OPEC data show that Russian oil production fell by 56,000 bpd during February.
According to a copy of OPEC's monthly data, reviewed on Wednesday, Russian oil production fell by around 56,000 barrels a day or 0.6% in February compared to?January, bringing it down from 9.184 million bpd. The U.S. has imposed pressure on India, Russia's second largest buyer, to reduce crude oil exports. Since February, Russian crude oil sales to India'started to recover' after Washington granted Indian refiners a 30-day waiver of sanctions to purchase Russian oil loaded onto vessels starting March 5…
From July, Ukraine's motor gasoline will contain at least 7 percent bioethanol
A law passed on Wednesday requires that Ukrainian motor fuel?contain at least 7% bioethanol by July. This is an increase from the 5% that manufacturers have been required to add since May 2025. The Ukrainian parliament adopted a new law in the winter of this year to align?the country’s legislation with EU regulations. The new'requirements' do not apply for fuel provided to the Ukrainian army or some high-octane gasoline. Up until July 1, the law allows for the sale of petrol without bioethanol.
Sakhalin-1, a Russian oil refinery, will reduce output by 10% by 2025
The U.S. abandoned the 'Sakhalin-1' project in Russia, which was a major oil production facility. ExxonMobil's major ExxonMobil continued to decline last year. It fell by 10.3% due to planned maintenance. The production volume, which is expected to fall 9.8% by 2024, was not provided. Exxon had to take a $4.6bn impairment charge in April 2022 on its 30% operator?share in the project offshore Russia's Pacific?coast. This was due to the fact that Exxon left the Russian market after the start of the conflict with Ukraine in February 2022.
AFR reports that Glencore is open to listing Australia if it's beneficial.
The Australian Financial Review reported that Glencore was "open" to considering a listing in Australia if it proved beneficial for the company. This follows the failure of merger negotiations with Rio Tinto. According to the report, a secondary ASX listing could attract more investors. "It would give investors an alternative option other than Rio and BHP," CEO Gary Nagle said. Nagle, a newspaper reporter, said that the company would have to consult with its shareholders before proceeding?with any listing.
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. A study commissioned by the industry…
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.
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 over supply as the Middle East war roiled the global energy markets. These'measures' follow U.S., israeli, and other airstrikes against Iran, as well as retaliatory strikes by Tehran in the Middle East, which has caused oil shipments to be disrupted through the Strait of Hormuz - a vital energy route - and driven energy prices sky-high.
Qatar closes down gas liquefaction; restarting will take several weeks, say sources
Qatar declared a 'force majeure' on its gas exports Wednesday, amid the U.S. and Israeli war against Iran. Sources said that it could take at least a month to return to normal production levels. Qatar is supplying 20% of the world's liquefied gas. Two sources familiar with this matter have confirmed that Qatar Energy, the state energy giant, which has stopped producing gas in recent weeks, will completely shut down gas liquefaction by Wednesday.
OECD: Nuclear and onshore wind are the cheapest ways to meet Sweden's energy needs
The OECD Nuclear Energy Agency stated on Wednesday that expanding nuclear and onshore winds power was the cheapest option for 'Sweden' to meet its surging electricity demands, with no?place left for offshore wind. Sweden aims to achieve a 'net zero emission level by 2045. Electricity demand will double as industries like steel and transport switch to cleaner energy. According to the NEA base case, Sweden will have 13 GW of nuclear power installed and 30 GW of onshore wind by 2050.
Hang Tung, a Chinese analyst, said that Brazil's sorghum imports are limited now but will increase in 2026.
The head of Chinese sorghum trader Hang Tung’s Brazilian unit said that tight supplies were limiting Brazil's sorghum shipments in the first half of the year. He added that the business would 'pick up' in the second half of the year. Brazil has not traditionally been a sorghum producer, but China, the world's biggest buyer, authorized 10 Brazilian companies to import sorghum in November last year amid a dispute with the U.S. Gabriel Cordeiro is the country manager for Hang Tung in Brazil.
Equinor discovers oil in the North Sea and looks to rapid development
Equinor, a state-controlled Norwegian operator, and its partners have discovered oil near the Snorre field in the North Sea and plan to develop the reserves "rapidly and efficiently". Norway's Offshore Directorate, or NOD, has separately stated that preliminary estimates place the size of this discovery, called "Omega-South Alfa," between 25 and 89 million barrels of recoverable equivalent oil. This would be Equinor's medium-sized discovery. Norwegian companies are looking for ways to extend the lifespan of their oil and gas fields.
