Sources say that OPEC+ is likely to increase oil production on Sunday.
Two OPEC+ source said that OPEC+ will likely consider a new oil production increase at their meeting on Sunday. This would allow key producers to 'add more barrels' if the Strait of Hormuz reopens, the world’s most important oil route which is currently closed by the U.S./Israeli war against Iran. OPEC+ decided to 'adjust' its output to 206,000 barrels a day in April at their?last meeting, held on March 1. This was after the group had kept output constant during the first quarter due to concerns about oversupply. The U.S./Israeli war against Iran also began to disrupt oil supplies from Middle East countries.
Energy ministry reports that Morocco has enough diesel to last for 51 days.
The 'energy' ministry announced on Thursday that Morocco, which is heavily dependent on imports, has enough diesel to last for 51 days or 55 days respectively, and that gas and coal supplies are?secured until the end of the month. The war in the Middle East has caused an unprecedented disruption in energy supplies, leading to record gains in crude oil prices. This is especially painful for Morocco because it has no refining capacity at home. After the U.S.-Israeli attacks on Iran, which occurred at the end?of February, tensions in the region increased. To maintain prices, the Moroccan government has reinstated diesel subsidies for taxis, trucks, and buses.
EUROPE GAS-European Gas Prices Rise as Hopes Fade on Quick End to Iran War
Standard Dutch and British wholesale prices for gas rose on Thursday morning, after U.S. president Donald Trump pledged'more aggressive strikes against Iran, without committing to any specific timeline to end the war, worrying investors who were worried about 'prolonged disruptions to global supply. The benchmark Dutch front month contract at the TTF Hub opened 6.25% higher, at 50.48 Euros per Megawatt Hour (MWh), but then trimmed gains to 3.56%, at 49.20 Euros/MWh or around $16.62/mmBtu by 0853 GMT. ICE data revealed this. Data from ICE showed that the British?April contract rose 3.57% to 124.98 pence/therm after opening?5.9% higher.
Britain's greenhouse gases emissions dropped 2% in the last year
The government's preliminary data?on Thursday showed that Britain's greenhouse gases emissions dropped?by 2 percent last year as emissions from industry fell. Britain's goal is to achieve net zero emissions in 2050. This will require an increase in renewable energy and the switch to cleaner electric cars. Department for Energy Security and Net Zero estimated that greenhouse gas emissions would total 367 million metric tonnes of carbon dioxide equivalent by 2025. This is a 7 million ton decrease from 2024. DESNZ reported that the industrial sector saw the biggest drop in emissions…
Fears of a prolonged Middle East conflict has caused most Gulf stocks to retreat.
The major Gulf stock markets dropped in the early hours of trading on Thursday, after Donald Trump said that the U.S. will continue to attack?Iran without indicating a definite end date. In a late-night prime-time speech, Trump stated that the U.S. was planning to launch aggressive attacks on Iran in the coming two to three week period and were close to achieving their main strategic goals?in this conflict. Emaar Properties, the blue-chip developer that is Dubai's largest shareholding company, saw its shares fall 1.6%. Abu Dhabi Commercial Bank's 1.4% drop in value caused the index to fall 0.9%.
India reduces import taxes on petrochemicals in order to support local industry
India has abolished import taxes on petrochemicals that are used to make plastics, pharmaceuticals and other goods. This is after the government invoked emergency powers and diverted local chemicals for the production of cooking gases due to the shortages caused by war in Iran. According to a statement released by the government on Thursday, the import tax exemption for 40 products will be valid until June 30. Manish Sejwal is a senior vice president on the oil trading team of Rystad Energy. India is a net exporter of these petrochemical products, though it produces them at home using feedstocks like liquefied petrol gas, naphtha and ethane. After the U.S.
Oil shock resilience in march - or just smoke and mirrors? Mike Dolan
The energy shock caused by the Iran war is unprecedented. So far, the real economy has been hit hard. The fact that the only immediate information available is market sentiment, pricing or anecdotes makes it difficult to invest in a sudden crisis such as the Middle East conflict. When reliable data about the economic impact of a crisis finally appears, the crisis has often already passed. The most immediate shock was in the energy markets and prices. Brent crude futures have surged to $100 per barrel. This is a record monthly gain. U.S. crude oil jumped 52% in march, the biggest increase since the COVID-19 Pandemic.
