Russell: China imports most energy but has the best position on Iran
China, the world's biggest energy importer, is vulnerable to the rise in prices of crude oil and natural gas caused by the conflict between Israel and United States against Iran. China's huge crude oil stockpile is likely to be a buffer against any price spikes in the world, so that any energy-driven inflation will not affect China. In the event that crude oil supplies from the Middle East are disrupted for a long time, it is possible that China’s refiners could make a windfall profit by increasing exports of refined goods. China can refine crude oil and export products like diesel and gasoline in order to profit from the inevitable rise in fuel prices.
Oil prices rise as US-Israeli conflict escalates with Iran
Tuesday, oil prices increased for a third consecutive day as fears of supply disruptions from the Middle East region grew due to the U.S. - Israel conflict and threats against shipping through the Strait of Hormuz. Brent crude futures stood at $78.83 per barrel by 17:00 GMT, up $1.10 or 1.4%. On Monday, it surged to as high as $82.37 - its highest level since January 2025 - but then pared these gains, settling 6.7% higher. U.S. West Texas Intermediate Crude jumped 74-cents or 1% to $71.97 per barrel. The contract reached its highest level since June 2025 in the previous session before settling at 6.3%.
Minister: Qatar LNG stoppage won't affect Japan's energy supplies immediately
Qatar's LNG production halt caused by Iranian strikes won't affect Japan's supply of energy immediately. If there is an impact, Japan can tap the spot market, or utilities can buy from one another, said Trade Minister Yosei Acazawa on Tuesday. Akazawa said at a regular news conference that Qatari LNG accounts for 4% (of Japan's total LNG) imports. He also reiterated that the government has no plans to release any oil from its stockpiles while Japan bound ships are stuck in the Middle East. According to the Japanese government, companies in the country have enough LNG to last about three weeks. The oil stocks are equivalent to 254 days worth of net imports.
NY court refuses overturn arbitral ruling that favors Venture Global over Shell
A state judge in New York rejected Monday the request of British oil giant Shell to overturn an arbitration award which favored Venture Global. The dispute was about Venture Global's alleged improper sales of liquefied gas by American company. Justice Joel Cohen, of the Supreme Court of California, determined that no further discovery was necessary because the court must defer to arbitral rulings. Shell has effectively lost its challenge against Venture Global for failing to supply it with LNG cargoes years after the plant first produced supercooled gas.
Analysts say that the Iran war could threaten Exxon TotalEnergies' production
Analysts said that Exxon Mobil and TotalEnergies are the three companies most exposed to disruptions of oil and gas production due to the U.S./Israel war against Iran. Energy sector has been shook by the U.S.-Israeli'strikes' on Iran on Saturday that killed Iran's Supreme Leader Ayatollah Khamenei. The conflict forced some oil and natural gas fields to close in the area and has effectively stopped shipping through the Strait of Hormuz. This is an important waterway that connects Iran and Oman, through which tankers transporting crude oil, fuel, and liquefied gas are transported on their way from Middle Eastern producers and refiners.
Analysts say that India is most at risk from prolonged disruptions in Mideast oil supply.
Analysts said that India, as a rapidly growing oil consumer, would be the most vulnerable country to a 'crude supply shock' if the Middle East conflict led to a long-term disruption of shipments out of the region. This is mainly due to its thin reserves. China and India are Asia's two largest energy consumers. They import around half their crude oil from the Middle East. However, India has less crude in its storage than China, and it is now more dependent on Middle East crude than the past three years. "China has enough crude oil to last at least six months in its storage." Indian inventories…
Iran threatens to attack any vessel trying to cross the Strait of Hormuz
Iranian media reported that a senior Revolutionary Guards official told them on Monday, "the Strait of Hormuz was closed" and that Iran would fire at any ships trying to pass. This is Iran's?most explicit warning since it told ships on Saturday that?it would?close the export route. The move threatens to choke off a fifth global oil flow and send crude prices sharply up. The Strait of Hormuz is closed. The Revolutionary Guards will burn down any ships that try to pass. This was stated by Ebrahim Jbari, senior advisor to the commander-in chief of the Guards.
