Congo creates strategic reserve of cobalt to influence supply and price, regulator says
The national minerals regulator announced on Thursday that the Democratic Republic of Congo had?established a strategy reserve for cobalt?and?othercritical minerals?. This would allow it to store unused export quotas, and exert greater control over global supply. The agency stated that a…
Maurel & Prom sales in the first quarter more than doubled due to rising oil prices
Maurel & Prom, a French 'oil group, reported that its first-quarter revenue more than doubled from $64?million to $163 million, a rise of 41% in the average price per barrel for each quarter, to $90.8, according to a company statement on Thursday. Gabon led the recovery with a 14% increase in its total working interest production.
Equinor: trading profits to top guidance partly due to Iran war windfall
The Norwegian oil and gas company Equinor said that its downstream division, which includes trading in energy, will report stronger results for the first quarter of this year. This is partly due to the volatility caused by the Middle East war. Equinor will report its first-quarter earnings to investors on May 6.
TotalEnergies reports strong Q1 sales despite war-related output losses
PARIS, 16 April - TotalEnergies expects to see a significant rise in earnings in the first quarter due to a strong trading performance, and also in its upstream production?and oil sales, thanks in part to the higher prices caused by war in Iran. This is despite the fact that the conflict has shut down 15% the French group's total production.
US Judge rejects Trump Administration bid to block Hawaii Climate Lawsuit
A federal judge dismissed on Wednesday a lawsuit filed by the Trump administration to stop Hawaii from filing a climate change lawsuit in state court against fossil fuel companies. The judge cited a "longstanding policy" that prohibits federal interference in state court proceedings. This…
European buyers discuss shipping Canadian LNG through the Panama Canal as a diversification of supply
Two sources with knowledge of the situation said that European 'buyers', including Germany's Uniper are looking into the possibility of buying liquefied gas from Canada on the Pacific coast, and shipping it via the Panama Canal as part of a strategy to diversify the'supply'. This effort has become more urgent since the 'Iran 'war'.
European buyers discuss shipping Canadian LNG through the Panama Canal as a diversification of supply
Two sources said that European buyers, such as Germany's Uniper are exploring the possibility of buying liquefied gas from Canada on the Pacific coast, and shipping it via the Panama Canal, as part of a strategy to diversify the supply. This effort is made even more urgent by the Iran War.
Edison: Qatar gas force majeure may be extended, but US LNG will fill the gap
The Italian importer Edison stated on Wednesday that Qatar may extend the force majeure period on gas supply?past mid-June. They also predicted that U.S. gas would be used to fill in the 'gap instead of Russian gas. Nicola Monti, Edison's CEO and Fabio Dubini, its head of Gas Portfolio Management…
CEO of Energean Energy hopes to make a major discovery in the western Greek waters
Energean, an oil and gas producer in Greece, will be aiming for a large discovery of hydrocarbons near western Greece. The first test drilling could begin as early as next year. ExxonMobil joined Energean, Greece's largest oil refiner Helleniq Energy and other companies to explore for gas…
Bank of America exceeded profit expectations as trading and investment banking shine
Bank of America exceeded expectations for the first-quarter profit as increased market volatility drove revenue from equity trading to a record, and a rebound of mergers and acquired fees boosted investment banking. The company's shares rose by 1% before the bell on Wednesday. The global equity markets began 2026 on an optimistic trajectory…
Eni's Vaar Energi plans a boost in oil production from Arctic Goliat
Vaar Energi, a subsidiary of Italy's Eni and a Norwegian company, announced on Wednesday that it plans to increase crude production 'from its Arctic Goliat 'oilfield with'minority stakeholder Equinor. Vaar Energi, a subsidiary of Italy's Eni, announced on Wednesday that it plans to boost…
Data shows that Russia has delivered a second LNG cargo to China after the sanctions.
LSEG data revealed that Russian energy giant Gazprom delivered a second LNG cargo to China after the sanctions were lifted. The small-scale Portovaya plant, with a capacity to produce 1.5 million tons per year of LNG, began operations in September 2022. The plant's exports have been interrupted due to?additional U.S.
BP's CEO will simplify the company structure by dividing it into upstream and downstream units
Meg O'Neill will be the new CEO of BP, and she is the fifth head to lead the oil giant since 2020. She took over the role on April 1. The spokesperson confirmed an earlier Financial Times article about the changes. A BP spokesperson stated that there was no timeline set for the 'new structure. BP has 'three main business divisions.