New Zealand signs agreement to support the additional storage of diesel
New Zealand's government announced on Thursday that it would spend NZ$21.6m ($12.42m) on the rapid expansion of diesel storage at Marsden Point, in the 'North Island'. The move is part of its efforts to protect the country from fuel shortages caused by the Iran War. The funding will help facility owner Channel Infrastructure NZ increase its diesel storage by approximately 90 million litres, according to the statement. According to the company, Channel Infrastructure has 290 millions litres in use and another 350 million litres in tanks. Regional…
Baker Hughes' drilling equipment company HMH is valued at $815m amid market turmoil
HMH Holding, a provider of drilling equipment, was valued at 815 million dollars?after its shares dropped 5.5% on Wednesday in its Nasdaq début?amid fragile sentiments and persistent geopolitical uncertainties. Houston-based Akastor, a joint venture between Norway's Akastor and oilfield services firm Baker Hughes, has pushed forward with its long-sought New York IPO despite the Middle East conflict boosting oil prices. Brent crude futures are up 67% in the last year, but they were down 1.9% on Wednesday. Lukas Mühlbauer, Research Associate at IPOX, said: "Listing now can be beneficial because investors pay more attention to energy-related?names.
Egypt increases local wheat purchase price in a bid to shore up its reserves
Egypt's finance minister announced a 2,500 pound ($46.76), per 150 kg?ardeb, increase for the harvest of this year. The move is part of a broader effort to increase the stocks?of strategic commodities in response to the Iran War. The wheat price range was previously fixed between 2,250-2350 pounds, depending on the quality. Ahmed Kouchouk, Finance Minister, did not specify if the same range would apply during harvest which is due to begin in two weeks. At the same press conference as the Prime Minister, Mostafa?Madbouly stated that Egypt's strategic goods reserves - including wheat, vegetable oil, corn, oil, and?gas- were sufficient to meet six months of need.
Gas prices in Europe fall after Trump announces US withdrawal from Iran War
The benchmark Dutch and British wholesale gasoline prices dropped 'on Wednesday afternoon, after U.S. president Donald Trump said the United States would end their war against Iran 'fairly soon. But could return for "spot strikes" if necessary. ICE data revealed that the benchmark Dutch front-month contract for TTF hub had fallen 6.81% to 47.30 euros (MWh) or $16.16/mmBtu by 1612 GMT. ICE data showed that the British April contract had fallen by 6.57% to 119.69 pence/therm. When asked when the United States will consider the Iran War over, Trump replied: "I can't tell exactly... Trump said that he would also?state in an address to the nation at primetime, scheduled for 9 p.m.
Russell: The war between Iran and the ROI is both a boon and a danger to Australia's LNG.
The U.S.-Israeli war against Iran changed the global market of?liquefied gas (LNG), giving a boost to the producers outside the Middle East. This boost will likely last for many years after the conflict ends. Australia is one of the biggest beneficiaries, having last year dropped to third place in the world for super-chilled fuel exports behind the United States of America and Qatar. The 'effective closure of the Strait of Hormuz' has stopped Qatar from exporting?LNG, which means that it is likely to lose its second place this year back to Australia, even if the waterway is reopened and shipments resume. Asian spot prices are a short-term boost for Australia's LNG producers.
Russia claims that OPEC+ monitor panel will likely discuss oil price increase
?Russian foreign?ministry? said?on?Wednesday that it expects OPEC+ to discuss the recent increase in oil prices at its meeting on April 5th. Brent front-month futures have hit a'record gain' of 64% for the month of March according to LSEG data going back to June 1988. U.S. benchmark West Texas Intermediate has risen by around 52% this month. This is its largest jump since May 2020, due to Iran's war. On Sunday, the 'Joint Ministerial Monitoring Committee of OPEC+' will hold an online meeting. OPEC+ (OPEC+ includes Russia) and its allies had agreed to maintain production in the first quarter 2026 and resume increasing supplies by April.