Middle East is a major source of oil and LNG globally
India and other Asian countries are most dependent on Middle East oil and gas, which makes them vulnerable to supply disruptions if the conflict that has erupted following the Israeli and U.S. attack on Iran continues. Here is an overview of the imports and stockpiles of major Middle Eastern buyers. INDIA In January, the share of Middle Eastern crude oil in India’s crude imports reached its highest level since late 2022. This is amounted to?about 2,74 million barrels a day. Refiners have reduced their intakes of Russian oil. India has enough crude and refined fuel in its inventory to cover demand for 74 days.
EUROPE GAS-European Gas Prices Close Higher on Disruption to LNG Shipments
The benchmark European wholesale gas price closed Monday around 35-40% more expensive, after major LNG exporter Qatar Energy announced that it had stopped production due to attacks in the Middle East. A cargo standstill through the Strait of Hormuz also raised concern about the length of the disruption. Qatar is soon to become the second largest LNG exporter in the world after the United States. It plays a significant role in balancing the demand for LNG on both the Asian and European market. QatarEnergy, according to a source familiar with the situation, is set declare force majeure for LNG shipments.
Venture Global is ready to meet the LNG shortage as Qatar stops production
Mike Sabel, CEO of Venture Global, said that the company has the largest amount of LNG cargoes in the world that are not contracted and is prepared to stabilize global markets when Qatar stops production due to attacks by Iran.Qatari LNG production equals about 20% of global supply. It plays a significant role in balancing the demand for fuel on both Asian and European markets.A source familiar with the situation said that QatarEnergy (owned by the state) was about to declare "force majeure" on its LNG shipments following Iranian drone attacks against facilities at the vast Ras Laffan Complex. Qatar's Gas Trains are located in the complex.
EUROPE GAS - European gas prices rise as Qatar stops LNG production
Benchmark Dutch and British wholesale?gas?prices rose by almost 50% Monday after a major LNG exporter, Qatar Energy, announced that it had stopped production due to the attacks in Middle East. Qatar is soon to become the second largest LNG exporter in the world after the United States. It plays a significant role in balancing the demand for LNG on both the Asian and European market. QatarEnergy, according to a source familiar with the situation, is preparing to declare force majeure for LNG shipments. Europe has been increasing its LNG imports over the last few years in order to phase out Russian Gas following Russia's invasion into Ukraine.
EUROPE GAS-European gas prices soar as Iran had conflict halts Qatar LNG output
The benchmark Dutch and British wholesale gas prices rose by nearly?50% after Qatar Energy, a major LNG exporter, announced that it had stopped production because of attacks in the Middle East. Qatar is soon to become the second largest LNG exporter in the world after the United States. It plays a significant role in balancing the demand for LNG on both the Asian and European market. Trade sources report that most tanker owners and oil majors, as well as trading houses, have stopped shipping crude oil, fuel, and liquefied gas (LNG) through the Strait of Hormuz after Tehran warned against ships moving along the waterway.
Equinor discovers oil in the North Sea and looks to rapid development
Equinor, a state-controlled Norwegian operator, and its partners have discovered oil near the Snorre field in the North Sea and plan to develop the reserves "rapidly and efficiently". Norway's Offshore Directorate, or NOD, has separately stated that preliminary estimates place the size of this discovery, called "Omega-South Alfa," between 25 and 89 million barrels of recoverable equivalent oil. This would be Equinor's medium-sized discovery. Norwegian companies are looking for ways to extend the lifespan of their oil and gas fields. They do this by searching for nearby reserves which can be connected to existing platforms.
EUROPE GAS - European gas prices rise by more than 25% due to Middle East conflict
Standard Dutch and British wholesale gas prices rose by more than 25 percent on Monday after Iran?and Israel intensified?attacks?in the Middle East?and?after the suspension of energy shipments via the Strait of Hormuz. Trade sources report that most tanker owners, major oil companies and trading houses have stopped shipping crude oil, fuel, and liquefied gas (LNG), through the Strait of Hormuz after Tehran warned against it. Europe has increased its imports of LNG in recent years, as it seeks out Russian gas after?Russian invasion of Ukraine.
