US considers oil tanker insurance to ease Middle East crude shipping, sources say
Two sources say that U.S. president Donald Trump will review on Tuesday a number of policy options to control energy prices in the face of the escalating conflict in the Middle East. One option is for the government help oil tankers obtain insurance. Since Israeli and U.S. troops began attacking Iran on the weekend, fighting has disrupted Middle East oil tanker deliveries.
EU pushes for green steel, a scarce metal, to fix auto emissions
Buy expensive steel that is made using a "nascent" technology powered by green hydrogen, which barely exists? Under European Union plans, which aim to bolster the steel industry of the EU while still meeting?its environmental targets, this is what Europe's automakers face. They are already under pressure from a fiercer competition in China. The EU changed its CO2 emission targets for new cars in December to 90% by 2035, from 100%.
Russian Oil Exports Curtailed By Drone Attacks, Weather
Russia has been unable to capitalize on this week's surge in global crude prices, as days of Ukrainian drone attacks and harsh winter storms have sharply curtailed its capacity to export oil, industry sources said.Russia's Sheskharis oil terminal in Novorossiysk port suspended oil loadings on Monday after a Ukrainian drone attack left a fuel terminal ablaze and damaged dozens of buildings…
Sources: India cuts gas supply to industries following Qatar outage
Four industry sources with knowledge of the situation said that Indian companies reduced their natural gas supply to industries on Tuesday in anticipation of a tighter Middle East supply after top producer Qatar stopped production. Qatar stopped its production of liquefied gas on Monday as Iran continued to attack Gulf countries in response to Israeli and U.S. attacks against it.
Sources: India cuts gas supply to industries following Qatar outage
Four industry sources said that Indian companies reduced their natural gas supply to industries on Tuesday in anticipation of a 'tighter supply' from the Middle East, after Qatar, the top producer, halted its production. Qatar stopped its production of liquefied gas on Monday as Iran continued to attack Gulf countries in response to Israeli and U.S. attacks against it.
Iran threatens to attack any vessel trying to cross the Strait of Hormuz
Iranian media reported that a senior Revolutionary Guards official told them on Monday, "the Strait of Hormuz was closed" and that Iran would fire at any ships trying to pass. This is Iran's?most explicit warning since it told ships on Saturday that?it would?close the export route. The move threatens to choke off a fifth global oil flow and send crude prices sharply up. The Strait of Hormuz is closed.
Middle East is a major source of oil and LNG globally
India and other Asian countries are most dependent on Middle East oil and gas, which makes them vulnerable to supply disruptions if the conflict that has erupted following the Israeli and U.S. attack on Iran continues. Here is an overview of the imports and stockpiles of major Middle Eastern buyers. INDIA In January, the share of Middle Eastern crude oil in India’s crude imports reached its highest level since late 2022.
Palm oil mirrors the strength of its Chicago rival; crude provides support
Malaysian palm futures closed Monday higher than they had done in a week, following gains made by Chicago edible oils. Meanwhile, advances?in energy complex?also added support. The benchmark?palm-oil contract for May delivery at Bursa Malaysia's Derivatives Exchange rose 104 ringgit or 2.57% to 4,146 Ringgit ($1,056.57) per metric ton. The price of CPO futures on the Bursa Malaysia exchange opened higher today…
Source: Nigeria divides OPL 245 oilfield OPL into four blocks as part of deal with Eni and Shell
Sources say that Nigeria has divided the 'OPL 245 oil block into four assets, which will be operated by Eni or Shell. This could determine the future of a field that is at the heart of one of oil industry history's largest?corruption cases. The agreement opens the door to the development of OPL 245, Nigeria's largest deepwater reserve, which has been untapped for nearly?three decades due to overlapping lawsuits from multiple countries.
Asia's dependence on Middle East oil and LNG
Asia is highly dependent on Middle East oil and gas, which makes it vulnerable to a prolonged disruption of supply if the conflict that has erupted following the Israeli and U.S. attacks on Iran continues. Here is an overview of the imports and stocks for major Asian buyers who buy Middle Eastern oil and natural gas. CHINA China is currently the largest crude oil importer in the world and also the biggest buyer of Iranian crude.