Energy officials in Thailand say that Thailand wants more LNG from Malaysia
Thai energy officials said on Wednesday that Thailand actively seeks additional 'LNG' supplies from Malaysia due to disruptions caused by the Middle East conflict. Watcharin Boonyarit said that Thailand will need to diversify its LNG supply, which is estimated to be between 5% and 10%. He was speaking on the sidelines at the Offshore Technology Conference held in Kuala Lumpur. He said that "roughly two to three LNG ships arrive from the area each?month" and added that these?shipments will need to be replaced in the future if the crisis continues, for example through spot market purchases. Watcharin confirmed that talks are in progress with Petronas.
Data shows that Russia exported more LNG to Europe in the first quarter.
The first quarter of 2026 saw Russia export more liquefied gas than it had a year earlier. Shipments to Europe increased despite Moscow's efforts to "redirect" supply away from the region. LSEG preliminary data on Wednesday showed that LNG exports grew by 8.9% in the past year to 8,6 million metric tonnes. U.S. sanctions on Moscow for the Ukraine conflict has restricted Russian LNG exports. This is especially true at the Arctic LNG 2, where operations are being hindered due to a lack of buyers. The Arctic LNG 2 plant supplied around 800,000 tons of LNG during the first quarter of this year. This helped to increase overall Russian LNG deliveries.
Shell is in advanced talks with Venezuela about more gas fields, sources claim
Shell has advanced discussions with Venezuelan government about developing four large areas in the vicinity of Trinidad and Tobago in two of South America's largest offshore gas fields. Two people familiar with these discussions confirmed this. The London-based ?energy major has been trying for years to advance ?the 4.2-trillion-cubic-feet Dragon gas field in Venezuelan waters and could make ?a ?final investment decision on the flagship project by the end of this year. Shell wants to expand its operations in OPEC country under interim president Delcy Rodriquez, according to sources.
Staff note: New BP CEO pledges consistency
BP's 'CEO' Meg O'Neill said on Wednesday that she would provide consistency and accelerate the performance of the group, a full year after BP refocused its strategy firmly to oil and natural gas. This was according to a note to staff seen by. O'Neill began her new job as BP's 4th CEO?since 2020, and the first external hire in the role for more than a hundred years. She is the first female to head a major oil company. O'Neill, formerly of Australia's Exxon Mobil and Woodside Energy?, joins BP as it seeks to get away from its ill-fated venture into renewables. 'CLEAR CONSISTENCY AND?DIRECTION' She said, in a staff note that was seen by the.
Gas prices in Europe fall amid hopes that the Iran war will end soon
The benchmark Dutch and British wholesale gasoline prices dropped on Wednesday morning, based on the hope that the Middle East conflict would soon be resolved following the comments of U.S. president Donald?Trump. ICE data shows that the benchmark Dutch front-month 'contract' at the TTF hub was 3.466 euros lower at 48.32 Euros per megawatt hour (MWh), which is around $16.40/mmBtu at 0755 GMT. ICE data shows that the British April contract is down 6.7 pence to 121.4 pence per therm. Trump and Marco Rubio, his Secretary of State, said that the end of 'the war in Iran' could be close.
China, well-positioned in a tight global market sells record LNG volumes
Chinese firms are reselling record amounts of LNG to cash in on the soaring spot prices. China has plenty of 'domestic gas and pipeline gas' to meet its weakened demand, unlike other Asian buyers who scramble to replace supplies that were cut off due to the Iran War. China, the world's largest importer of LNG, reloaded between 8 and 10 cargoes during March, a record monthly total, according to analysts ICIS, Kpler, and Vortexa. Kpler data showed that China reloaded 1,31 million metric tonnes of LNG so far this year. Of these, 10 were delivered to South Korea and five to Thailand, while the rest went to Japan, India, and the Philippines.
India increases jet fuel and commercial LPG prices in response to the Mideast crisis driving global surge
Indian fuel retailers increased jet fuel - and commercial liquefied petrol gas (LPG), prices on Wednesday. This was in response to a sharp rise in global prices caused by the U.S./Israeli war on Iran. India, the world's second largest LPG importer is battling the worst gas crisis it has seen in decades. The government is cutting gas supplies to industries so that households are not affected by shortages. The Indian Oil Corporation website shows that domestic fuel retailers in New Delhi have increased the price of aviation turbine fuel to 104.927 rupees a kiloliter by 8.6% and commercial LPG to?2,078.50 per 19-kilogram container by 10.4%.