Asia's dependence on Middle East oil and LNG
Asia is highly dependent on Middle East oil and gas, which makes it vulnerable to a prolonged disruption of supply if the conflict that has erupted following the Israeli and U.S. attacks on Iran continues. Here is an overview of the imports and stocks for major Asian buyers who buy Middle Eastern oil and natural gas. CHINA China is currently the largest crude oil importer in the world and also the biggest buyer of Iranian crude. However, record amounts of crude are stored in strategic and floating stockpiles which limit the risk of shortages. About half of China's crude oil imports are from the Middle East.
Venture Global lowers its 2026 profit forecast due to the winter storm and LNG margin squeeze
Venture Global, a U.S. LNG company, forecast its 2026 core profit to be?below Wall Street's expectations on Monday. This was due to the?impacts of Winter Storm Fern as well as margin compression during the first quarter. Last month,?reported that?exports?of liquefied gas from the U.S. dropped to 11.3 million tonnes in January from 11.5 mmt during December due to a winter freeze which closed some plants and reduced output in others. As a result of the trend to sell LNG under long-term contracts, margins are squeezed and companies like Venture Global cannot capitalize on price surges in the short term. The company's fourth-quarter revenue almost tripled, to $4.4 billion.
EUROPE GAS - European gas prices rise on Middle East conflict
Prices for'standard' Dutch and British wholesale gas increased on Monday, after a flurry of energy shipments were suspended through the Strait of Hormuz due to the intensified attacks by Israel and Iran in the Middle East. Trade sources say that most tanker owners, oil companies and trading houses have stopped shipping crude oil, fuel, and LNG through the Strait of Hormuz after Tehran warned against it. Europe has increased its LNG imports in the last few years to replace Russian gas after Russia's invasion. Around 20% of the world’s LNG transits the Strait of Hormuz.
Minister says Austria will deepen its cooperation with Abu Dhabi
Austrian Economy Minister Wolfgang Hattmannsdorfer announced that the country plans to expand economic cooperation with Abu Dhabi following the creation of Borouge Group International (BGI), a chemicals company. In an interview with?Hattmannsdorfer on Friday night, he said that he expects BGI, the?tie up between units of 'Abu Dhabi National Oil Company' and Austrian energy company OMV which is owned by Austria and Abu Dhabi to open new business opportunities. BGI is expected to close in the third quarter. He said that this could include trade, supply chain, or even collaborations with other companies in the region's "sphere of influence".
Venture Global lowers its 2026 profit forecast due to the winter storm and LNG margin squeeze
Venture Global, a U.S.-based company that produces LNG, reported a core profit for 2026 below Wall Street's expectations due to the?impacts of Winter Storm Fern?and margin compression during?the first quarter. Last month, it was reported that the U.S. exports of natural gas liquefied in January fell to 11.3 mmt from 11.5 mmt during December due to a winter freeze which closed some plants and reduced output in others. As a result of the trend to sell LNG on long-term contracts, margins are squeezed and companies like Venture Global cannot capitalize on price spikes in the short term. The company's revenue almost tripled in the?fourthquarter to $4.4 billion.
Galp, a Portuguese company, sees its core profit decline further due to lower oil prices and margins
Galp Energia said that its adjusted 'full-year core profits fell 8%, to $3.57 billion. The company warned on Monday of a further decline in this year. The company blamed weaker oil prices, a refinery shutdown and other factors for the decline in 2025. It said that it expected core profit to drop further in 2026 to at least 2,6 billion euros despite a projected?15% rise in oil production to 125,000-130,000 barges per day. The company predicted?an average price of $60 per barrel Brent crude oil for this year. This is down from $69.10 in 2025. Refining margins are expected to fall to $5.50 from $7.10.