Equinor: Iran's war increases interest in LNG and Norwegian petroleum products in Asia-Pacific
Equinor said that it has seen an increase in demand for energy exports from 'Norway', even from customers as far away as Australia. This is after the Iran War curtailed exports of LNG and petroleum products (LNG) out of the Gulf. Conflict has closed the Strait of Hormuz - a chokepoint for energy exports, particularly to Asia. After presenting Equinor's first quarter earnings, CEO Anders Opedal said that the closure had resulted in a?loss? of 12 million barrels per day of oil and also affected the supply of refined products like diesel and jet fuels.
Australia and Japan sign agreement on critical minerals and energy
Australia and Japan have agreed to intensify their 'cooperation in energy and minerals. The agreement was reached on Monday, when the Japanese Prime Minister Sanae Takaichi and his Australian counterpart Anthony Albanese met during a three-day visit to Australia. The two countries signed a historic defence agreement last month and agreed to enhance the energy, food, and essential minerals supply chains. Albanese stated in a press release that "Australia and Japan have taken action to protect their economies from future shocks and uncertainty".
EIA reports that US crude oil production rose to a two-month high during February.
The U.S. Energy Information Administration reported on Thursday that U.S. crude oil production rose to 13,63 million barrels a day in February. This is the highest level since December. The U.S. production of oil in February increased both from a month-to-month and yearly perspective. The?EIA data revealed that the average output in January of this year was 13.24 million bpd, and February last years was 12.60 million bpd. The EIA data also showed that the U.S. demand for oil rose in February. This was primarily due to a?multi-year increase in demand of distillate fuel oil, which includes diesel and?heating oils.
Brent Crude Prices Rise as Trump Threatens to Attack Mine-Laying Ships in Hormuz
Brent crude futures climbed more than $1 a barrel on Thursday following U.S. President Donald Trump's threat to attack ships laying mines in the Strait of Hormuz, casting doubt on the survival of a ceasefire in the war with Iran.Brent crude futures were up $1.26, or 1.24%, to $103.17 a barrel at 9:19 a.m. CDT (1419 GMT) after settling above $100 for the first time in more than two weeks on Wednesday. West Texas Intermediate futures were up 72 cents, or 0.77%, at $93.68.Iran flaunted its tightened grip over the Strait of Hormuz with video of its commandos storming a huge cargo ship…
TotalEnergies reports strong Q1 sales despite war-related output losses
PARIS, 16 April - TotalEnergies expects to see a significant rise in earnings in the first quarter due to a strong trading performance, and also in its upstream production?and oil sales, thanks in part to the higher prices caused by war in Iran. This is despite the fact that the conflict has shut down 15% the French group's total production. In a?earnings outlook, the group said that the margin for refining fuels was $11.40 a barrel during the third quarter, an increase of 192% over $3.90 per barrel compared with a year ago. It is also flat when compared with the fourth-quarter margin of $11.40 in 2025.
Oil Prices Fall as US, Iran Consider Ceasefire Proposal Framework
Oil prices retreated in choppy trade on Monday, as investors awaited clarity on the status of indirect talks between the U.S. and Iran, wary about sustained supply losses due to shipping disruptions.Brent crude futures were down 0.22% to $108.79 a barrel at 11:49 a.m. CDT (1649 GMT). U.S. West Texas Intermediate crude futures were trading down 0.08% to $111.45 per barrel.The price moves on Monday were dwarfed by an 11% surge for WTI and an 8% rise for Brent during the previous trading session on Thursday, the biggest absolute price increase since 2020. The U.S.
India buys Iranian oil for the first time in seven years without any payment issues
The oil ministry announced on Saturday that Indian refiners had purchased Iranian oil?amid a Middle East conflict which has?disrupted supplies via the Strait of Hormuz. India, the world's third largest oil importer and user, hasn't received a shipment from Tehran since May 2019. This is due to U.S. pressure against buying Iranian crude. However, supply disruptions caused by the U.S. - Israel?war, have affected the South Asian nation severely. The oil ministry announced on X that "Indian refiners have secured crude oil supplies, including from Iran, despite Middle East supply disruptions.
Gas companies claim that Japan's demand for gas could fall if the war in Iran affects plastics supplies.
Gas company chiefs warned on Wednesday that Japan's gas consumption could fall if the war on Iran continues. Osaka Gas provides?gas? to factories. If these plants are forced into a production cutback due to a shortage of materials, Osaka Gas's sales of gas will fall, said Osaka Gas president Masataka Fujiwara at a press briefing. Tokyo Gas?also warned about the possible fallout of a naphtha shortage for manufacturers. Tokyo Gas President Shinichi SASAYAMA said in a separate press conference that any decision to reduce the activities of our customers…
China's coal-chemicals sector reaps the benefits as Iran war crushes its petrochemical rivals
China's coal-to-chemicals stock has risen by up to 30% since the Iran War began, as the industry?capitalizes on its ability to?turn domestic coal into petroleum and?other chemicals without relying upon shipments through Strait of Hormuz. The rise in oil prices due to Iran's close-to-closing of the Strait of Hormuz has been a boon to the coal-to chemicals sector. This industry has its roots in Germany during World War II and is almost unique. It transforms coal into petroleum products, gas, and other chemicals.
Russell: The war in Iran has a greater impact on refined fuels than crude oil and importers must act.
Media attention is focused on the loss of up to 20% of crude oil and refined fuels due to the continued closure of the Strait of Hormuz. The rapid tightening in the markets for refined products in Asia is a greater concern. Major importing countries like Australia and Indonesia could be facing an "emergency" situation with lower supplies and much higher prices. According to Kpler commodity analysts, Australia is Asia's biggest importer of refined petroleum products. It averages around 900,000. Indonesia comes in second with arrivals of about 600,000.
