JERA seeks more LNG to hedge growing Middle East risk
JERA, Japan's largest liquefied gas buyer, has begun discussions with global suppliers about possible additional purchases to protect against Middle East supplies worsening. This is despite a major LNG supplier saying the price spike would be short-lived. The U.S./Israeli war against Iran has caused the QatarEnergy LNG plants to be shut down, which has disrupted energy supplies in the Middle East. Qatari Energy minister Saad Al-Kaabi stated last week that it could take several months for normal deliveries to resume. JERA manages about 35 million metric tonnes of super-chilled diesel fuel per year, of which around 27 million are used in the domestic market.
BP's Kaskida project is approved by the US, a spokesperson said.
A company spokesperson said in an emailed statement sent late Friday that the Trump administration has approved the Kaskida Project in the Gulf of Mexico. The $5 billion investment would unlock 10 billion barrels in resources that BP has discovered in the Paleogene field of the U.S. Gulf according to the spokesperson. A statement stated that the U.S. Department?of the Interior's approval for?Kaskida was the result of an extensive review of the development plan of the company over a period of one year. Bloomberg News reported for the first time on Friday that Kaskida is scheduled to begin crude?production by 2029.
Japan's minister claims that Europe has done Tokyo a favor by releasing oil stocks.
Ryosei Acazawa, Japan's Minister of Industry, said that Europe did Japan a favor by agreeing to a joint release of oil stockpiles this week in order to reduce the price spikes and'supply crisis' caused by the Iran War. The International Energy Agency agreed on Wednesday to release a record number of 400 million barrels from strategic oil stockpiles in order to combat a rise in global crude prices following the U.S. - Israel war against Iran that began on February 28. Japan, a G7 country that relies 90% on Middle Eastern oil, has announced it will release?80m barrels of oil from its national and private reserves starting March 16.
Venture Global CEO: Global LNG price volatility is'very short term' according to Venture Global
Mike Sabel, Chief Executive Officer of Venture Global, said that the volatility in liquefied natural gas prices caused by the Middle East crisis was "very short-term". QatarEnergy LNG plants are now shut down, affecting 20% of the global LNG supply. This is due to the U.S./Israeli war against Iran which has affected energy supplies in?the Middle East. Qatari Energy Minister Saad Al-Kaabi stated last week that it could take several months for normal deliveries to resume. Sabel stated that "there is tremendous volatility in the markets." Sabel said, "However, it is only a short-term issue, and we are extremely optimistic about the long-term health of the market.
BP revised its Whiting oil refinery offer after unions rejected the proposal
BP issued a revised contract to its union 'workers' at its Whiting oil refinery in Indiana on Friday after the United Steelworkers overwhelmingly voted against what BP had described as its 'last, best, and final proposal. Last week, BP presented to the union what it called its "final offer" and stated that it would expire within 10 days. This revised offer is not meant to penalize the union or its membership for refusing the original offer. BP said in a bulletin to employees released following the vote that it was simply reflecting certain incentives which were conditional on an agreement being reached by March 12th, 2026.
BP revised its Whiting oil refinery offer after unions rejected the proposal
BP issued a revised offer of a contract to its union?workers in its Whiting, Indiana oil refinery. This was after members of the United Steelworkers overwhelmingly refused what the 'company' had described as its "last, best and final" -proposal. BP said that the offer would expire after 10 calendar days. This revised offer does not penalize the Union or its members who rejected the original offer. In an employee bulletin issued after the vote, BP stated that it was simply a'reflection' of certain incentives being conditional on reaching an agreement by March 12th 2026. The revised proposal would not retroactively apply the first-year wage increase to February 1, 2026.
Fitch confirms Qatar's credit rating and says that the strong LNG push will help to reduce conflict risks
Fitch Ratings confirmed Qatar's long term foreign currency rating as "AA" with a "stable outlook" on Friday. It said that Qatar's strong balance sheet and its plans to increase LNG production should help cushion the impact of the escalating Middle East conflict. The U.S. and Israel war against Iran has caused disruptions in shipments through the Strait of Hormuz. This is the most important oil route on the planet, responsible for 20 percent of the global oil supply. Qatar's fiscal gap in 2026 will likely be widened by the?impact of LNG exports. This depends on the length of the conflict.
Globally, governments are taking measures to mitigate the impact of Iran's war on energy prices for consumers
Fuel subsidies, price caps and emergency commodity releases are just some of the measures that governments from Asia to Europe have taken to protect consumers from rising fuel and food prices - a result of the U.S. and Israeli war against Iran. The conflict in the Middle East has caused a halt to a fifth of world oil and gas supplies. It has also forced the top energy producers Saudi Arabia, the United Arab Emirates Kuwait, Iraq, and Qatar to reduce their output. This is what the International Energy Agency has called the biggest disruption to global energy supply ever. Brent crude, the benchmark international contract, settled at $102,90 per barrel on Friday.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the second week running.
Baker Hughes, an energy services company, said in a closely-followed report on Friday that U.S. firms added oil and natural gas rigs this week for the second time in a row. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending March 13 to reach 553 - its highest level since November 2025. Baker Hughes reported that despite this week's increase in rigs the total count is still?39 or 7% lower than this time last year. Baker Hughes reported that oil rigs increased by a?1 to 412 in this week. This is their highest level since early February. Gas rigs also rose by one to 133.
