Bangladesh restricts fuel purchases due to Middle East conflict
Bangladesh imposed daily fuel sales limits in response to a 'panic buying' and a'stockpiling of fuels, which raised concerns over supply as the Middle East war roiled the global energy markets. These'measures' follow U.S., israeli, and other airstrikes against Iran, as well as retaliatory strikes by Tehran in the Middle East, which has caused oil shipments to be disrupted through the Strait of Hormuz - a vital energy route - and driven energy prices sky-high. Bangladesh Petroleum Corporation, the state-run distributor and importer, stated that the restrictions aim to restrain excess demand, calm the public, and keep national stocks stable.
Fitch warns that energy support measures may have a negative impact on France and Britain's finances.
Fitch Ratings will be watching to see if European governments are going to need to?roll out support measures to combat higher energy prices. This could increase fiscal pressures on countries like France and Britain, said a senior analyst. This week, oil and gas prices have risen as the war in the Middle East has stoked concerns among policymakers and on financial markets about inflation. Inflation, which soared after Russia invaded Ukraine, could rise again. They will decide whether to provide assistance based on the length of the war and if energy prices continue to rise.
Indian refiners seeking legal opinion to purchase sanctioned Russian oil through US waiver
Two government sources confirmed that Indian refiners were seeking legal advice on how to purchase Russian oil sanctioned by Washington after New Delhi was granted a waiver for buying crude at sea in order to reduce pressure on the global markets. On Thursday, the U.S. granted Indian refiners an exemption from sanctions for 30 days to buy Russian oil that was loaded onto vessels starting March 5. Indian state refiners purchased at least 20 million barrels (or a little more) of Russian crude oil that was loaded onto vessels that were floating in international water to help ease the oil supply crunch caused by the Middle East Crisis, according to Reuters.
Former Shell CFO to leave, BP Chairman Manifold trims the board
BP Chairman 'Albert Manifold' announced on Friday plans for a slimmer board, as a s part of the resetting strategy by the british oil major. Former Shell Chief Financial Officer Simon Henry was among those leaving. Manifold has made other changes since he became chairman in October. Murray Auchincloss, who was appointed CEO in October, abruptly left the position in December. Woodside Energy's Meg O'Neill will take on that role from April. O'Neill was BP's?first external hire... for the post in more than a century. According to BP's annual report, she will receive a base salary of 1.6million pounds.
IEA chief warns of return to Russian gas despite global LNG boom
Fatih Birol, the Executive Director of International Energy Agency (IEA), said that looking to Russia for gas supplies would be economically and politically wrong. This is because LNG will soon become a global source. Birol said to?reporters that the current Middle East crisis has led some to question whether or not to return to Russia. This was after a meeting between European Commission President Ursula von der Leyen and EU commissioners regarding global energy markets. The EU faces increasing pressure from governments and industries to intervene to reduce high energy prices.
Qatar's energy minister warns that war will force Gulf countries to stop exporting energy within weeks.
In an interview published by the Financial Times on Friday, Qatar's Energy Minister Saad al-Kaabi said that the country expects all Gulf energy producers to stop exports in a few weeks and drive oil prices up to $150 per barrel. We expect that everyone who hasn't called force majeure will do so in the next few days if this situation continues. Kaabi told FT that all exporters from the Gulf region would have to declare force majeure. Kaabi stated that even if the war ended immediately, it would still take Qatar "weeks or months" to get back to normal deliveries.
The price of gas in Europe is more volatile due to the growing competition from LNG
Dutch and British wholesale prices of gas have slowed the huge gains they made this week, but remain volatile due to increased competition worldwide among buyers for replacements of lost Qatari LNG cargoes. Data from the Intercontinental Exchange showed that the benchmark 'Dutch front month contract' at the TTF hub had increased by 1.02 euros to 51.75 euros a megawatt hour (MWh), as of 1026 GMT. After initially trading at 6.00 lower, the British contract for April rose 2.25 pence to 133.75 cents per therm. The European gas price has risen this week due to the Iran conflict, which has shut down?exports from Qatar. Qatar provides around 20% of global LNG supply.