BP reports 'exceptional trading results' amid volatile oil prices
BP announced on Tuesday that it expects its massive oil?trading -desk to report "exceptional" first quarter results, signalling a windfall resulting from the spike in crude oil prices triggered the U.S. and Israeli war against Iran. In a trading statement, the company said that it expected…
Chief of IEA says that IEA is prepared to tap into global oil reserves if necessary
Fatih Birol said on Monday that he hoped another oil release was not required, but "we are ready to act" in the event of an energy shock due to the war with Iran. Last month, the 32-member IEA decided to release 400,000,000 barrels of 'oil from its reserves. This was the largest coordinated release in history…
Sources say that Congo copper and cobalt miners have reduced their chemical usage as the Iran war has disrupted supplies.
Sources with knowledge of the situation say that some key leaching chemicals have been withdrawn or cancelled by suppliers in Congo this month. This has forced'miners' to reduce their usage and look at reducing output as Middle East-related supply disruptions intensify. The Democratic Republic of Congo…
BP will buy three offshore Namibian block as the shift towards oil and gas intensifies
BP has agreed to purchase an operating 'interest' in three offshore exploration -blocks in Namibia, from Canada-based Eco Atlantic Oil & Gas. This is part of its strategy to expand its upstream portfolio. Eco Atlantic, a Canadian company, said that BP would pay Eco Atlantic $2.7M in cash to acquire 60% of the interest in three?petroleum exploring licences.
Japanese shares fall as US-Iran negotiations fail and a naval blockade is looming
Japanese shares closed lower on Monday after the U.S.-Iran talks broke down over the weekend. The American Navy also prepared a naval blockade of Iranian ports, raising new doubts about the sustainability of a ceasefire. The Nikkei dropped?0.7%?to close at?56,502.77 after posting its steepest week-to-week gain in over a year last week.
TotalEnergies finds hydrocarbons near existing production sites in Congo
PARIS, '13 April - French oil giant TotalEnergies announced on Monday that it had found hydrocarbons in a drilling campaign to expand the Moho field off the coast of Republic of Congo. The well found a column of gas and oil measuring 160 metres. Total stated that the Moho G and Moho H discoveries represent recoverable resources close to 100,000,000 barrels.
Baker Hughes reports that US drillers have cut oil and gas rigs three times in the last four weeks.
Baker Hughes, a renowned energy services firm, said that U.S. firms have cut the number of oil and gas rigs for the third consecutive week. The number of oil and gas drilling rigs, a good indicator of future production, dropped by three in the week ending April 10 to 545, the lowest level since late March.
OMV names Emma Delaney, a BP executive, as its first female CEO
The Austrian oil-and-gas group OMV will appoint Emma Delaney to the position of CEO and Chairperson of the Executive Board from September. This was announced in a Friday statement. Delaney, who has worked for BP since 1995, will replace Alfred Stern as chief executive. Stern has held this position since September 2021.
India's TCS falls after a rare annual revenue decline dulls the quarterly earnings beat and deal wins
Tata Consultancy Services shares fell almost 3% on the Friday after a rare revenue drop in the past year outweighed a strong deal win and a quarterly earnings boost. This suggests that sustained growth is still elusive due to weak client spending, rising costs and low consumer confidence.
Indonesia names Pertamina officials, oil tycoons as suspects in an oil procurement probe
Indonesia's Attorney General's Office named seven individuals, including executives of state energy firm Pertamina as suspects in an alleged 'corruption investigation' related to crude oil acquisition. Syarief Sulaemannahdi, Director of Investigations at the Attorney General's Office told…
Pemex Dos Bocas refinery fire is the second to occur since March
MEXICO CITY - On Thursday, a fire broke out at a petroleum coke storage facility at?Pemex Dos Bocas?refinery, in southern?Mexico. This is the second fire at this site in less than a week. The company stated that there had been no reports of injuries and that emergency services were?deployed to the scene.
ConocoPhillips evaluates oil opportunities in Venezuela
ConocoPhillips announced on Thursday that it will send a small team to Venezuela this week to assess oil and gas prospects. The U.S. The?U.S. oil producer left South America?in 2007, after its assets were nationalized. Arbitration awards stemming from the expropriations have awarded the company a?about 12 billion dollars with interest.