Godavari Biorefineries in India to launch grain-based distillery by June quarter
Godavari Biorefineries in India plans to commission a grain-based distillery capable of producing '200 kilolitres per day (KLPD) by the end of the June quarter. This move is intended to diversify a company's feedstock, and allow it to use both sugarcane and corn - depending on the market price. The new distillery is integrated into our existing distillery. Samir Somaiya?…
carried Ukrainian and Russian oil before attack
The Druzhba pipeline exported some Ukrainian oil, as well as much higher volumes of Russian crude, before it was damaged a month ago by a Russian strike that has led to a halt in supply, three industry sources familiar with the matter said.Oil shipments to Hungary and Slovakia through the pipeline primarily operated by Russia have been suspended since January 27 following what Kyiv says was a Russian attack on pumping installations in western Ukraine…
Steve Cohen's Point72 has hired a Castleton veteran trader to help with commodities, according to sources
Three sources told us that Steve Cohen's hedge fund Point72 Asset Management hired Ryan Sheffler to be its natural gas portfolio manager in order to expand the commodities trading desk. Point72 is one of the few large hedge funds that has not yet built a commodities business. It has been pushing into this space in recent weeks. Citadel, Millennium and other investment firms have made huge profits due to the extreme volatility of commodity prices.
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.
Kazakhstan: Tengiz supergiant oilfield nearing capacity
Kazakhstan?Energy minister Erlan Akkenzhenov announced on Friday that oil production had almost reached full capacity in the largest oilfield, Tengiz. This was after the oilfield suffered a power failure at the end January. The decline in production at Tengiz, a Chevron-led project, caused Kazkhastan to reduce its oil exports. It also boosted the global oil price. The minister told reporters that "production has almost reached its full capacity.
Sources claim that India wants to reduce coal imports for the power sector by 30% in this year.
India, which is the second largest thermal coal importer in the world, wants to reduce its imports by at least 30 percent. It has asked the industry to experiment with blending more domestic 'coal' with imported coal. India's power stations will import nearly 50 million tonnes of coal from countries such as Indonesia, South Africa and Russia by 2025. Two government officials…
Fugro reports year-loss due to challenges in renewables
Dutch geological data specialist Fugro reported on Friday a loss of 21 million euros ($25 million), reflecting the challenges faced by the offshore wind industry, and announced that its finance chief will step down in April. The Amsterdam-listed firm's revenue was 1.85 billion euro, which is 427 millions less than it was in 2024. Of this, 380 million euro were attributable the the slowdown on the renewables markets.
Malaysia's Petronas reports a decline in profit and revenue for the third consecutive year 2025
Petroliam Nasional Bhd (or?Petronas? ) is the state-owned energy company in Malaysia. After the oil price fell, BP reported a lower profit and revenue for 2025. This is the third consecutive year of decline. Petronas has reported a profit of $45.4 billion (US$11.7 billion) after taxes in 2025. This is down from $55.1 billion in 2024. * Revenues fell from 320 billion to 266.1 billion ringgit by 2024.
Wartsila CEO sees boost from Trump Datacenter Push
The CEO of the Finnish energy company said that a push to have U.S. datacentres use their own power would boost the demand for Wartsila’s environmentally friendly products and?help support a "double digit" increase in the hiring of service staff over the next 2 years. The White House announced on Wednesday that it will meet with technology companies such as Microsoft and Amazon on March 4…
GKN's cancellation of plans for a magnet factory is a setback to Europe's goal for rare earths
GKN Powder Metallurgy scrapped plans to manufacture rare earth permanent'magnets' in Europe. Three sources familiar with the matter confirmed this, highlighting Europe’s struggle to create a domestic rare Earths?industry that can compete with China, the dominant producer. China controls 90% of the rare earth output processed and 70% of the mining production. Europe is being criticized for falling behind the U.S.