QatarEnergy signs long-term LNG supply agreement with Japan's Jera amid surge in demand
QatarEnergy signed a contract with Japan's largest power generator Jera on Tuesday to supply 3,000,000 tons of LNG per year for 27 years starting in 2028. This deal will further strengthen Qatar's position on the Japanese market. The agreement was made at the LNG2026 Conference in Doha and would strengthen QatarEnergy’s position in Japan, as the competition from U.S. companies and Gulf rivals,?United Arab Emirates, and Oman who offer more flexible terms, intensifies. The two firms have been in talks for months. First reported the talks in 2025.
Castrol India's quarterly profits drop due to higher costs and one-time charges
The lubricant maker Castrol India reported a 9.9% decline in its fourth-quarter profit on Tuesday. This was due to higher raw material costs and an unforeseen?charge, which outweighed the boost from a sustained demand. Profit after tax for the company fell from 2.71 billion rupees to 2.45 billion (about $27.2 million) during the quarter ending December 31. The results include a?one-time charge of 225.3 millions rupees related to?India’s newly enacted labor code. Castrol India is a major supplier of lubricants for automakers such as?Maruti Suzuki, Hero MotoCorp and?Hyundai.
EUROPE GAS-European gas prices drop on warmer temperatures and US gas price drops
The benchmark British and Dutch wholesale gasoline prices dropped on Tuesday morning, as warmer temperatures were expected to?curb demand. This was followed by a market that had seen prices plummet in the U.S. after freezing temperatures eased. LSEG data shows that the benchmark?Dutch Front-Month Contract at the TTF Hub was down 2.17 Euros at 32.30 EUR per Megawatt Hour, or $11.18 /mmBtu by 0910 GMT. This week, the contract is down more than 20%. Analysts at Engie EnergyScan said in a daily report that the move was triggered by an easing of geopolitical risk and the strong downward correction on the U.S. Gas market. U.S.
Libya plans to increase gas exports to Europe before 2030
Massoud Suleman, Chairman of the National Oil Corporation said that Libya will increase its natural gas production in the next five to ten years to?have a greater supply available to export to Europe before early 2030. Suleman, who spoke at the LNG2026 Conference in Qatar, told the delegates that the country intends to increase its gas production by nearly 1 billion standard cubic feet per day and begin drilling for shale in the second half of this year. Foreign investors are wary about investing in OPEC-member Libya. The country has been?in a'state of chaos? since the 2011 overthrow of Muammar Gaddafi.
Libya plans to increase gas exports to Europe before 2030
Massoud Suleman, Chairman of the National Oil Corporation, said that Libya intends to?boost? its natural gas production over the next five to six years in order to increase supply to Europe before early 2030. Suleman, who spoke at the LNG2026 Conference, said that the country plans to increase its gas production up to a maximum of nearly 1 billion cubic feet per day. It will also begin drilling for shale-gas in the second half of this year. He said that Libya's 80 trillion cubic feet (80 trillion cubic meters) of gas resources are split between conventional and unconventional sources.
Activist shareholders ACCR and pension funds urge BP show that shift to oil will deliver value
UK pension funds, European activist shareholders and ACCR have urged BP to 'publish more information' to prove that its strategy to shift spending from low-carbon projects to oil and natural gas will bolster shareholder value. BP's then CEO Murray Auchincloss had announced a strategy shift back to hydrocarbons a year earlier, claiming that this would increase profitability after BP's predecessor Bernard Looney made ill-fated attempts at renewables. ACCR announced on Tuesday that it filed a joint resolution with a group of asset managers managing 191 billion pounds ($262 'billion).
The US LNG production was cut in January by the winter freeze; imports from Trinidad filled the gap.
LSEG's preliminary data shows that exports of liquefied gas from the U.S. in January fell to 11.3 million metric tons, down from December’s record of 11.5 MT. A winter freeze in late-January shut some plants while lowering output at others. On January 26, gas flows into U.S. liquefied natural gas plants reached a record low. Freeport LNG, the country's third largest LNG exporter, was partially offline during the freezing. Kinder Morgan's Elba Island plant in Georgia, which stopped taking in feedgas in the week before the freeze, imported LNG from Trinidad and Tobago. In the U.S., spot gas prices rose to record highs during the last week in January.