Panoro Energy looks for new assets in Equatorial after purchasing Kosmos stake
Panoro Energy, a company based in Africa, will participate in Equatorial Guinea’s oil and gas auction in April to search for new assets. It has increased its stake in Block G offshore in the country. Panoro acquired this week an additional 40.3% of Block G from Kosmos Energy. This makes it the largest shareholder in Block G, which is operated and owned by Trident Energy. Block G includes?the Ceiba complex and the Okume field, both connected to a floating production storage unit?and offloading for export.
The EU should extend the free carbon allowances to industry
The top business lobby in the European Union has urged 'the bloc to maintain free carbon permits for industry, adding pressure on officials who are preparing an overhaul of the EU Carbon Market. Brussels is redesigning its Emissions Trading System (ETS), which is the EU's main climate tool that forces factories and power plants to buy CO2 permits when polluting. ETS is under increasing political pressure from leaders concerned about Europe's declining competitiveness.
Junior minister: Austria looks to renewables and African gas to reduce US LNG dependency
PARIS, February 18 - Austria wants to increase renewable energy and import more?gas from Africa in order to avoid becoming too dependent on U.S. Liquefied Natural?Gas? as Europe changes its energy supply. As a result of Moscow's invasion of Ukraine in 2022, European countries struggle to maintain affordable electricity prices. Donald Trump, the U.S. president, has many governments concerned about replacing one dependence with another. "The U.S. cannot be predicted in these times.
Spain's Naturgy wants to talk with Yamal about the impact of EU's Russian Gas Ban
A senior official at Naturgy said that the company will be holding talks with Russia's Yamal Gas in order to declare force majeure on their long-term contract. This is due to an EU ban on Russian gas imports. In 2013, the Spanish power utility Yamal signed a long-term agreement to import around 3 billion cubic meters of Russian LNG every year. The talks are imminent, but they haven't started yet. This was the message from Manuel Garcia Cobaleda Naturgy's General Counsel, in a conference with journalists after the company's results.
Junior minister: Austria looks to renewables and African gas to reduce US LNG dependency
PARIS, February 18 - Austria is looking to increase renewable energy and gas imports from Africa in order to avoid becoming too dependent on U.S. Liquefied Natural Gas as Europe reshapes its 'energy supply. As a result of Moscow's invasion of Ukraine in 2022, European countries struggle to maintain affordable electricity prices. Donald Trump, the U.S. president, has many governments concerned about replacing one dependence with another. "The U.S. cannot be predicted in these times.
Andy Home, Andy Home: The US and Canada are now working together to secure critical minerals.
The U.S. president Donald Trump just announced "Project Vault", an $12 billion stockpile of critical minerals intended to protect U.S. manufacturing companies from disruptions in supply. The U.S. will need help to fill the Vault with 60 minerals that are currently classified as "critical". The U.S. is reviving friend-shoring as it seeks to form a metal alliance with China to break its stranglehold on the metals at the heart of modern technology. The U.S. is more popular than ever.
Congo declares it will seek out other partners in the event that US Minerals Framework fails
If the minerals?cooperation agreement with the United States does not lead to concrete projects, then the Democratic Republic of Congo will seek out other partners. The country's mining minister stated that the framework does not result in concrete projects. "Everything that we have done in our relationship with America has been a framework within which we can discuss issues of mutual interest." Louis Watum Kabamba told the crowds at the?Indaba Mining Conference in Cape Town that this is all there is. It could become a major project.
Andy Home, Andy Home: The US and Canada are now working together to secure critical minerals.
The U.S. president Donald Trump just announced "Project Vault", an $12 billion stockpile of critical minerals intended to protect U.S. manufacturing companies from disruptions in supply. The U.S. will need help to fill up the Vault's 60 critical minerals. The friend-shoring game is back and with a vengeance. As the U.S. tries to build a metal alliance to loosen China’s grip on the metals at the core of modern technology. The U.S. has more friends now than ever. At the February 4th ministerial conference on critical minerals, 54 countries were present.
Sources say Mercuria is moving closer to purchasing Raizen's Argentine assets worth over $1 billion.
According to two sources familiar with the situation, a Swiss-founded energy company Mercuria Energy Group is advancing in its bid to purchase a'refinery' and a large number of gas stations located in Argentina. The acquisition would be from Raizen, a Brazilian sugar and ethanol producer in financial trouble. A source told us that the deal may be done soon, but there is still a chance it won't be. The signing could still be weeks away according to a second source. They also said that it is possible that no binding agreement will yet have been signed.