US and allies clash over Iran nuclear program with Russia and China
On Thursday, the U.S. and its allies faced off against Russia and China over Iran's intentions to develop nuclear weapons. Washington was attempting to justify at the United Nations the war that it started two weeks ago on Iran. Russia and China tried to block the discussion of a committee that would oversee and enforce U.N. Sanctions against Iran at a meeting this month of the 15 member U.N. Security Council. The motion was overruled by a vote of 11-2, with two abstentions. Mike Waltz, the U.S.
TotalEnergies production down 15% due US-Iran War; confirms UAE Outages
The French oil giant said that TotalEnergies has lost 15% of its 'oil and 'gas production as the U.S. Israel war against Iran closes down fields in the Middle East including the UAE, Qatar, and Iraq. Total said that this output represents about 10% of its?upstream cash flows. This was the first official confirmation of widespread production outages in the UAE caused by the crisis. Qatar and Iraq had announced earlier production cuts. The UAE, however, has not released any official information.
Equinor CEO: We have no spare capacity for oil and gas
The CEO of Norway's state-controlled company Equinor said that the company does not have any spare capacity to increase its oil and gas output due to Middle East supply shortages. "Our focus today is on making sure we are seen as a reliable supplier of oil and natural gas in the markets that we operate in, and ensuring we have the highest possible production because it's needed in these times," Equinor CEO Anders Opedal said at an industry conference held in Oslo. U.S.
Norway's Prime Minister says Europe shouldn't cap gas prices
The Norwegian prime minister said that Europe should not cap the price of natural gas, even though costs are rising due to the conflict in the Middle East. The benchmark TTF front-month gas contract on the continent has increased by around 60% since the U.S. and Israeli war against Iran, as well as the attacks of?Tehran on ships in Strait of Hormuz. On Wednesday, Ursula von der Leyen, President of the European Commission, said that the European Union is considering measures to reduce energy prices.
Gas shortage worries in India spark panic buying for Induction stoves
Indians are buying electric induction cookers at a rapid rate, causing stocks to be depleted online and in stores. This is due to fears that there could be a shortage of cooking gas linked?to the Middle East conflict. India, which is the second largest importer of LPG in the world, has invoked emergency powers in order to 'boost supply for household users, even though availability is tightening? for commercial users such as canteens, hotels and restaurants.
Minister: Czechs discuss 1.5 billion cubic meters of LNG with US
Hospodarske Noviny reported that the Czech Republic was 'in talks' with the United States for the supply of 1.5 billion cubic metres of liquefied natural gas. Since the Russian invasion of Ukraine, in '2022, the Czech Republic, like other countries in Central and Eastern Europe has diversified its energy sources. S&P Global reports that this has helped to cushion the impact of the Middle East war. Czech Industry Minister Karel Havlicek has been quoted as saying he met with U.S. Commerce Sec.
Iranian strikes burn oil tankers, despite Trump's claims to have won war
Two oil tankers caught fire in an Iraqi harbor on Thursday, after being hit by a boat suspected to be laden with explosives. This was a new attack that has cut off Middle East oil and defied Donald Trump’s claim of having?won' the war launched two weeks earlier. Images that were verified as having "been filmed" from the shores of Basra port showed massive orange fireballs lighting up the night skies, following the attacks Iraqi authorities had blamed on Iranian vessels. One crew member died.
Sources say that Beijing has rejected Sinopec's request for tapping commercial reserves
Two sources confirmed this week that China rejected a request by Sinopec, a major refinery company in China, to 'access 13,000,000 metric tons (95,000,000 barrels) of national commercial reserves to 'offset an expected supply gap due to the U.S./Israeli war against Iran which threatens Middle East Exports. According to industry estimates, Sinopec is the world's largest refiner in terms of?capacity and imports roughly?4million barrels of crude oil per day from the Middle East.
Palm oil gains against Dalian and Chicago rivals, with stronger crude
Malaysian palm futures were up on Thursday due to higher crude oil prices, gains in other edible oils and the expectation of increased biodiesel consumption following Indonesia's decision to speed up road tests for B50 blend. The benchmark 'palm oil' contract for May delivery at the Bursa Derivatives exchange gained 42 ringgit or 0.93% to 4,541 Ringgit ($1,157.24), after reaching an intraday peak of 4,628 Ringgit. A Kuala Lumpur based trader stated that "the futures are currently governed by the crude oil situation.
Prices for EUROPE GAS rise due to concerns about LNG supply and oil strength
LONDON, 12th March - British and Dutch gas wholesale prices rose Thursday morning, as reports of tanker attacks raised fears of a prolonged disruption of regional liquefied gas supplies from the region. Meanwhile, higher oil prices added further support. ICE data shows that the benchmark Dutch front-month contract was 52.40 euros per Megawatt Hour (MWh), or about $17.73/mmBtu at 0848 GMT. This is an increase of 2.41 euros. According to ICE data…
IEA chief says release of oil reserves had a'strong impact on markets'
Fatih Bibil, the IEA Executive Director, said that the IEA has released 400 million barrels of 'oil from its global strategic reserves, and this decision already had a "strong effect" on the energy markets, which are now in an "extremely critical period" following the closure of Strait of Hormuz. Birol stated at a press conference in Istanbul that the coordinated action taken by the International Energy Agency to counter the Iran War was designed?to stabilize oil markets.