Commonwealth files show that EQT and Glencore have committed to buying more LNG from Commonwealth.
A regulatory filing obtained by revealed that EQT Corp and Glencore had each 'agreed' to buy 1 million metric tonnes per year of liquefied gas from Commonwealth LNG, under 20-year agreements. This brings the U.S. Exporter closer towards a final investment. Commonwealth LNG said that it had…
Sheinbaum, Mexico's Sheinbaum, backtracks from his opposition to fracking and says that new methods are cleaner
The Mexican president Claudia Sheinbaum acknowledged on Thursday a change in her position?on hydraulic fracture, or fracking. She argued that new technologies made?the extraction technique less environmentally damaging. Sheinbaum said that its use in Mexico would help to?boost the domestic gas production and reduce Mexico's heavy reliance on U.S.
Shell plans to start gas production at the massive Venezuela-Trinidad Loran Manatee Field next year
Gerald Ramdeen is the chairman of Trinidad's National Gas Company. He said that Shell will begin natural gas production in 2027 at the Loran-Manatee field offshore, which crosses Venezuela and Trinidad and Tobago. Shell has accelerated gas projects in Venezuela, under the interim president Delcy Rodriguez, especially those with Trinidad.
Ecopetrol's interim leader pledges to spend efficiently for stability
Interim Chief Executive Juan Carlos Hurtado, of Colombia's state-owned energy company Ecopetrol, said that the firm aims to increase its own sustainability by being efficient in spending, practicing capital discipline and reducing costs. Hurtado was appointed interim CEO of Ecopetrol on Monday…
Occidental finds oil in Bandit prospect, Gulf of Mexico
?U.S. Occidental Petroleum, a shale oil producer, has 'discovered oil at the Bandit Prospect 'in the Gulf of Mexico, which it 'co-owns. Bandit is operated and owned by Occidental. It holds a working interest of 45.375%. U.S. oil major Chevron holds 37.125%, and Australia's Woodside Energy has 17.5%. About?15% of U.S.
European and African crude oil prices reach records due to supply disruptions despite ceasefire
European and African crude prices climbed on Wednesday to new'records,' defying a sharp drop in oil futures following the U.S./Iran ceasefire negotiated on Tuesday. Traders 'priced in' a disruption in physical oil supplies for a long time. Investors bet that the Strait of Hormuz would reopen and there would be a reduction in geopolitical risks.
LAPFF joins the chorus of shareholder advisers recommending dissenting vote on BP Board
The Local 'Authority Pension fund Forum', which represents funds with assets worth over $425 billion ($569 'billion), has'recommended' a vote against BP chairman Albert Manifold, and other resolutions supported by the board, said the body on Thursday. LAPFF has put pressure on BP, after Glass Lewis…
Argentina adopts mining reform to encourage investment near glaciers
On Thursday, Argentina's lawmakers approved a government reform that promotes mining investment in glacier areas. Environmentalists and scientists said this would weaken environmental protections and endanger water resources. The reform was passed by the Chamber of Deputies 137-111 with 3 abstentions.
Libya announces new discoveries of oil and gas with three major energy firms
The National Oil Corporation of Libya (NOC), a state-run company, announced in separate statements that it had made three 'new oil and gas discoveries' with major energy companies from Italy Spain and Algeria. NOC reported that the first discovery was made in the Ghadames Oil Basin, in collaboration with Sonatrach and a production subsidiary.
Sources say that the US SEC has appointed Gibson Dunn as its new enforcement director.
Three sources with knowledge of the matter said that the U.S. Securities and Exchange Commission had appointed a?white collar enforcement lawyer and a former agency official to be its new enforcement director, after the'regulator’s top cop abruptly resigned last month. David 'Woodcock, a lawyer with Gibson…
TSX rises more than 1% after US-Iran truce calms down investors
Canada's main index of stocks soared on Wednesday as?mining shares led broad-based gains? after a U.S. - Iran ceasefire boosted investor sentiment. By 10 a.m. The S&P/TSX composite index was up 1.57 % at 33,757.56 ET. The U.S.-Iran ceasefire of two weeks has ended a six week conflict that had impacted energy supplies and raised inflation concerns.
Oil prices plunge on Iran ceasefire, causing European energy stocks to fall
After weeks of gains, European oil and gas stocks fell sharply Wednesday. Equinor, a Norwegian company, led the declines, falling 13%. It was followed by its domestic competitors Var Energi and Aker BP, who had benefitted from the disruptions in Qatar's gas flow after the closure of the Strait of Hormuz.
