Governor says drone attacks cause fires at the Russian energy export port Ust-Luga
On Friday, firefighter battled a blaze at Russia's Baltic Sea port Ust-Luga - a major hub for energy exports - after a fire was sparked by an arial attack, according to regional governor Aleksander Drozdenko on the messaging app Telegram. He added that more than 50 drones had been downed by the Leningrad area, while the area around Ust-Luga - a centre for oil exports and oil-based products - continued to'repel the attack. The extent of the damage is not immediately clear.
Russell: The Xi-Trump Summit could help the Iranian crude oil market.
What is the best outcome of the meeting between U.S. president Donald Trump and his Chinese counterpart Xi Jinping in the context of the oil?market that is increasingly stressed? Ideally, Xi would convince Trump that the United States had won the war against Iran. The best way to cement this victory was to 'walk away' from the Middle East conflict. Xi can also use his influence over Iran to convince the Islamic Republic to offer Trump a token of victory.
Russell: The Xi-Trump Summit could help the Iranian crude oil market.
What is the best outcome of the meeting between U.S. president Donald Trump and his 'Chinese counterpart Xi Jinping in the context of the increasingly stressed crude market? Ideally, Xi would convince Trump that 'the United States won their war against Iran' and that the best way for them to cement this victory was to leave the Middle East conflict. Xi can also 'use his influence over Iran to encourage Iran to give Trump a token of victory.
Deal between Trump and Xi could boost US energy exports in China
U.S. president Donald Trump is expected to arrive in Beijing on May 14-15 for a meeting with President Xi Jinping. U.S. officials'say that a deal could be considered for Beijing to purchase more U.S. Energy. Tariffs on U.S. LNG and oil imports from China have been halted. These imports were worth $8.4billion in 2024 - the year Trump entered his second term. Here's a brief summary of its major components. Analysts say that China's imports from the United States of liquefied gas (LNG)…
Argentina's YPF makes a profit from higher prices and more shale production
YPF, Argentina's'state oil company, reported a net profit? of $409 mln in the first 3 months of 2026. This is a reversal of a net loss? of $10 mln a year earlier. The firm cited higher oil prices and increased shale production as the reasons for the turnaround. Analysts polled by LSEG had predicted revenues of $5.20 billion for the state-run producer. However, they only reached $4.95bn in the period from January to March.
Equinor Sees Increased Energy Export Requests Since Start of Iran War
Equinor has seen a surge in interest for energy exports out of Norway from customers as far afield as Australia after the Iran war curbed exports of petroleum and liquefied natural gas (LNG) from the Gulf, the energy group said on Wednesday.The conflict has effectively closed the Strait of Hormuz, a choke point for energy exports from producers in the Gulf, especially affecting clients in Asia.The closure has resulted…
Equinor: Iran's war increases interest in LNG and Norwegian petroleum products in Asia-Pacific
Equinor said that it has seen an increase in demand for energy exports from 'Norway', even from customers as far away as Australia. This is after the Iran War curtailed exports of LNG and petroleum products (LNG) out of the Gulf. Conflict has closed the Strait of Hormuz - a chokepoint for energy exports, particularly to Asia. After presenting Equinor's first quarter earnings, CEO Anders Opedal said that the closure had resulted in a?loss?
Australia's resources outlook is delayed due to 'extreme volatility caused by the Iran war'
The Australian government's quarterly energy and resources outlook was delayed for the very first time due to the "extreme volatility", caused by the U.S./Israel war on Iran. This is making forecasts outdated, according to a spokesperson. The delay comes as Australia's Government faces?growing demands for a windfall?tax on?liquefied?natural?gas export profits, while some miners are struggling to secure diesel supplies.
Energy ministry reports that Morocco has enough diesel to last for 51 days.
The 'energy' ministry announced on Thursday that Morocco, which is heavily dependent on imports, has enough diesel to last for 51 days or 55 days respectively, and that gas and coal supplies are?secured until the end of the month. The war in the Middle East has caused an unprecedented disruption in energy supplies, leading to record gains in crude oil prices. This is especially painful for Morocco because it has no refining capacity at home.
YPF: Argentina's energy exports will reach $50 billion by 2031.