After Qatar's LNG supply was halted, Bangladesh saw a steep increase in LNG prices
After Qatar suspended LNG deliveries amid the escalating Iran/Israel conflict, Bangladesh will be forced to pay much higher prices on the spot market. This has led the authorities in Bangladesh to ration gas and close several fertiliser factories. Officials said that the state-run Petrobangla had arranged for two LNG spot cargoes to be delivered in March, to ensure supplies are not interrupted. A shipment from Gunvor is priced at $28,28 per million British Thermal Units (mmBtu), and is scheduled to arrive between March 15-16. Another shipment from Vitol is priced at $23,08 per mmBtu. Both are due for delivery on March 18-19.
Bangladesh closes its fertiliser factories due to Middle East gas shortage
Officials said that Bangladesh closed four of its five fertilizer factories on Thursday, amid a worsening shortage of gas triggered by the escalating tensions across the Middle East. A government order aimed to conserve dwindling supplies of gas has halted production at several state-run 'plants, including Karnaphuli Fertilizer Company Limited and Chittagong urea Fertilizer Limited. Uttam Chowdhury is CUFL's Chief Chemist and Head of Production. He said that the two facilities were receiving between 70-80 millions cubic feet of natural gas each day prior to the shutdown. Qatar stopped LNG production earlier this week.
Sources: Uniper talks LNG with Canada to reduce US dependence
Three 'people who are familiar with the matter' said that Uniper, a state-owned German energy company, is in 'talks' with Canada about expanding liquefied gas purchases. This is part of Berlin’s plans to establish a broad economic relationship and reduce reliance on U.S. suppliers. Sources say that the discussions are on a political and corporate level. They are also taking place as Germany prepares to bid for a Canadian sub tender, which is likely going to include deals in rare earths and batteries, and energy. Uniper refused to comment on any specific talks.
Equinor, a Norwegian company, wants to keep gas and oil exports high despite the rising prices
The Norwegian energy company Equinor is focusing on maintaining high levels of regularity when it comes to its exports of crude oil and natural gases to Europe. This is because the Iran conflict has a significant impact on global energy supplies. The U.S. and Israeli campaign against Iran, and its retaliatory strikes across the Gulf Region have paralyzed shipping through the Strait of Hormuz. This is a crucial route for oil and liquefied gas (LNG), producers in the Gulf. This week, oil and gas prices have risen due to disruptions. He refused to comment on current production levels. Brent crude oil prices have risen 16% in the last week, to $84 per barrel.
Source: India wants US marine coverage for Middle East energy cargoes
India and the United States are in discussions to secure marine coverage for vessels that ship oil from the Middle East. New Delhi is seeking to protect buyers from possible supply disruptions due to the Gulf crisis. The official who didn't want to be named said that "so far, we are?comfortable." He added that the oil ministry was in talks with major producers and dealers to secure oil, LPG, and LNG. The U.S. International Development Finance Corporation has been ordered by President Donald Trump to provide financial and political guarantees for the maritime trade in Gulf. He said that the U.S.
The price of gas in Europe is rising as Putin suggests a reduction in supply
LONDON, 5th March - Benchmark Dutch & British wholesale gas prices recovered on Thursday morning following a decline in the previous session. President Vladimir Putin had warned that Russia could stop its'remaining' gas flows into Europe. This added to fears about supply, especially after Qatar announced a force majeure on LNG shipments. The Dutch front-month contract at the TTF hub – the benchmark price for?Europe – rose by 2% at 0928 GMT to 49.0 Euros per Megawatt Hour, after rising by 8.3% earlier in the day at 52.80 Euros/MWh. ICE data shows that the British April contract, up 7.2% in earlier trading, is now 2.1% higher, at 129.5 pence/therm.
Statkraft CEO: Iran crisis could cause European power prices to rise and industry woes
The prolonged Iran crisis, which has hampered shipments of key energy and halted the production of?Qatari gas in Qatar, is expected to increase European electricity prices and erode industrial competitiveness. This was stated by Statkraft's CEO on Thursday. The United States, Israel and Iran have all launched attacks on Iran. In addition, Iran has also struck at its Arab Gulf neighbours. This has paralysed shipping through the Strait of Hormuz. Qatar's LNG production, which accounts 20% of the global LNG supply, has been forced to shut down due to the crisis.