Australian State calls for quicker approvals of new oilfield
Queensland, Australia's state, said on Wednesday that it would urge the federal government to streamline approvals of a 'potentially' first new oilfield Australia has seen in decades. It argues that faster development is necessary to boost fuel security. Taroom Trough, a frontier basin that may contain large unconventional gas reserves…
TSX ebbs as Trump's Iran deadline nears
The main Canadian stock index fell on Tuesday, as investors monitored the situation in the Middle East after Iran did not show any signs of renouncing to the ultimatum of U.S. president Donald Trump to reopen Strait of Hormuz. At 10:55 am. The S&P/TSX composite index was down 0.1% to 33,149.58 at 10:55 a.m. ET. As Trump's deadline drew nearer, the U.S.
Glass Lewis urges a vote against BP chairman over climate resolution
Glass Lewis, a proxy adviser, recommended that BP share holders vote 'against' Albert Manifold who assumed the position in October. Citing BP’s decision to exclude a resolution related to climate change from its upcoming Annual Meeting, according to a notice seen by. Glass Lewis, a large…
Eni, an Italian company, has discovered 2 trillion cubic feet (or 2 trillion cubic meters) of gas off the coast of Egypt
Eni announced on Tuesday that it had made a discovery of 'gas and condensate' offshore Egypt after drilling the Denise W-1 exploratory well in the Temsah Concession, located in the Eastern Mediterranean. According to preliminary estimates, there are approximately 2 trillion cubic feet (or…
The CEO of Colombia's state oil company takes a leave of absence amid an investigation into influence peddling
Ecopetrol, the Colombian state energy company, announced on Monday that it had granted CEO Ricardo Roa a 'longer holiday and an unpaid leave of absence'. This was in response to an investigation conducted by the Attorney General’s Office into allegations of influence peddling. Ecopetrol said…
Zelenskiy pledges increased security cooperation with Turkey in Istanbul
After meeting with his Turkish counterpart Tayyip Erdogan on Saturday in Istanbul, Ukraine's president Volodymyr Zelenskiy called for a?greater co-operation between the two countries. Kyiv is seeking to capitalize its wartime experience?on an international stage. Zelenskiy stated that he…
Seplat Energy in Nigeria resumes its operations after oil workers end their strike
Seplat Energy, Nigeria's largest independent oil &?gas producer has suspended its strike after the company made a written commitment on pay increases, their union announced on Saturday. After wage negotiations failed, workers walked out of the workplace on Friday. This raises concerns over…
ISS recommends voting against BP's decision to eliminate some climate reporting
According to a note seen by, influential proxy adviser Institutional 'Shareholder Services' (ISS) recommended a vote against BP board’s?move revoke previous climate reporting resolutions. Investors are rarely asked to vote against board wishes by large shareholder advisory groups like ISS.
Seplat Energy, Nigeria's Seplat Energy, is hit by a strike in response to a push for higher production
Workers at Seplat Energy - Nigeria's largest independent oil and natural gas producer - began an indefinite strike Friday. This could have a negative impact on production, as rising oil prices are increasing pressure on Nigeria to maximize supply. In two letters sent to the CEO, the union…
Sources say that oil giants have shown early interest in US Gulf Deepwater Field stake
TotalEnergies, a European energy giant, and Shell are among the companies that want to buy a majority stake at one of?U.S. Three sources familiar with the process have said that the Gulf is one of the most promising sites. This is because the Middle East conflict has heightened 'interest in North American energy prospects.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in 3 weeks.
Baker Hughes, a?energy services firm?, said on Thursday that U.S. firms added to the number of oil and gas rigs operating for the first time since three weeks. The number of oil and 'gas rigs, an early indicator for future production, increased by five in the week ending April 2. Baker Hughes…
Carol Howle named as BP's deputy CEO to oversee portfolio reviews and strategy
Carol Howle was named BP's 'deputy CEO' on Thursday. She will oversee the company’s ongoing portfolio re-evaluation and strategy developments. Howle will return to her previous role as head for supply, trading, and shipping. She was interim chief executive until Meg O'Neill took over the top position on Wednesday.
