Indonesia imprisons two former officials and the former head of Pertamina in a major corruption case
A court in Indonesia found guilty a former chief executive, two ex-officials and a subsidiary of the state energy company Pertamina on Thursday of a major case of corruption involving its subsidiaries. Prosecutors claim that this corruption caused state losses of $17 billion. The case, involving alleged illegal leasing and importing of crude oil among other offenses…
Indonesian court delivers verdicts in corruption cases linked to Pertamina, the state energy company
On Thursday, an Indonesian court will deliver its verdict on nine people who are accused of illegally importing crude oil, leasing a fuel terminal and other actions which caused the state to lose 285 trillion Rupiah (US$17 billion). The defendants include former chief executives of Pertamina Patra Niaga, Pertamina International…
First Venezuela Oil Cargoes Chartered Since US Supply Deal
Trading houses and buyers of Venezuelan oil have chartered the first very large crude carriers (VLCCs) to export from the South American country since a Caracas-Washington supply deal began, which is set to speed up shipments starting in March while boosting deliveries to India, according to four sources and data.Trading firms…
Prices for EUROPE Gas remain firm as tensions between the U.S. and Iran continue
Dutch and British wholesale natural gas prices rose on Friday morning after a sharp increase in the previous session. This was due to tensions between Iran and the United States that could impact the shipping of LNG. Gas market concerns are any possible disruptions of LNG shipments via the Strait of Hormuz. This is especially true for Qatar, the second largest gas supplier in the world.
EUROPE GAS - European prices rise on the threat of LNG supply due to US-Iran tensions
Dutch and British wholesale prices for gas rose sharply on Thursday, boosted by tensions between Iran and the U.S. that could affect shipping of LNG. LSEG data revealed that the benchmark Dutch front-month contract at TTF hub had risen by?3.25 euro to 32.70 euros or $11.31/mmBtu as of 0835 GMT. British gas prices for the day ahead rose 7.75 pence, to 79 cents per therm. The U.S.
Gas prices in Europe are expected to fall due to mild weather.
The Dutch and British wholesale gas prices fell on Wednesday morning as the milder weather and forecasts of windy conditions reduced demand and eased fears over storage depletion. The benchmark Dutch 'front-month contract' at the TTF hub fell?0.74 euro?to 29.70 euros per Megawatt Hour (MWh), which is $10.30/mmBtu by 0901 GMT. This was its lowest level since 12 January, according to LSEG data.
What can oil prices tell you about the market? Not a lot: Bousso
The global oil market is experiencing a series of price spikes due to geopolitical tensions and the opaque stockpiling. Western sanctions and tightening Western sanction are also causing traders to be in the dark. Prices may not accurately reflect the physical fundamentals of commodities due to the growing influence of unpredictable external forces on this world's most liquid and largest commodity market.
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.
Tengiz Oilfield Power Facility Fires Damage Kazakhstan's CPC Oil Exports
Kazakhstan's planned oil exports could fall by as much as 35% this month via its main route through Russia, four trading sources have told Reuters, as the giant Tengiz oilfield slowly recovers from fires at power facilities in January.U.S. oil major Chevron leads the Tengizchevroil (TCO) consortium that operates the field.Oil exports through the Caspian Pipeline Consortium system…
Chinese solar stocks jump on news of Musk's visit, but some firms deny cooperating
Chinese solar shares rose on Wednesday, after local media reported Elon 'Musk sent delegations to visit various companies. This was days after Elon announced plans to build a large-scale?cell capacity for the U.S. The CSI All Share Solar Power Equipment Sub-Industry Index grew 3.61%, while the CSI SH-HK-SZ Solar Power 50 Index grew 3.22%.
Eni's LNG market for 2026 is 'finely balancing' due to Asian demand and a thin supply
An Eni executive stated that the global LNG market will remain 'finely balanced' this year due to thin supply buffers and low European inventories, as well as a resurgent Asian demand. This leaves little room for weather-related shocks. Eni's Cristian Signoretto is the director of global gas and LNG portfolio. He said that Europe has very little storage, so we must replenish it this summer.
Sources say that the US will soon issue a general license for oil extraction in Venezuela
Three sources said that the U.S. is preparing to issue a general license allowing oil and gas companies to operate in Venezuela as soon as 'this week'. Washington aims to encourage increased production in the OPEC country since capturing the president. Sources said that the Office of Foreign Assets Control of the Treasury would allow companies to explore for and pump crude oil and gas.
QatarEnergy signs long-term LNG supply agreement with Japan's Jera amid surge in demand
QatarEnergy signed a contract with Japan's largest power generator Jera on Tuesday to supply 3,000,000 tons of LNG per year for 27 years starting in 2028. This deal will further strengthen Qatar's position on the Japanese market. The agreement was made at the LNG2026 Conference in Doha and would strengthen QatarEnergy’s position in Japan, as the competition from U.S.
Data shows that Indonesia imported Russian Sakhalin crude oil in December and January.
Ship tracking data revealed on Tuesday that Indonesia imported two cargoes in December and in January of Russian oil. These purchases were rare for the Southeast Asian nation and could be a sign of Russian oil sellers looking to expand their market in response to pressure from other buyers. The Kpler & Vortexa imports came as a result of a decline in demand for Russian crude oil from India.
QatarEnergy Secures LNG Supply Deal with Jera as Demand Surges
QatarEnergy, one of the world's biggest LNG suppliers, signed a deal on Tuesday with Japan's top power generator Jera to supply 3 million tons of LNG annually for 27 years from 2028, further strengthening Qatar's position in the Japanese market.The agreement, made on the sidelines of the LNG2026 conference in Doha, would bolster QatarEnergy's position in Japan as competition intensifies from U.S.
Count down to CMA Shipping 2026
The count down is on for this year’s CMA Shipping 2026 conference and exhibition taking place from 10–12 March 2026 at the Hilton Stamford Hotel in Stamford, Connecticut. Organised by the Connecticut Maritime Association (CMA) and Informa Markets, this flagship event is set to bring together the most influential voices in the maritime industry for three days of industry networking…
Venezuelan Oil Exports Increase to 800,000 bpd in January Under US Control
Venezuelan oil exports rose to some 800,000 barrels per day (bpd) in January, from 498,000 bpd in December, after the U.S. capture of Nicolas Maduro and the ending of an oil blockade which has let traders carry most exports, shipping data showed.Washington imposed an oil embargo on the U.S.-sanctioned country in December to pressure…
Mexico tries to avoid US tariffs for states that ship oil to Cuba
Mexico will look for diplomatic solutions to help Cuba. Mexican President Claudia Sheinbaum said on Friday that the country would seek alternatives and find diplomatic solutions after U.S. president Donald Trump signed a tariff order on oil-supplying countries. The White House Executive Order on Thursday could be devastating for Cuba and Mexico, as it is one of the last oil suppliers.
Russian Oil Stored in Tankers Awaits Sales
Traders are increasingly using tankers to store Russia's Urals crude as demand weakens and customers weigh growing sanctions risks, Reuters calculations based on LSEG and trade data show.Major importers India and Turkey have cut purchases since the end of the last year amid tougher Western sanctions, including recent U.S. measures…
Shipping data shows that Indian diesel exports to West Africa have increased as a result of the EU's ban on Russian crude-derived fuel.
Shipping data from Kpler & Vortexa revealed that India stopped exporting Diesel to the European Union in this month because of the EU's 'ban' on fuels derived from Russian crude. Turkey's exports of diesel to the EU have slowed down over the past few months. These developments show that the EU's policy to punish Russia for its…