Qatar Energy CEO: By 2030, the LNG glut may be reduced to a gap due to AI power requirements.
Qatar Energy CEO Saad Al-Kaabi said on Monday that the expected global glut of liquefied gas could become a shortage in 2030 due to rising demand for gas and fuels, particularly in Asia. The LNG supply expected between 2026-2029, including projects such as Golden Pass LNG in the U.S. Gulf Coast region and Qatar's North Field Expansion are likely to be significant. Kaabi added that the demand expectation has increased "primarily due to...AI and data center needs". He told LNG2026 that if all of this pans out there will be a deficit, not an oversupply, by 2030.
According to QatarEnergy's CEO, the rising demand for AI-powered power could lead to a shortage of LNG in 2030.
Saad Al-Kaabi, CEO of QatarEnergy, said that the growing demand for electricity from AI and data centers, combined with an increase in fuel consumption in Asia and European gas requirements, could turn a global glut of liquefied gas into a shortage by 2030. Concerns about a glut of LNG, which could lower prices, have been raised by a record-breaking?wave? of LNG production, due to come online between 2026-2029. The new LNG supply is expected to be boosted by projects like the 'Golden Pass LNG' on the U.S. Gulf Coast, and Qatar North Field Expansion. Kaabi added that the demand expectation has increased "mainly because of...
Devon and Coterra merge in $58 billion deal to create U.S. Shale giant
Devon Energy and Coterra Energy decided on Monday to merge as part of a $58 billion all-stock transaction, creating a large-cap company with the top spot in the Permian Basin. The shale industry is consolidating to reduce costs and increase'scale. The largest deal in the sector, since Diamondback's deal of $26 billion for Endeavor Energy Resources 2024, comes at a time when a global glut of oil and the increasing likelihood that more Venezuelan barrels will return to the market are putting pressure on U.S. crude price margins. M&As have slowed in the sector in 2025. However, producers continue to pursue size advantages.
Energy Commissioner: EU's Russian import ban is legal and will stop 'blackmail,'
Dan Jorgensen, the EU's Energy Commissioner, told reporters on Monday in Lisbon that the decision to ban Russian imports was "100% legal", adding that it would prevent Russia weaponizing energy. Last week, European Union countries approved a law that will ban Russian gas imports until late 2027. This is a concrete step towards a political commitment to sever?energy relations with Moscow four years after Russia’s?full scale invasion of Ukraine. EU ministers approved this measure despite Hungary and Slovakia's opposition. Bulgaria abstained, and Hungary plans to contest it before the EU court. Jorgensen stated that Hungary is free to challenge this?law at court.
In March, a Greek-led joint venture will provide US LNG to Ukraine
It was announced?on a Monday that a Greek joint venture had signed its first contract to'supply U.S. Liquefied Natural Gas to Ukraine in March.' Greece is seeking to strengthen its role as a gas transit route into Europe, which has plans to ban Russian imports by the end of 2027. Ukraine is facing its worst energy crisis since the end of World War II as its 'energy sector' crumbles due to Russian strikes, bitter cold and accumulated damage. Last week, President Volodymyr Zelenskiy claimed that the country had "significantly diversified" its natural gas supplies.
Germany's gas production in numbers
Katherina Reiche, Germany's Economy minister is in Saudi Arabia seeking closer ties with the country on energy. Berlin is looking to diversify this sector as its dependence on U.S. Liquefied Natural Gas grows. Why is?GAS Supply a Problem in Germany? Germany was dependent on Russia to supply most of its natural gas for decades. This provided Europe's largest economy with a relatively cheap source, which was a major advantage for industry. The end of the relationship with Russia has forced Germany, which has only lignite as its main fossil fuel source, to look for more expensive alternatives. WHERE DOES GERMAN GET ITS GAS FROM?