Follow This activist shareholder to broaden climate campaign against BP
Follow This, a group of European investors led primarily by Follow This, urged BP to abandon plans to scrap?climate reporting commitments on Thursday and called for shareholders to vote against this move at the?oil firm's annual meeting later?this?month. Investors published an 'open letter'…
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.
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…
A krill harvesting vessel and an activist vessel collide off Antarctica
Aker QRILL, the owner of the vessel, confirmed that an environmental activist vessel had collided with a Norwegian krill harvesting vessel on Tuesday, damaging its hull. The Captain Paul Watson Foundation's 65-metre Bandero vessel, operated under the Norwegian flag, deliberately struck the trawler Antarctic Sea.
US firm Virtus launches Chemaf Transition in Congo Mining Partnership
?U.S. Virtus Minerals announced?on?Wednesday that it was working to restart Congolese copper and cobalt producer Chemaf’s mines, after receiving regulatory approval. This marks the first acquisition of an operating mine under the U.S. - Congo minerals partnership following a flurry offtake agreements.
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…
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…
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…
HMH Holding raises more than $210 million through its US IPO
HMH Holding, an oil and?gas equipment manufacturer in the United States, raised more than $210 million on Tuesday after pricing its U.S. initial public offering within its range. Houston-based HMH has sold approximately 10.5 million shares for $20 each, as opposed to its advertised price range of $19 - $22 per share…
Sources say that Addison is retiring as the architect of the US-Venezuela trade deal.
John Addison is Vitol’s top U.S. gas trader. He helped his firm secure a deal this year for the first Venezuelan oil exports following Nicolas Maduro’s capture by U.S. troops. Four sources said on Tuesday that Addison plans to retire from the world’s largest commodities trading house at the age of 47.
US gas prices reach $4 per gallon due to the Iran war which has wreaked havoc on energy supplies worldwide
The U.S. average gas prices rose to $4 per gallon for the first time since more than three years on Monday, according to data from the price tracking service, GasBuddy. This was the largest monthly increase in decades. Last August 2022, after the Russian invasion of Ukraine, was when we reached $4 per gallon.
FAA restricts landings at San Francisco Airport
Federal Aviation Administration announced on Tuesday that it would be imposing new safety measures at San Francisco International Airport. These restrictions will?limit some landings? and 'lead to significant delays?. The FAA has said that the airport is experiencing delays as a result of…
Fire at a large Russian petrochemicals factory kills two people
A?large fire broke in a petrochemicals plant in the Tatarstan region of Russia on Tuesday. Sibur, the company that owns Nizhnekamskneftekhim, has put the death toll as two. Twenty people have been hospitalised. The state news agency TASS reported that three people were killed, six were missing, and more than 70 others were injured.
Trump warns Iran again to open Strait of Hormuz
President Donald Trump stated on Monday that the United States is in talks with "a more reasonable regime" about 'ending the war' in 'Iran. He also repeated his warnings to Tehran, saying it must open the Strait of Hormuz to avoid U.S. attacks on its power plants and oil wells. Trump said…
Oil rally fails to boost drilling as services firms are squeezed
Oilfield services firms around the world are bracing themselves for a 'hit to their earnings, as the Iran War disrupts energy infrastructure in the Middle East. Producers will hold off on new drilling until the higher oil prices have been proven durable. Brent benchmark prices are up 53% from February 27, the day before U.S.
Chevron estimates repairs at Wheatstone gas plant will take weeks
The company stated on Sunday that it is likely to take several weeks for the Wheatstone Liquefied Natural Gas facility in Western Australia to fully resume production as they repair damage caused by the cyclone last week. The Australian LNG supply was disrupted by Cyclone Narelle, a disruption of more than 30,000,000 metric tons per annum.