Cyprus targets gas exports in 2028, as the Mid East conflict increases supply tensions
Michael Damianos, the Energy Minister, said that Cyprus could start producing natural gas to?export by?2028. This would 'potentially? strengthen Europe's drive to diversify their energy sources, as the Middle East conflict tightens its focus on supply. The turmoil in the Gulf has raised concern about energy transits via chokepoints such as the Strait of Hormuz. This corridor is responsible for a fifth of world oil trade and has been brought to a halt after U.S.and Israel launched strikes against Iran on February 28, 2019. Damianos said in an interview that he hoped to have gas by 2028.
Venture Global will proceed with the second phase of CP2 Liquefied Natural Gas project
Venture 'Global announced on Friday that it will move forward with the second phase of its CP2 liquefied - natural gas - project in Louisiana. The second largest LNG supplier in the U.S. said that this project was important for global energy security and supply. Since Qatar, which produces 20 percent of the world's LNG, closed down its LNG plant due to the ongoing conflict between Israel/U.S. and Iran, LNG prices have risen. The benchmark for the Dutch Title Transfer Facility in Europe is $17 per million British thermal units. In Asia, the benchmark is $16. CP2 has contracted with long-term customers in Europe 'and Asia to sell almost?all? of its LNG.
India urges LPG consumers to switch to piped Gas wherever possible
Sujata sharma, an official in the oil ministry, said that India had asked consumers of liquefied petrol gas to avoid buying LPG cylinders out of panic and instead switch to natural gas piped into homes whenever possible. The U.S. and Israel war against Iran has caused global shipping restrictions, which have disrupted India's crude, LPG and liquefied gas supplies. Sharma, joint secretary at the federal oil minister, said that "LPG is a matter of concern." He added that the government was 'fighting against black marketing and hoarding LPG cylinders, in coordination with the states.
Naftogaz, a Ukrainian gas transport company, has won a $1.4 billion case against Gazprom.
Naftogaz, the Ukrainian state-owned energy company, announced on Friday that it had won a legal case against Gazprom in Russia over the payment for a debt of $1.4 billion for gas transport. The Swiss Federal Supreme Court rejected a request from Gazprom seeking to reverse an arbitral award made in June 2025 that ordered it to pay more than $1.4billion to?Naftogaz, along with interest. Naftogaz said that the court ordered Gazprom also to pay court costs of 200,000 Swiss Francs ($254,000), and compensate Naftogaz for the proceedings in the amount of 250,000 Swiss Francs. Gazprom didn't immediately respond to a comment request.
India's Jindal Steel flags operational disruption due to fuel shortage
India's Jindal Steel said on Friday that it was operating its plants at a lower?capacity due to fuel shortages as a result of the Middle -East war. India's crude, LPG and liquefied gas supplies were disrupted by a'shipping constraint' after Israel's and the U.S.'s war against Iran stopped traffic through 'the Strait of Hormuz'. This forced India to look for alternatives, such as buying more LNG from Russia. Gas supplies have also been diverted from the industry to prioritise household consumption. The company said that "given the restrictions in fuel availability, we are operating our plants at a reduced capacity".
USW rejects BP's last offer to Whiting refinery employees
The U.S. United SteelWorkers union members voted Thursday to 'overwhelmingly reject' what energy giant BP called their "last, best and final" contract proposal for those who work at its Whiting refinery, Indiana. Last week, BP presented the union a "Last, Best and Final Offer" (LBFO), and stated that it would expire in 10 calendar days. USW said that after two-months of negotiations, BP’s proposal included changes to the basic contract terms, including limiting the union’s right to strike, reducing its bargaining power, base wage reductions across classifications and the outsourcing of 100 union jobs. United Steelworkers Local 7-1 represents about 800 workers in the U.S.
South Korea is considering energy vouchers and boosting coal, nuclear power
The government of South Korea said that it is looking at providing energy vouchers for vulnerable households to help'subsidise' them if global fuel prices rise in the wake the Middle East Crisis, which will increase electricity costs. In the event of high oil prices and disruptions in LNG supplies, Asia's 4th largest?economy? is also planning to increase nuclear and coal-fired energy generation. Kim Jung-kwan, Minister of Industry, said that the government would take "all necessary measures" to reduce the burden on people. These include stabilising the energy supply and demand and managing prices.
Australia releases petrol, diesel and other emergency reserves
Australia announced on Friday that it would release petrol and?diesel from its reserves to help counter disruptions?to the fuel?supply?chain?from the Iran?war and ease shortages?in many regional parts of Australia. Energy Minister Chris Bowen stated that the decision to release up to 20% from the baseline minimum stockholding requirement is equivalent to "up to 762 millions litres" of petrol and diesel. Bowen's office said that it will take time to get the fuels from regional storage areas to where they are needed through Australia's "long and complex supply chain".
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. ambassador to the United Nations, accused Moscow and Beijing that they were trying to?protect Tehran by blocking work of the 1737 Committee. He said that the U.N.
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. Total has announced that its offshore production in the UAE has been shut down. Around half of the UAE's oil production comes from offshore fields.
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. and Israeli attacks against Iran, and their retaliatory strikes in the Middle East, have disrupted a fifth of the global oil and liquefied gas supply on the Strait of Hormuz.