EUROPE GAS-European plunge on milder forecasts, U.S.-Iran diplomacy
Dutch and British wholesale price fell to a two-week low on Monday as the forecasts cooled down and on hopes tensions between Iran and the United States would ease. The Dutch benchmark front month?contract?" at the TTF hub fell 4.92 euros to 34.73 euros per Megawatt Hour (MWh) or $12.06/mmBtu by 0904 GMT. This was its lowest level since January 19. The contract for April fell from 32.50 Euros/MWh to 2.90 Euros. Gas prices for the next week dropped 10.50 cents to 92.00 pence per therm. Analysts at Mind Energy say that prices opened down due to a combination of milder weather predictions over the weekend and easing tensions between the US and Iran.
OPEC+ agrees that oil production will remain unchanged despite Iran tensions
OPEC+ decided to keep its oil production unchanged for March during a meeting on Sunday, the producer group reportedly said. This was despite crude prices hitting six-month highs due to fears that the U.S. might launch a military attack on OPEC's member Iran. Brent crude oil closed at $70 a barge on Friday, near the $71.89 high it reached on Thursday. The eight OPEC+ member countries met as prices rose to a six-month peak. Saudi Arabia, Russia and the United Arab Emirates along with Kazakhstan, Kuwait, Iraq, Algeria, Oman, and Kazakhstan have all increased their production quotas from April to December 2025 by approximately 2.9 million barrels a day…
Sources say that OPEC+ will not increase oil production in March due to the price spike.
Three OPEC+ delegates said that OPEC+ will likely?keep its planned pause for oil production increases in?March?" when it meets on Sunday. This is even though crude prices have reached six-month highs due to fears the U.S. might launch a strike against OPEC member Iran. The eight OPEC+ member countries met as Brent crude prices closed at $70 a bar on Friday. This was close to the?six-month peak of $71.89 on Thursday. Despite speculation about a glut of supply in 2026, it is expected that prices will fall. Saudi Arabia, Russia and the United Arab Emirates along with Kazakhstan…
Trump announces India will purchase oil from Venezuela
U.S. president Donald Trump said on Saturday that India would buy Venezuelan crude oil to help replace some of the Russian oil it buys, the third largest oil importer in the world. Trump said to reporters on Air Force One, as he flew from Washington to his Florida vacation home, "We have already made that deal. Three people with knowledge of the issue said that on Friday, the United States told Delhi they could resume purchasing Venezuelan oil soon to replace Russian oil imports. India stopped purchasing oil from Caracas in last year's after Trump imposed a 25% tax on countries that bought Venezuelan oil.
Trump declares that India will purchase oil from Venezuela and not Iran
U.S. President Donald Trump on Saturday said India will buy Venezuelan oil, helping to replace some of the Russian oil that the world's third-biggest oil importer buys. "We've already made that deal, the concept of the deal," Trump told reporters aboard Air Force One as he traveled to his vacation home in Florida from Washington.Reuters reported on Friday that the United States has told Delhi it could soon resume purchases of Venezuelan oil to help replace imports of Russian oil, citing three people familiar with the matter.India stopped buying oil from Caracas last year after Trump in March imposed a 25% tariff on countries buying Venezuelan oil.In his comments on Saturday…
Whiting refinery workers reject contract extensions
United Steelworkers members at ?BP's 440,000-barrel-per-day refinery in Whiting, Indiana, rejected the company's ?offer to extend their contract ?by ?28 days at the largest refinery in the U.S. Midwest, the company said in a statement on Saturday. United Steelworkers Local 7-1 which represents about 800 workers in Whiting said on Friday, 'in a statement sent to its members, that the two sides are still apart but that workers should continue to report to work according to schedule to ensure the safe operation of the facility. The union stated that "while there is no intention to stop work, we need to be ready." Our plans for a strike or lockout were initiated.
Baker Hughes reports that US drillers added oil and gas rigs in the US for the second consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added oil and natural gas rigs this week for a second consecutive week for the first since December. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending January 30 to 546, its highest level since December. Baker Hughes reported that despite this week's increase in rigs the total count is still 36 rigs or?6% lower than this time last year. Baker Hughes reported that oil rigs remained at 411 in this week. Oil and gas rig counts declined by 7%…