EU to waive penalties on oil and gas companies that violate methane laws for three years
A draft document seen by revealed that the European Union would ask its member states to waive penalties for three years on oil and gas companies who 'breach their methane emission law' in response to disruptions to energy supplies caused by the Iran War. The move was made in response to pressure from the U.S. Government and oil and gas industry associations…
SEFE, Ksi Lisims LNG Agree on long-Term LNG Supply
German state-owned gas importer SEFE said on Wednesday it agreed to purchase 1 million tonnes of liquefied natural gas per year from Canada's Ksi Lisims LNG to diversify supplies amid unsteady global energy markets.Under a memorandum of understanding signed on Wednesday, deliveries are set to begin in the early 2030s for up to 20 years…
India and the US discuss Middle East trade, as Rubio cites progress in Iran conflict
The U.S. Secretary Of State Marco Rubio met with Indian Foreign Minister Subrahmanyam Jishankar in New Delhi on Saturday. Both sides discussed the Middle East, the trade, the visas, maritime safety, and energy supplies. Washington also cited the progress made?in efforts to resolve the conflict between Iran and the United States.
MOL, Hungary's largest oil company, gets an extension from the U.S. for its talks to purchase Serbia's NIS
Serbia's energy ministry said that MOL, Hungary's largest oil and gas company, had received a two-week delay from the U.S. government to finish talks on buying a majority stake of Serbia's NIS, an oil company controlled by Russia. Dubravka Djedovic Handanovic, in an Instagram post, said that the?extension' gives…
Inpex, a Japanese company, will buy a stake in the Australian Browse gasfield from PetroChina
Inpex, a Japanese company, announced on Friday that it would buy PetroChina's 10% share in the Browse gas field offshore of Western Australia. This is the largest undeveloped gas resource for the country. The Japanese company did not reveal the price they paid for the Chinese giant’s 10,67% stake in Brecknock Calliance Torosa Gas Fields.
Modi is likely to ask UAE for more energy during his short visit, according to sources
Three sources say that Indian Prime Minister Narendra Modi is expected to visit the United Arab Emirates on Friday for a brief trip. He will likely?discuss energy supply agreements and seek support to increase his country's strategic reserves of oil,? they said. Modi will make his first stop in the UAE on a 'five-nation' tour between May 15 and 20.
Copper prices fall as Iran's peace hopes fade and U.S. inflation figures are due
Copper prices slid from their three-month highs on Tuesday, as crude oil prices rose and Middle East peace hopes faded?after Trump rejected Iran's proposal. Economists?expect to see the biggest annual increase in U.S. Inflation in the past two-and-ahalf years. This would dampen the hopes of the Federal Reserve cutting interest rates.
Italy and Libya discuss enhancing energy ties
Giorgia?Minister Meloni, Italian Prime Minister and her Libyan counterpart Abdulhamid Dbeibah met on Thursday to discuss strengthening the energy cooperation. This comes at a moment when Italy is trying to diversify its energy supply due to the turmoil that has been occurring in the Gulf. The U.S. and Israeli war against Iran has sparked a surge in global fuel prices.
Shell's profits beat expectations by $6.9 billion and raise dividends by 5%
Shell's first-quarter profit surpassed estimates on Thursday and reached its highest level in two years, at $6.9billion, thanks to gains related to the Middle East War. This led the company to increase the dividend by 5%. It also slowed down its quarterly share-buyback programme from $3.5 billion, to $3 billion.
ROI-Emerging markets defy energy shock. But how long will it last? McGeever
The bond spreads on emerging market bonds are at their tightest level in years, despite the largest energy supply shock ever. It is unclear how long the current situation will last. According to the Institute of International Finance, emerging markets experienced a strong sell-off in March. EM equities recorded their largest outflow in over 20 years. This?rout?
ROI-Emerging markets defy energy shock. But how long will it last? McGeever
The bond spreads on emerging market stocks have been tighter than ever in recent years, despite the largest energy supply shock in the history. It is a question of how long it can continue. According to the Institute of International Finance, emerging markets experienced a strong sell-off in March.?EM equities recorded their largest outflow in over 20 years.
Guyana President: Energy Supply-Demand Gap Widens Further
The gap between supply and demand is widening as global energy systems face strain, Guyana's President Irfaan Ali said on Monday, as the Iran warenters its third month and continues to drive up oil and gas prices amid supply shortages.Energy markets have been reeling since the start of the war, which has caused…
The time is running out for investors to prepare for a true oil shock
Investors are still enthralled by the AI boom, which has sent stocks to new highs. They also harbour hopes for a short-lived Iran War. But they have not prepared themselves for a doubled price of oil. This window of opportunity may be closing soon. Market confidence is based on a number of factors, including the…
Workers at Australian LNG Plant Vote overwhelmingly for Strike Action
The Offshore Alliance, a union group, said that workers at Inpex's Ichthys facility, which produces liquefied gas in Australia, have voted to strike over pay and conditions. This decision could worsen the already strained energy supply globally. A spokesperson stated that over 98% of the workers who voted favored strike action.
Top sector official: Iran war could cause systemic gas demand destruction
Gas Exporting Countries Forum head said that if the conflict continues, the natural gas demand destruction caused by the 'Iran war' will become structural. Kpler data shows that since the Middle East Crisis began in February, over 500 million barrels have been removed from the global market. This is the biggest disruption of energy supply in modern history.
Can Big Tech survive the energy squeeze with profits that are 'AI-or-die'? McGeever
Last week, Kristalina Georgeeva, Managing Director of the International Monetary Fund, spoke to a panel during the IMF/World Bank Spring Meetings in Washington about the challenges facing businesses, industries and economies across the globe, given the 'transformative power' of artificial intelligence. Her remarks also apply to the stock exchange. U.S.
Singapore GasCo secures additional LNG cargoes and looks for term deals despite the war volatility
GasCo, Singapore's state-owned gas buyer, has purchased additional cargoes to offset the supply shortages caused by a U.S./Israel war against Iran. Kpler data show that the city-state imports increasing amounts of LNG. It reached 5.93 million tonnes last year. Nearly half of this was shipped from Qatar. In an email response…
Australia lifts fuel restrictions following fire at its largest refinery
The Australian Prime Minister Anthony Albanese stated 'on Friday that a fire in 'the larger of Australia's two oil refineries would not trigger any fuel restriction, as the Government ramps up its efforts to secure fuel supply due to the War on Iran. The fire at Viva Energy’s refinery, located in Geelong an hour from Melbourne, is a terrible time for Australia.
Source: Trump's energy leaders will hold a call with CEOs about the Iran war
The U.S. The Interior and Energy Departments are holding a conference call on Thursday to discuss the 'potential' of energy companies such as Exxon & Chevron in boosting oil and gas production. Prices are now returning to the levels that were seen in the aftermath of the?Russian invasion of Ukraine? in 2022. This…
Palm prices flatten on fears of higher production and weaker demand
Malaysian palm futures were little changed on Thursday due to a subdued demand from India and China. There are also rising expectations for increased production and a strengthening of the ringgit. The benchmark palm oil?contract?for July delivery at Bursa Malaysia derivatives Exchange fell 2 ringgit or 0.04% to 4,495 Ringgit ($1,137.40), a metric tonne, at the close.
