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Global Energy Prices Jump as Middle East Crisis Interrupts Shipping, Oil Production
Global oil and gas prices jumped on Tuesday as the U.S.-Israeli war on Iran halted energy exports from the Middle East, with Tehran attacking ships and energy facilities, closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq.The benchmark Brent crude oil contract gained nearly 8% on Tuesday to above $83 per barrel…
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Asian Oil Refineries, Petrochemicals Cut Runs as MidEast Conflict Escalates
Several Asian refineries and petrochemical companies were forced to cut runs and declare force majeure as the U.S.-Israel war on Iran disrupted crude and feedstock exports from the Middle East.Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East…
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MOL Announces Capacity Tests on Adria Pipeline Will Start Next Week
Hungary's oil and gas company MOL said on Friday that capacity tests on the Adria oil pipeline from Croatia will start on March 11 and last 10 months, as it seeks alternative routes with Russian crude supplies set to stop at the end of 2027.MOL, which operates refineries in Hungary and Slovakia…
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Russian Urals Prices Tops Brent in Indian Market for the First Time
Russian flagship Urals oil is selling at a premium to the Brent international benchmark at delivery in Indian ports for the first time ever, fuelled by rising demand due to the Iran war, traders said on Friday.The U.S.-Israeli war against Iran, which began a week ago, has choked the Strait of Hormuz…
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Official: Ecuador to invest $638 million in oil contracts extensions
Eduardo Racines, the Deputy Minister of Hydrocarbons in Ecuador, said that the government expects to receive over $638 millions this year from private oil companies to increase national production. Ecuador has been in negotiations with private companies to extend 20-year contracts by up to 10 years…
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Iran conflict increases U.S. Gulf Oil prices to their highest level since 2020
The price of U.S. Gulf Coast Heavy Grades continued to rise?on Friday, as the Iran Conflict prompted several Middle -Eastern…
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Peru taps its fuel reserves to fight worst energy crisis in 20 years
Denisse Miralles, the Prime Minister, said that 'the Peruvian government will use its fuel reserves to safeguard the domestic…
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Baker Hughes reports that US drillers have added oil and gas rigs to their fleet for the first time in four-weeks.
Energy services firm Baker Hughes reported on Friday that U.S. energy firms added oil and gas rigs this week for the first time since four weeks.
Latest news
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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…
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BP wants at least $3.7 Billion from Venture Global arbitration, a filing states
Venture Global's yearly report shows that BP wants at least $3.7billion from its arbitration victory against?Venture Global…
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Oil derivatives indicate traders view Middle East shocks as short-lived
Oil futures and options are signaling that the Middle East conflict could be short-lived as traders rush to?structures which…
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QatarEnergy leases 10 LNG tankers amid a production halt and soaring shipping costs, according to sources
QatarEnergy offers 10 liquefied 'natural gas' tankers to lease, according to two industry sources. This comes after the 'world’s…
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Novak, quoted by the media as saying that Russia is considering redirecting LNG from Europe to Asia-Pacific
Interfax and Izvestia reported that Russia's Deputy Premier Alexander Novak stated on Friday he had discussed the?possibility?
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Bangladesh restricts fuel purchases due to Middle East conflict
Bangladesh imposed daily fuel sales limits in response to a 'panic buying' and a'stockpiling of fuels, which raised concerns…
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Fitch warns that energy support measures may have a negative impact on France and Britain's finances.
Fitch Ratings will be watching to see if European governments are going to need to?roll out support measures to combat higher energy prices.
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Former Shell CFO to leave, BP Chairman Manifold trims the board
BP Chairman 'Albert Manifold' announced on Friday plans for a slimmer board, as a s part of the resetting strategy by the british oil major.
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VEGOILS - Palm logs weekly increase, reaches four-month peak
The market for Malaysian palm oils futures rose to its highest level in four months on Friday, and recorded a weekly gain…
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IEA chief warns of return to Russian gas despite global LNG boom
Fatih Birol, the Executive Director of International Energy Agency (IEA), said that looking to Russia for gas supplies would…
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Senate Democrats are ready to restart discussions on allowing reform
Two lawmakers said on Thursday that the Senate Democrats were ready to resume negotiations on legislation designed to speed…
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Seven countries warn EU against changing the energy market design
Seven EU member states, including the Netherlands, Sweden and Belgium, warned the executive of the bloc 'on Thursday' against…
Shale Oil & Gas
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Bangladesh restricts fuel purchases due to Middle East conflict
Bangladesh imposed daily fuel sales limits in response to a 'panic buying' and a'stockpiling of fuels, which raised concerns…
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Fitch warns that energy support measures may have a negative impact on France and Britain's finances.
Fitch Ratings will be watching to see if European governments are going to need to?roll out support measures to combat higher energy prices.
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Former Shell CFO to leave, BP Chairman Manifold trims the board
BP Chairman 'Albert Manifold' announced on Friday plans for a slimmer board, as a s part of the resetting strategy by the british oil major.
LNG
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Venture Global Able to Support LNG Shortfall as Qatar Pauses Output
Venture Global has the biggest amount of LNG cargoes in the world that are not contracted and is ready to help stabilize…
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Cheniere Raises Share Repurchase Target After Q4 Profit Doubles
Cheniere Energy said its fourth-quarter profit more than doubled on strong liquefied natural gas (LNG) demand and the company…
Renewables
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VEGOILS - Palm logs weekly increase, reaches four-month peak
The market for Malaysian palm oils futures rose to its highest level in four months on Friday, and recorded a weekly gain…
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Palmetto reaches highest level in five weeks; set for weekly gains
Malaysian palm futures rose?to the highest level in five week?on friday, supported by stronger Dalian edible oils and a weaker ringgit.
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Senate Democrats are ready to restart discussions on allowing reform
Two lawmakers said on Thursday that the Senate Democrats were ready to resume negotiations on legislation designed to speed…