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.
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. This includes setting a cap on gas prices. While capping the price might be tempting…
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. Some households are worried about higher prices and refill delays, so they buy electric appliances.
Helium prices rise as Qatar LNG shutdown exposes fragile supply chains
The Iran war has caused disruptions in Qatar's natural-gas processing, which have pushed helium prices up sharply. This exposes the fragility of this small but important market that supports industries ranging from semiconductors to imaging. According to Phil Kornbluth of Kornbluth Helium Consulting's president, the spot price for helium has?doubled in recent months as buyers scrambled to secure supplies. QatarEnergy - the second largest LNG exporter in the world - announced a production stop at its 77 million ton per annum (mtpa),?facility, last week. It also declared force majeure for LNG shipments due to the conflict.
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. Howard Lutnick in order to discuss this deal. This would include utility CEZ.
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. Three other ships were also struck by missiles in the Gulf a few hours earlier. Iran's Revolutionary Guards have claimed responsibility for one of these attacks.
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. Sinopec's volume of crude oil is equivalent to 19 days?of processing or 40 days?of imports, including regular shipments coming from Saudi Arabia and Kuwait as part of annual supply agreements.
Shell Board proposes to raise CEO pay package
Shell's annual reports shows that the board will ask shareholders at its May 19 meeting to "increase the maximum compensation package for the CEO" in order to align incentives with peers who operate in similar industries and geographies. Shell's annual report revealed that CEO Wael Sawan will receive a pay package of 13.8 million pounds (18.47 million dollars) in 2025, compared to 8.6 million pounds the previous year. This is because he can now access the full CEO policy after taking over the reins in 2023. Shell's recent total shareholder return was higher than that of its peers.
Shell Board proposes to raise CEO pay package
Shell's annual reports revealed that the board will ask shareholders to increase the maximum pay package for the CEO during its annual meeting on May 19, in order to align incentives with other companies operating in similar industries and geographies. Shell spokesperson said that Wael Sawan, CEO of Shell, received a pay package worth 13.8 million pounds ($18.47million) in 2025, compared to 8.6 million pounds the previous year. This was the first time in three years he had been able to tap into the full CEO policy, after taking over the company in 2023. Shell's total shareholder return has also outpaced its peers in recent years.
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, the British front-month contract rose 5.86 pence and now stands at 133.12 cents per therm. Around 20% of all LNG transits the Strait?of Hormuz, but since the?U.S.
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. He declined to answer a question about the pace of releasing stockpiles each day.
Mike Dolan: ECB hawks want a rematch in 2021/22 after the Iran oil shock
Hawks at the European Central Bank are eager to change history. The energy price shock this month may not be as severe as the fallout of Russia's invasion in Ukraine, but officials seem to be wary of repeating their'slow' post-pandemic tightening policy that left them scrambling back in 2022. There will be intense debate in the ECB Governing Council about how and when to react to this potential inflationary spike in oil and gas prices. Few will be able to make a decision as soon as the next policy meeting due to the uncertainty surrounding the Iran conflict. The financial markets don't wait to see who will win.