G7 and EU discuss energy prices and strategic reserves
Officials said that the G7 energy minsters will discuss the soaring prices of energy due to the war in Iran during a Tuesday call. A group of European Union Leaders will also do the same later in the day. On Monday, oil?prices soared to $119 per barrel, their?highest level in nearly four years. This was due to fears that Gulf production would be cut and tanker exports disrupted.
India's small-scale steelmakers are facing production cuts due to LNG shortages caused by the Iran war
Industry officials say that a number of small 'Indian steel' producers have warned of production cuts due to the Middle East conflict, which is disrupting gas supplies for the world’s second largest producer of the alloy behind China. Triveni Iron and Steel Industries, based in Gujarat, is the largest gas-consuming area of the country, and relies heavily on Middle East gas for a large portion of its supply.
Indian restaurants are warning of closures due to the shortage of cooking gas as a result of the Iran war
The Iran war has caused a shortage of cooking gas in India, and restaurants and hotels have warned that they may be forced to close their doors. Authorities have set up a committee to review the requests of industry. Fuel shortages are a result of the U.S. and Israel war against Iran, which has stopped ship traffic on the Gulf of Mexico and Strait of Hormuz. This has led to higher energy and transport prices…
Report: US solar installations will drop by 2025 as a result of Trump's policies.
A study released on Tuesday showed that the U.S. market for solar energy added fewer installations in 2025 than the previous year. This is due to the fact that President Donald 'Trump' scrapped tax breaks and subsidies for renewable energy developers. According to a report by Wood Mackenzie and the Solar Energy Industries Association, 43 gigawatts of new solar capacity was installed in 2018. This compares to 50 GW in 2020.
Bloomberg News reports that oil magnate Sargeant's firm loaded 1 million barrels of oil for China.
North?American Blue Energy is a company that has been backed by the United States. Harry Sargeant III is a renowned energy magnate who has made a decision to export?1,000,000 barrels of?Venezuelan oil for delivery into China. Bloomberg News reported this on Monday, citing an official document. Reports?stated that this may be the first shipment of Venezuelan oil delivered to Asia since the US took control of the nation's oil exports earlier this year. U.S.
Brazil's Ultrapar taps BTG for possible Ipiranga stake sale, Chevron interest reported
Two people familiar with this process said that Brazilian?conglomerate Ultrapar?has?tapped??investment banking BTG Pactual to handle the sale of a potential stake in fuel distributor Ipiranga. The?Brazil Journal had reported earlier in the day that oil company Chevron and Ultrapar were in advanced negotiating?talks for a 30% stake of Ipiranga. Two sources said they couldn't confirm whether Chevron was one of the potential buyers.
Venture Global promises on-time LNG delivery amid Middle East conflict
Venture Global LNG, a U.S. developer of liquefied natural gas (LNG), has informed customers that its Plaquemines plant in Louisiana is under construction. The letter was seen by the. Venture Global LNG, a Virginia-based firm, wrote to customers of Plaquemines Phase 1 on Friday and stated that it will begin long-term deliveries on October 31, despite a rise in global gas prices due to the U.S. and Israeli war against Iran.
Brazil's sugar mills will reduce production and switch to ethanol due to the energy price spike
Analysts said that the sharp rise in energy prices due to the ongoing 'war' in the Middle East will cause Brazilian sugarcane processors?to produce more ethanol than sugar during the new upcoming?season. The ICE exchange's raw sugar futures jumped over 3% Monday, following gains in oil futures, as the market expects a lower sugar volume from Brazil's middle-south region, which is the world's biggest sugar-producing area.
Oil stocks held back by G7 nations as Iran crisis raises prices
France's Finance Minister said that G7 countries haven't yet decided whether to release their emergency oil reserves, as prices are surging above $119 per barrel because of the Iran War. He added that there was no immediate shortage in supply. We have agreed to use all necessary tools to stabilize the market, including releasing any stockpiles that may be necessary.
Oil and Gas Industry urge EU to stop methane emission law
Oil and gas companies warned that the European Union's methane emission law could disrupt Europe’s fuel imports if it is implemented next year. The?industry's call comes after the U.S. The?government asked the EU to exempt U.S. gas and oil from the rules. Brussels has offered more flexible options for companies to comply with the rules, but refused to rollback this policy. It is a key pillar in its climate strategy.
Palm oil prices surge as crude oil rises, boosting biodiesel prospects
Malaysian palm-oil futures jumped more than 9%, before paring gains on Monday. This was the largest jump in three years. It is expected that a rise in crude oil prices will boost demand for biodiesel feedstocks. The benchmark May palm oil contract on the Bursa Derivatives Exchange rose 203 ringgit or 4.65% to $4,570 ringgit (1,154.04) per metric ton after surging earlier in the day to 4,803 ringsgit. This was its highest level?in over a year.
Middle East conflict may spur demand for palm oil in biodiesel sector
Industry officials have told?that the Middle East conflict, which has pushed up crude oil prices, could boost demand for palm oils in the biodiesel industry and for food use. Asian buyers are looking for quick shipments. Indonesian and Malaysian production reached a new record in 2025. This resulted in a rise of stocks and pressure on prices. The conflict has made palm oil more attractive to biodiesel producers…
US-Israeli War on Iran Causes Major Oil, Gas Disruptions
Kuwait announced?cuts at the weekend due to the U.S. and Israel war against Iran. Analysts predict the United Arab Emirates (UAE) and Saudi Arabia, which are running out of oil storage, will have to reduce their output as well. Here are the main energy disruptions that have occurred so far. Three industry sources reported on March 8 that the Iraqi production has collapsed: "the country's oil output from its southern oilfields is down 70%…
Document shows EU is looking to reduce energy bills for industry
A document obtained by revealed that the 'European Union' is looking at energy?taxes and network charges, as well as?carbon _costs, to see if they can be used in short-term solutions for industries affected by high energy costs. Brussels is seeking quick fixes, after companies said they could not compete with their rivals from China and the U.S. – even before the recent surge in gas and oil prices triggered by the U.S. and Israeli war against Iran.
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 supply.' This comes after a gas pipeline rupture triggered what has been described as the worst energy crisis for 20 years. She added that the government will encourage public and private sector employees to work remotely, while converting schools to online education.
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 second largest?LNG - exporter announced a halt in production at its 77 mtpa facility, and shipping rates soared as the U.S. - Iran conflict entered its second week. Qatari Energy Minister Saad Al-Kaabi told the Financial Times that it would still take weeks or months to resume normal deliveries even if the conflict ended today.
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, have been quick to declare force majeure on petrochemical supplies to customers.Three…
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, in a case involving liquefied?gas (LNG). According to the report released this week, BP is seeking a range of'remedies', including damages ranging between $3.7 billion and potentially exceeding $6.0 billion as well as costs, interest, and attorney fees. BP declined to comment.
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. This could increase fiscal pressures on countries like France and Britain, said a senior analyst. This week, oil and gas prices have risen as the war in the Middle East has stoked concerns among policymakers and on financial markets about inflation.
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 be economically and politically wrong. This is because LNG will soon become a global source. Birol said to?reporters that the current Middle East crisis has led some to question whether or not to return to Russia. This was after a meeting between…