BP to perform maintenance on Central Azeri Platform in August
BP's regional president for Azerbaijan and Georgia, as well as Turkey, Giovanni Cristofoli, said that the company plans to perform scheduled'maintenance on the Central Azeri -platform in August 2026. He added that the shutdown would only affect the gas infrastructure of the platform, and oil production would continue. He added that maintenance usually lasts for 19 days. The shorter outage is possible because of the new technologies.
Russian budget revenues from oil and gas were down by 44% in February, y/y
According to data from the Finance Ministry, Russian state oil and gas revenues in February fell by 44% to 432.3 billion roubles (about $5.51 billion) compared to the same month last year. This was due to lower oil costs and a stronger ruble. The increase was 10% compared to January. The?revenues from oil and gas are vital for Russia's budget. In 2025, the state budget had a deficit of 5.6 trillion rubles or 2.6%.
Japan's Middle East Energy Dependency - and How it Mitigates Shocks
Around 95% of Japan's oil and 11% of its liquefied gas is imported from the Middle East. Around 70% and 6% of these imports come via the Strait of Hormuz which has been effectively closed by the Iran War. Here's a breakdown of Japan's energy dependence on the Middle East and how it can reduce its import risk. Around 95% of Japan's oil imports come from the Middle East.
SABIC, the Saudi chemical giant, will lose $6.9 billion in 2025 due to asset sales
SABIC, the Saudi chemical giant, reported on Wednesday that it would suffer a "massive" net loss by 2025. This was mainly because of impairments and losses relating to divestment assets in Europe and America. Chemicals industry is struggling with overcapacity. This has led to squeezed margins, and a decline in utilization rates. In a filing to the bourse, it said that its 2025 loss would be 25.78 billion (or $6.87 billion).
Sugar prices rise on fears that the Iran war will increase ethanol demand and lower sugar production
The world sugar price rose 'on Monday, on the fear that the U.S./Israel war against Iran, which is disrupting energy supplies worldwide, would cause Brazilian sugar?cane mills to produce less sugar and more ethanol. Ethanol, a biofuel made from cane, is produced by mills. The mills of Brazil, the world's largest sugar producer, will use less cane for fuel production, which means they have less raw material available to make?sugar.
Venezuela suspends 19 oil, gas production-sharing contracts signed under Maduro, sources say
Four sources familiar with the matter said that Venezuela's oil ministry suspended 19 contracts signed with private companies under the?administration? of President Nicolas Maduro. Sources say that the suspension of the contracts has not affected the oil and gas production in the country. The sources added that the state oil giant PDVSA sells the crude produced by the contracts even though they are suspended.
Venezuela suspends 19 oil, gas production-sharing contracts signed under Maduro government, sources say
Four sources with knowledge of the?move? said that Venezuela's Oil Ministry has suspended a total of?19 oil-production-sharing contracts signed by?private companies under President Nicolas Maduro. Sources say that the suspension of the contracts has not affected the oil and gas production in the country. The sources added that the state oil giant PDVSA continues to sell crude oil produced under these contracts even though they are suspended.
Petromidia Refinery to Shut Down for Scheduled Revision in March
Romania's Black Sea crude oil refinery Petromidia, the largest in the country, will shut down for a scheduled revision in March, its owner said on Tuesday, potentially squeezing fuel supply and putting upward pressure on prices.The refinery is owned by Rompetrol Rafinare, which is majority-controlled by KMG International (KMGI), part of Kazakh state oil firm KazMunayGaz.
Indonesian Pertamina will continue to bid for US energy imports
Pertamina, the Indonesian state oil and gas company, said on Friday that imports of energy products from the U.S. will still be done 'through a competitive bidding process' following the conclusion of the trade agreement between the two nations. On Thursday, Indonesia and the U.S. signed a deal that reduced U.S. tariffs from 32% to 19%. Indonesia plans to import goods and services worth $38,4 billion from the U.S.
Indonesian Pertamina will continue to bid for US energy imports
Pertamina, the Indonesian state oil and gas company, said on Friday that imports of energy products from the U.S. will still be done 'through a competitive bidding process' following the conclusion of the trade agreement between the two nations. On Thursday, Indonesia and the U.S. signed a deal that reduced U.S. tariffs from 32% to 19%. Indonesia plans to import goods and services worth $38,4 billion from the U.S.
In February, Russia's oil revenues and gas revenues are expected to have halved y/y.