The YPF chief executive, Horacio Martin, stated on Thursday that Argentina's energy exports will reach $50 billion a year by 2031. This is primarily due to sales of liquefied?natural?gas. He said that he estimated $130 billion would be invested by 2031 in the country for the development and transportation infrastructure of crude oil and LNG from the Vaca Muerta Region - which is the second largest unconventional gas reserve in the world and the fourth largest?oil reserves.
Argentinian Energy Exports Could Reach $50b in 2031
Argentina's energy exports could reach $50 billion per year starting in 2031, driven primarily by sales of liquefied natural gas (LNG), the chief executive of Argentina's state-run oil and gas producer YPF, Horacio Marin, said on Thursday.The executive, who spoke at an energy conference in Houston, said he estimates $130 billion will be invested in the country through 2031 for the development of crude oil, LNG, and…
Thailand orders bureaucrats in its energy-saving drive to use stairs instead of elevators and to work from home
A government spokesperson said that the Thai Prime Minister Anutin Charnvirakul had ordered civil servants to conserve energy due to the energy crisis caused by the Middle East conflict. This included suspending overseas trips and using the stairs instead of elevators. Lalida Periswiwatana, a spokesperson for the prime minister, told reporters that civil servants must now work from home. However, officials who serve the public will be exempted.
Thailand increases fuel reserves and tries to secure LNG amid Iran Crisis
Thailand's Prime Minster Anutin Charnvirakul called a meeting on Thursday of the energy agencies as concerns grew about supply in case the war with Iran disrupted global shipping. After the meeting, Energy Minister Auttapol Rerkpiboon said that Thailand will increase its mandatory fuel reserve to 3% and not 1%. Auttapol stated that "our reliance on Qatari LNG, which is transported through the Strait of Hormuz" was a problem.
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, the highest since July 2024, taking gains since Friday to more than 15%. European gas prices soared as much as 40% before paring gains, adding to a 40% surge on Monday.
TSX drops nearly 4% amid inflation fears fueled by Middle East conflict
Canada's main index of stocks fell on Tuesday, as the Middle East conflict entered its 4th day. This was due to sector-wide losses. As of 10:24 a.m., the S&P/TSX Composite Index was down 3.97%, at 33,173.05 point. The S&P/TSX composite index was down 3.97% at 33,173.05 points as of 10:24 a.m. ET and appeared to be on track for its biggest single-day decline since April 2025 when U.S. president Donald Trump announced reciprocal duties.
Iraq Cuts Oil Output With Possible Further Reductions
Iraq has cut oil production by nearly 1.5 million barrels a day and those cuts could widen to more than 3 million bpd within days as the country runs out of storage and cannot export crude due to the Iran crisis, two Iraqi oil officials told Reuters on Tuesday.As of Tuesday, Iraq has cut production from the Rumaila oil field by 700,000 bpd, from the West Qurna 2 field by 460,000 bpd and from the Maysan field by 325,000 bpd, the officials, who did not wish to be named, said.That output cut could grow to over 3 milli
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. The three companies would work together to reach a?final investment decision by the second half 2026.
The EU's new sanctions plan is designed to target Russian crude exports more severely
The European Commission proposed on Friday a ban on all services that "support" Russia's crude oil exports by sea. This is a far more comprehensive measure than previous EU sanctions, and goes beyond the piecemeal approach in an effort to "stunt" Moscow's main source of revenue for its war against Ukraine. With the assistance of Western shipping, Russia exports more than a third its oil on Western tankers. These are mainly from Greece. Cyprus and Malta.
Bousso: ROI-Oil is not able to break through the range of its current price because it needs a shock from Iran's supply, but a tough talk.
Even though oil prices rose 15% in January on the back of fears that a new U.S. attack on Iran was imminent, they remain in a narrow range. A well-supplied crude oil market will not allow for much more price increase from either side. It would take a massive action to?have a lasting impact on the global balance of supply and demand. Brent crude futures are at their highest level since July last year. This puts the global benchmark in line for its largest monthly gain since January 20…
Canada wants to increase energy trade with India says energy minister
Canada's Energy Minister Tim Hodgson stated on Tuesday that the country is considering boosting its energy?exports in India to diversify its client base and reduce its dependence?on??supply from the United States. Hodgson said at the Indian Energy Week that exporting 98% to the United States is a "strategic? blunder" and saw an opportunity for India to work with him. India will have the fastest growing energy demand in the world…