Russian budget revenues from oil and gas were down by 44% in February, y/y
According to data from the Finance Ministry, Russian state oil and gas revenues in February fell by 44% to 432.3 billion roubles (about $5.51 billion) compared to the same month last year. This was due to lower oil costs and a stronger ruble. The increase was 10% compared to January. The?revenues from oil and gas are vital for Russia's budget. In 2025, the state budget had a deficit of 5.6 trillion rubles or 2.6%. Around a quarter is accounted for by the revenue. The Finance Ministry's data revealed that the revenue for the first two-month period of the year dropped by 47% compared to the previous year. It was 825.6 billion Russian roubles.
Canadian Natural Resources exceeds profit expectations on higher production
Canadian Natural Resources, an oil and gas producer, posted a profit that was higher than expected for the fourth quarter. The company's increased output offset lower crude prices. Canadian Natural Resources and other oil sands producers in Canada have survived a 'global downturn', despite the uncertainty caused by U.S. Tariffs, as well as a rise in OPEC+ production, due to their years of investment. Their costs are among the lowest found anywhere in North America. The largest oil and natural gas producer in the country said that its production jumped by 12.8% compared to a year ago, reaching a record of 1.66 million barrels equivalents per day (boepd).
Thailand increases fuel reserves and tries to secure LNG amid Iran Crisis
Thailand's Prime Minster Anutin Charnvirakul called a meeting on Thursday of the energy agencies as concerns grew about supply in case the war with Iran disrupted global shipping. After the meeting, Energy Minister Auttapol Rerkpiboon said that Thailand will increase its mandatory fuel reserve to 3% and not 1%. Auttapol stated that "our reliance on Qatari LNG, which is transported through the Strait of Hormuz" was a problem. S&P Global estimates that Thailand imports between 2.2 and 2.8 million tonnes of LNG from Qatar per year on average. However, Qatar's production has been shut down, sources reported.
Dutch far-right legislators argue that Groningen's gas field should not be permanently closed
The far-right party in the Netherlands announced on Thursday that it will propose a proposal to keep the Groningen Gas?field available as a reserve, despite its closure due to seismic risk in 2024. The JA21 plan would allow for the possibility of re-taping some wells. This is in contrast to the Dutch government’s?earlier promise to permanently seal wells with concrete and never reopening them. Other far-right politicians, such as?Geert wilders of the Freedom Party, have endorsed this proposal. Wilders stated that it was logical to keep our gas reserves as an emergency reserve, given the current geopolitical situation.
Sources say that BP's international staff was evacuated from the Iraqi oilfield when drones landed on the field.
Three Iraqi oil industry insiders said that foreign staff were evacuated from the 'giant Rumaila' oilfield in Iraq after two unidentified drones landed on the field Thursday. "We are constantly assessing the situation. We have been in communication with these people under our duty of care. On Tuesday, two Iraqi oil officials said that the country has cut oil production by almost 1.5 million barrels?a day. They added that these cuts could increase to over 3 million bpd in a matter of days as the country is running out?of?storage?and can't export crude because of the Iran war. Iraq produced about 4 million barrels per day in January.
As the US-Iran war spreads, more tankers are attacked.
As the U.S. - Iran war escalated on Thursday, Iranian drones invaded Azerbaijan and threatened to spread the crisis?to other oil producers in this region. Initial assessments indicate that a?Bahamas flagged crude oil tanker anchored near Iraq’s Khor al Zubair Port was attacked by an Iranian remote-controlled boat loaded with explosives. After a large explosion, a second tanker anchored off Kuwait began to take on water and was spilling oil. Since the conflict between the U.S. and Israel broke out on Saturday, nine vessels have been attacked. Iran fired a barrage of missiles on Israel in the early hours of Thursday morning and sent drones to Azerbaijan.