PetroChina's net profit for 2025 drops 4.5% due to lower oil prices
PetroChina, Asia's biggest oil and gas producer said on Sunday that its 2025 net annual?profit fell 4.5% from the record set in 2024 as lower oil prices affected earnings. PetroChina reported in a filing with the Shanghai Stock Exchange that its net income was 157.3 billion yuan (22.76 billion dollars) in 2018…
Australia LNG continues to disrupt after Narelle Thousands without power
Australia's liquefied gas production remains disrupted, and thousands of people in the remote north were left without electricity on Sunday. This is more than a fortnight after the Narelle Storm System hit the country. The impact of the 'Narelle', which was downgraded to a tropical cyclone on Saturday…
Australia LNG continues to disrupt after Narelle, thousands of people without power
On 'Sunday', Australia's liquefied gas production was still disrupted. Thousands of people in the remote north were without power for more than a month after the Narelle Storm System?hit Australia. The impact of?Narelle, which was downgraded to a?tropical storm on Saturday, has been exacerbated by a global LNG supply crisis caused by the Iran War…
Narelle continues to disrupt Australia LNG despite its weakening from tropical cyclone
Ex-Tropical cyclone Narelle, which has been affecting Australia's Queensland state and Northern Territory since March 20, further affected production at two of Australia’s largest liquefied natural gas plants. The storm system was waning in the country's northwestern region. Narelle, which…
Narelle continues to disrupt Australia LNG despite its weakening from tropical cyclone
Narelle, the former tropical storm that weakened in Australia's north-west, continued to disrupt production at two of Australia’s largest liquefied?gas plants Saturday. Narelle, the category four tropical storm that has been ravaging Australia's Queensland and Northern Territory ever since it made landfall on?March 20th, hit Western Australia Thursday.
Zelenskiy: Ukraine reaching agreement on Middle East diesel supplies
The Ukrainian president Volodymyr Zelenskiy stated on Friday that Kyiv is working to reach an agreement with Middle Eastern countries on diesel supplies, the type of fuel most in demand in the country. Zelenskiy spoke to a Ukrainian TV interviewer during a Middle Eastern tour. He had earlier…
Oil and gas exploration is back. Energy giants are hunting to replenish reserves
Executives at the CERAWeek Conference in Houston, Texas, this week declared that global energy companies have returned to the basics, focusing their efforts on finding?new oil and gas sources. This marks the end of years of underinvestment. The'shale revolution' in the U.S. in recent years promised a flexible, abundant supply.
Oil rally fails to boost drilling as services firms are squeezed
Oilfield services firms around the world are bracing themselves for a drop in earnings, as the Iran War?disrupts the energy infrastructure throughout the Middle East. Producers will hold off on new drilling until the higher oil prices have been proven to be durable. Brent's benchmark price has risen 53% in the past two months…
Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a week.
Baker Hughes, an energy services firm, said that U.S. firms have 'cut back on the number of oil & /natural gas rigs for a second consecutive week for the first time since mid-January. The number of oil and gas rigs, a good indicator of future production, dropped by nine in the week ending March 27 to 543, the lowest level since January 16.
Slovakia is interested in the gas produced by Romania's Neptun Project
The slovak prime minister Robert Fico stated that the country is interested in receiving natural gas from Romania's Neptun Deep offshore Project, as its Russian supplies are set to cease next year. "We 'expressed interest, and said that if Romania plans to export this natural gas outside of its own territory -- that is…
Document shows that the Japanese government has asked wholesalers to switch from Dubai to Brent pricing.
According to a document obtained by on Friday, the Japanese industry ministry has asked domestic wholesalers "to switch to Brent crude oil prices" from the Dubai benchmark when setting gasoline prices. This is an effort to limit price increases. This measure is one of many tools that Japan…
South Korea enforces naphtha export ban amid Middle East supply disruptions
The industry ministry announced that South Korea has begun enforcing an export ban on naphtha as it tries to ensure domestic supplies are not disrupted by the conflict in the Middle East. This move will require refiners divert their exports to the local market, and the government can order the production and allocations of naphtha.
Venture Global and Edison resolve arbitration dispute regarding early Calcasieu Pass gas sales
Venture Global and Edison announced on Thursday that?they?had?reached an agreement in order to settle a longstanding arbitration dispute relating to allegations that the American exporter liquified natural gas had failed to deliver contractual shipments to the Italian firm. The Edison settlement…
After a month of high energy prices, Big Oil will reap billions in profits from the war with Iran
While Big Oil executives met this week to discuss the largest-ever disruption to global energy supply due to the conflict in Iran, they didn't address one aspect of the impact: the multi-billion-dollar windfall that they will make because of the soaring price for the energy they are selling.
Algeria and Spain strengthen their energy partnership
Spain and Algeria have agreed to strengthen their partnership in energy, said Spanish Foreign Minister Jose Manuel Albares on Thursday after meeting Algerian president?Abdelmadjid Tebboune. Albares did not say whether Algeria agreed to increase the amount of gas it supplies to Spain. Iran's…
