. Baker?Hughes stated that this week's decrease puts the total number of rigs down by 49 rigs or 8.3% from this time last year. Baker Hughes reported that oil rigs dropped?by five to 409 in this week. This is their lowest level since the week ending February 27. Gas?rigs also fell by four to 127. As U.S.
Iraq oil production continues to fall as storages fill up, and exports of Hormuz are blocked by conflict
Three Iraqi energy officials stated on Wednesday that the country's oil production is in decline as the Iran War rages. Storage tanks are at critical levels and the country cannot export crude through the Strait of Hormuz. The officials said that the output?from?Iraq?s southern main oilfields?has further dropped by around 80%, to about 800,000. barrels per daily (bpd). Industry sources said that earlier this month, Iraqi production of oil from its southern main oilfields was down by 70%, to around 1.3m barrels a day. This is because the country could not export crude through the Strait of Hormuz. Before the war, the production from the fields was around 4.3 millions bpd.
Australia announces $1.4 billion in support for Rio's Boyne Aluminium Smelter
Australia announced a?A$2 Billion ($1.40 Billion) over ten years to support Rio Tinto's Boyne Smelters, the country's second largest aluminium smelter. Federal Industry Minister Tim Ayres stated that the investment will be equally funded by both the federal government and Queensland's state governments. Rio Tinto will underwrite investment in energy assets. Rio Tinto announced in a separate press release that the initiative will help the Anglo Australian miner reduce emissions and maintain its competitiveness amid rising fossil fuel prices. The agreement…
Gulf Stocks Mixed amid Confusion over US-Iran Talks
Gulf markets closed mixed on Tuesday. Qatar?extended losses, while other bourses stabilized as investors parsed contradictory signals about potential U.S.Iran 'talks. The mood was volatile when U.S. President Donald Trump delayed attacks on Iran's energy infrastructure and spoke of "productive" talks to end the U.S.-Israeli conflict with Iran. But Tehran dismissed this comment as "fakenews". Semafor, citing an official from the United States, reported that the U.S. would continue to strike Iran. The pause, however, only applied to energy sites. The report said that Israel was not included in Washington's contact with Tehran.