Palm oil is set to record a weekly gain as it rises against strong Dalian competitors
The price of Malaysian palm oils rose on Friday and was set to gain for a?second week in a row, as the prices of rival edible oils were also rising at 'Dalian. By Friday's midday, the benchmark palm oil contract for?May delivery at the Bursa Derivatives Exchange had gained 56 ringgit or 1.23% to 4,597 Ringgit ($1,169.42). The weekly gain is 5.27%. Dalian's palm oil contract increased 1.34% on Friday while the most active soyoil contract gained 1.27 %. Soyoil traded on the Chicago Board of Trade fell 0.04%.
Petromidia Refinery to Shut Down for Scheduled Revision in March
Romania's Black Sea crude oil refinery Petromidia, the largest in the country, will shut down for a scheduled revision in March, its owner said on Tuesday, potentially squeezing fuel supply and putting upward pressure on prices.The refinery is owned by Rompetrol Rafinare, which is majority-controlled by KMG International (KMGI), part of Kazakh state oil firm KazMunayGaz. The Romanian state holds a 45% stake.The refinery sources crude oil from Kazakhstan. It will be shut down for 20 days in March…
Mexico's Pemex will supply $496 million worth of oil to Cuba by 2025
Mexico's Pemex provided crude oil and petroleum products worth $496m to Cuba in 2025, through a contract that was effective since 2023. The shipments of oil to Cuba has increased tension between Mexico and the U.S. after U.S. president Donald Trump warned last week that he would impose a tariff on countries who sell oil to this Caribbean island. "We only have one contract. It's from 2023. That's the most recent. It's just a regular commercial contract like those we have with other nations," Rodriguez said. He was speaking with?Mexican president Claudia Sheinbaum.
Vitol to lend $2 billion to Uganda's state oil company
According to an official from the finance ministry, Uganda National Oil Company, owned by the state, plans to borrow 2 billion dollars from a division of global commodities trader Vitol in order to fund infrastructure projects including a crude refinery. In early this year, the east African nation signed an agreement to build a $4 Billion domestic crude oil refinery. The facility will produce 60,000 barrels of crude oil per day. The UAE company will own 60% of the facility, while UNOC will retain 40%. Uganda is planning to start commercial oil production in 2019 from fields located in the west.
BB Energy, a Houston-based trader, has parted ways with several Houston traders as part of a major reorganization.
Sources familiar with the situation said that commodities trader BB Energy laid off more than a dozen employees from its Houston office and parted ways with some oil traders as part of a major restructuring. A spokesperson for BB Energy confirmed that the company had made adjustments to focus its efforts on its most profitable core businesses, while also diversifying into new high-potential markets. The company didn't say how many people were affected by the changes. Two sources said that BB Energy plans to move some administrative functions from the U.S. to Europe.
Commodities trader BB Energy lays some Houston traders off in major reorganization
Sources familiar with the situation said that BB Energy, a commodities trader, has cut over a dozen employees from its Houston office. This includes oil traders. The move is part of a major restructuring. A spokesperson for BB Energy confirmed that the company had made changes in order to focus its efforts on its most profitable core business while also diversifying into new high-potential markets. The company didn't say how many people were affected by the changes. Two sources said that BB Energy plans to move some administrative functions from the U.S. to Europe.
Pemex Crude Oil Production Falls 5.6% in September
Mexico's state energy company Pemex produced 5.6% less crude oil and condensate year-on-year in September, an average 1.65 million barrels per day (bpd), according to data it released late on Tuesday.The heavily-indebted driller has struggled to boost production, despite cash injections and tax relief since the previous administration, as many fields are being depleted and new discoveries have not managed to make up for this.Crude oil processing at the seven local refineries increased 7.7% year-on-year in September to 949,772 bpd but remained almost 10% below August levels.The seven refineries are collectively ru
Portugal's regulator proposes an increase of 1% in electricity tariffs by 2026
The Portuguese electricity market regulator ERSE proposed a 1% increase in regulated tariffs, which 820,000 households and businesses pay. This will also have an indirect influence on the market prices charged to utilities, said ERSE. The government has forecasted an inflation rate of around 2% for the next year. This slight increase will be implemented in January 2026. ERSE will confirm the rise by 15 December, after consulting consumers, businesses and other groups. Tariffs will increase by 2.1% in 2025.
Senegal plans to begin construction on a new refinery in next year
The CEO of the national refining firm SAR announced on Thursday that Senegal will begin construction of a new oil refinery in the coming year, to increase domestic processing capacity. He is looking for investments between $2 billion and $5 billion. Mamadou Abib Diop, speaking at the African Energy Conference in Cape Town, said that China, Turkey, and South Korea have all made financing offers to the country. Abib Diop stated that the feedstock for this new plant will primarily come from Senegal’s offshore Sangomar gas and oil field. The field is operated by Woodside Energy, with Petrosen as a minority investor.
The IEA reports that Russia's oil export revenues fell in August.
The International Energy Agency reported on Thursday that Russia's revenues from crude oil and petroleum products fell in August, to the lowest level since the beginning of the conflict with Ukraine. The Russian energy industry is being challenged by drone attacks on oil refineries, export pipelines and Western sanctions. The IEA reported that revenues dropped by $920 millions from July to $13.51 Billion due to a decrease in crude oil and fuels exports, as well as a widening discount on the Russian flagship Urals blend oil price at around $56 - below the Western-imposed $60 price cap per barrel.