Calculations showed that the Russian state's?oil?and?gas revenue in February 2025 will be almost half as much at 410 billion roubles (5.35 billion dollars) due to a stronger currency and lower oil price. The Kremlin's main source of revenue is oil and gas revenues, which account for more than a quarter of the federal budget. However, this amount has been drained since Russia started its military campaign against Ukraine in February 2022.
Maurel & Prom, a Venezuelan oil firm, says that teams are fully mobilised after the US issued key authorization.
Maurel & Prom has a team in Venezuela that is fully mobilised, and'ready for the next stages of development', said its chief executive on Thursday. This was after the U.S. - added the French oil producer?to a a list of companies authorized to increase operations in Venezuela. M&P stopped exporting oil from Venezuela in the second quarter last year, after President Donald Trump suspended its license along with?other companies.
Indonesia and US firms sign trade, investment agreements worth $7 billion
The U.S. ASEAN Business Council reported that Indonesian & U.S. firms signed 'trade and investment agreements worth more than $7 bn? on Wednesday, a day before Indonesian President Prabowo?Subianto meets with U.S. president Donald Trump for a meeting to sign a final deal. According to a U.S. ASEAN Business Council fact sheet, the agreements were signed during a dinner hosted by U.S. Chamber of Commerce for Prabowo.
Phillips 66, Citgo Look to Directly Buy Venezuelan Crude
U.S. refiners Phillips 66 and Citgo Petroleum are seeking to buy heavy crude directly from Venezuelan state oil company PDVSA starting in April to maximize profits, rather than purchasing through trading houses and U.S. oil major Chevron, according to sources familiar with the efforts.Trading houses Trafigura and Vitol in January secured the first U.S. licenses to export Venezuelan oil as part of a $2 billion deal between Caracas and Washington.
MOL Orders Alternative Oil to Supply Hungary, Slovakia Refineries
Hungary's MOL group has ordered tankers delivering Saudi, Norwegian, Kazakh, Libyan and Russian oil to supply its Hungarian and Slovak refineries and halted diesel supplies to Ukraine as it scrambles to overcome an outage of the Druzhba pipeline, officials said on Wednesday.MOL's refineries, the last in the EU to receive Russian oil through Druzhba, have struggled since a supply halt that Ukraine says was due to a Russian attack that damaged the
YPF's XRG and ADNOC XRG sign agreement to advance Argentina LNG Project
Argentine's state oil company YPF, Italy’s?Eni, and Abu Dhabi National Oil Company’s international investments arm XRG'signed a binding 'joint 'development 'agreement' to advance Argentina LNG. The project is expected to achieve a liquefied gas capacity of 12,000,000 tons per year, XRG stated in a Thursday statement. In a statement, YPF's CEO Horacio Martin said that the deal marked XRG’s formal inclusion.
Sources say that increased Orinoco Belt production boosts Venezuela's crude oil production to one million barrels per day.
Sources close to the operations of Venezuela's PDVSA state oil company said that the company reversed the majority?of its output cuts at its own oilfields and joint-ventures in the country's main?crude region – the Orinoco Belt – bringing the nation's production to close to one million barrels per a day (bpd). The OPEC nation had to reduce crude production, its main revenue source…
Sources: Eneva, a Brazilian company, is in negotiations with Maha to form a joint venture in Venezuela
Two sources who have direct knowledge of this matter said that Eneva, a Brazilian energy firm, is evaluating options to enter Venezuela's oil and gas sector. It is also in discussions with Maha Capital from Sweden about forming a joint venture. According to a source who did not want to be identified, the Brazilian oil and gas producer was in discussions with other companies than Maha. Both sources stated that the talks are still?preliminary.
ConocoPhillips aims to cut costs by $1 billion in 2026. Profits miss on lower oil prices
ConocoPhillips announced on Thursday that it plans to reduce capital and operating costs by $1 billion by 2026. This comes after the U.S. energy producer missed Wall Street's?estimates? for its fourth-quarter profits due to lower crude prices. Falling oil prices have put pressure on the industry to reduce spending, drill less and cut staff. ConocoPhillips' average price was $42.46 for a barrel of oil-equivalent (boe)…
Russia's oil & gas revenues halved y/y in January to the lowest level since July 2020
According to data from the Finance Ministry, Russian state oil revenues and gas revenues fell by half in January, compared with the same period last year. They reached their lowest level since July 2020. The drop was attributed to a?lower price of crude oil and a stronger currency. The oil and gas revenues are vital for Russia's budget. In 2025, the state budget had a deficit of 2.6% or 5.6 trillion roubles.