Maurel & Prom, a French oil company, has seen its 2025 profits slump due to lower crude prices
Maurel & Prom, a French oil company, reported a 32% decline in profit for 2025 on Thursday. The drop was due to lower crude prices and a weak global demand. The shares of the?company traded 0.5% higher at 0815 GMT, after a drop of 1.9% in early trading. In 2025, earnings?before interest taxes depreciation amortization and amortization? (EBITDA?) fell to $249 millions while sales dropped by 29%?to $578 from $808 millions a year earlier. Crude oil prices dropped 18.07% to $62.70 a barrel by the 'end of 2025.
Palm prices rise as rival Dalian and Chicago oil prices also increase
Malaysian palm futures rose on Thursday, supported by higher crude oil prices, gains in other edible oils, and expectations for stronger biodiesel demands following Indonesia's decision to accelerate road testing of B50 blend. After reaching an intraday peak of 4,628 Ringgit, the benchmark?palm-oil contract for May delivery at the Bursa Derivatives exchange gained 83 Ringgit or 1.84% to 4,582 Ringgit ($1,166.50). A Kuala Lumpur based trader stated that "the futures are currently governed by the crude oil situation.
As the Middle East conflict increases costs, Bangladesh secures LNG spot cargoes
Energy officials reported that Bangladesh purchased three LNG cargoes at higher prices on the spot markets, as it scrambled to maintain supplies in the face of disruptions caused by the escalating conflict between Iran and Israel. Energy officials in South Asia said that Petrobangla, the state-run energy company, has increasingly turned to the volatile market to fill the gap after certain suppliers had to stop shipments. An anonymous official from the energy ministry said that if the disruption continues…
India is ready to support the oil markets after IEA releases record-breaking release
India announced 'on Wednesday that it is ready to support the global oil'markets, in line with the International Energy Agency releasing a record 400,000,000 barrels - of oil in an effort to tame the prices which have risen following the U.S./Israeli war against Iran. India has not provided any details about how it will support the IEA. An official source said on Monday that India has no plans to join IEA's initiative before a G7 summit to discuss possible releases of strategic oil reserves.
India warns its consumers to conserve energy and not panic about gas shortages
India, the second largest importer of LPG in the world, asked its consumers to conserve energy and not panic over gas supplies. The 'federal government' has used emergency powers to order refiners that they increase production of LPG, and reduce sales to industry in order to prevent a shortage. Sujata sharma, joint secretary at the federal oil minister, stated that government measures had increased LPG production locally by 25%. Restaurants, hotels and other industries are feeling the pressure from a tightening supply of LPG.
India's kitchens are forced to stop cooking hot food because of a shortage of cooking gas
As a result of the Middle East conflict, cooking gas is in short supply across the country. To make LPG (liquefied Petroleum Gas) last longer, cooks are switching to simpler meals that require less fuel. As a result of Iran's war on terror, shipping through the Strait of Hormuz has been effectively halted. This has led to an increase in energy and transportation costs. It also affects the output of oil and gas producers in the Middle East.
SLB warns that Middle East disruptions will impact first-quarter earnings
SLB, an oilfield services firm, said that escalating tensions in the Middle East would affect its first-quarter earnings and revenue by 6 to 9 cents. Energy companies are moving to protect their personnel and facilities throughout the region. SLB's share price fell 2.3% during premarket trading. The disruption is a sign of escalating geopolitical tensions that are beginning to affect the global oil and gas supply chain. This has forced?energy companies?
Palm oil closes higher as Chicago soyoil strength and crude oil rally boost prices
Malaysian palm futures closed higher on Wednesday, supported both by the stronger soyoil market in Chicago and rising crude oil prices. At the close, the benchmark 'palm oil contract' for May delivery at the?Bursa?Malaysia Derivatives Exchange rose 71 ringgit (1.6%), to 4,499 Ringgit ($1,149.76). The contract had dropped to 4,395 Ringgit earlier in day. Soyoil traded on the Chicago Board of Trade increased by 3.11%. Dalian's most active soyoil contract gained 0.68%, after falling 0.19% in the morning.
Uniper CEO: We are protected from the latest Middle East energy crisis
Michael Lewis, CEO of the German utility, told analysts that Uniper does not purchase liquefied gas from the Middle East, where the 'U.S. and Israeli attacks against Iran' have caused price spikes in oil and gas. Lewis, speaking after the group's annual results were published, said that, while higher prices might bring back memories of the energy crisis in Europe 2022, which led to the nationalisation of Uniper, today the company is much more resilient.