Russian energy exports disrupted since the start of Ukraine War
One of the bargaining chips that Donald Trump will use to convince Vladimir Putin to progress towards a ceasefire agreement in Ukraine when he meets him on Friday is to reduce U.S. restrictions on Russia's exports and energy industry. Trump has also warned of tougher sanctions in the event that there is not progress. See how the sanctions have affected Russian energy exports. Before the war, Russia was Europe's largest natural gas supplier. The majority of gas was transported via four pipeline routes, including Nord Stream, which runs under the Baltic Sea; the Yamal Line, which crosses Poland; transit via Ukraine and Turkstream.
Angola aims to increase gas production as oil output stagnates despite OPEC's exit
Azule Energy, a company optimistic about Angola's gas potential and having had success with its first gas drilling campaign last month, is now considering another exploration. Angola is expecting gas production to increase by more than 20 percent in the next five year as the country targets increased exports to Europe, Asia and domestic demand. Its oil output will stagnate despite leaving OPEC. Angola, Sub-Saharan Africa’s second-largest oil producer after Nigeria is turning to natural gas as a way to drive its industrialisation program based on favorable investment terms.
Angola Looks to Gas Growth as Oil Output Flatlines
Optimistic over Angola’s untapped gas potential, Azule Energy is considering another gas exploration well after leading the country’s first drilling campaign targeting gas and hitting success last month, the CEO told Reuters.Angola expects gas production to rise more than 20% in the next five years as it targets higher exports to Europe and Asia and to meet growing domestic demand, while its oil output stagnates despite the country exiting OPEC.Sub-Saharan Africa's second-largest crude producer after Nigeria, Angola is pivoting…
Colombia's Ecopetrol reports a 46% drop in profit as oil prices fall
Ecopetrol, Colombia's state-owned oil company, reported a 46% drop in its net profits for the second quarter 2025. This was due to lower oil prices globally, which impacted sales. Production also decreased. The company reported a net profit of 1.81 trillion pesos ($450 million) for the three-month period ending June, compared with 3.38 trillion pesos a year ago. Total sales were 29.67 trillion, down 9% compared to 2024's same quarter. Ecopetrol's shares, which are owned by the Colombian Government to the tune of 88.5%, have seen lower prices on all its products. This includes a 20% drop in its crude oil sales for the third quarter.
Guyana's crude oil production fell to 664,000 barrels per day in June.
The government reported that the average crude oil production in Guyana, a country rich in oil, fell to 664,000 barrels a day (bpd), down from 667,000 the month before. Guyana, where the entire oil and gas production is controlled by Exxon Mobil, a U.S.-based major, since it began offshore production in 2019 expects to reach 900,000 barrels per day (bpd) capacity by the end of this year, once a new floating output facility starts operations. The figures show that in June production at Liza 2 increased, but not enough to compensate for a decline at Liza 1.
PDVSA Reaches $17.5b in Abroad Oil Sales in 2024
Venezuelan state-run PDVSA's oil sales abroad in 2024 stood at $17.52 billion, according to a results document seen by Reuters on Friday, as exports jumped due to U.S. licenses allowing foreign partners to operate in the sanctioned OPEC member.There are no comparative figures from previous years because PDVSA has not published its results since 2016, and it did not immediately respond to a request for comment.Venezuela has some of the world's largest reserves of oil, but its crude output remains at a fraction of what it was a decade ago after a lack of investment, mismanagement at PDVSA and U.S.
Overview of Iran's major gas fields and oil infrastructure
Israel attacked an installation in Iran's South Pars Gas Field on Saturday. This was the first attack against Iran's oil-and-gas sector, as part of a long-term operation that the Israeli government warned would take place to stop Tehran from developing an atomic bomb. Iran has temporarily suspended gas production at the South Pars Field, Iran's share of the world's biggest natural gas reserve. The field is located beneath the Gulf, and it's shared with Qatar, a major gas exporter. Iran reported that Israel had also attacked a fuel depot in Tehran and an oil refinery close to the capital, but the authorities claimed the situation was now under control.
Overview of Iran's major gas fields and oil infrastructure
Israel attacked an installation in Iran's South Pars Gas Field on Saturday. This was the first attack against Iran's oil-and-gas sector, as part of a long-term operation that the Israeli government warned would take place to stop Tehran from developing an atomic bomb. Iran has temporarily suspended gas production at the South Pars Field, Iran's share of the world's biggest natural gas reserve. The field is located beneath the Gulf, and it's shared with Qatar, a major gas exporter. Iran reported that Israel had also attacked a fuel depot in Tehran and an oil refinery close to the capital, but the authorities claimed the situation was now under control.
Targa Resources announces higher Q1 core profits on strength of North Dakota assets
Targa Resources, a pipeline operator, reported on Thursday a higher adjusted core profit for the first quarter. This was due to its Badlands operations located in North Dakota as well as the fact that higher NGL prices were offset by service fees and higher NGL volumes. Targa distributes natural gas and NGLs to key markets via its network of gathering assets and processing assets located across the U.S. These assets can be found in the Permian basin, Bakken Shale and Barnett Shale as well as Eagle Ford Shale. Badlands operations consist of approximately 500 miles crude oil gathering pipelines and 300 miles natural gas gathering pipes.
Santos Australia reports 7% decline in first-quarter revenue
Santos, an Australian oil and natural gas company, reported a 7% drop in its first-quarter revenue on Thursday. The fall was attributed to lower crude oil sales and weaker realised prices of domestic gas and LNG contracts linked to oil. Since China's first 15% retaliatory tax shut down U.S. imports, in February, global LNG prices have fallen. Meanwhile, mounting trade tensions are causing concern about demand erosion on major gas markets that could face economic contraction. According to Jarden’s data compilation, the average realized price for Santos’ liquefied gas plummeted to $11.57 per 1 million British thermal unit (mmBtu).
Sinopec will prioritise risk management in its Russian oil purchases.
Sinopec Corp, the top Chinese refinery, will prioritize "risk management" when purchasing Russian oil. The quality of Russian oil is comparable to that of competing global supplies and its price is similar, according to a senior executive. These remarks follow a recent decision by China's oil importers, including Sinopec, who have resisted buying Russian oil this month while companies assess compliance after recent U.S. Sanctions on Moscow. Zhao Dong, the company president, said at a Hong Kong earnings briefing that Sinopec was "fairly capable" to secure crude oil supplies. This includes via long-term supply agreements with multiple partners.
IEA: Russia's oil export revenue fell in February
The International Energy Agency reported on Thursday that Russia's revenue from crude oil sales and oil products fell by 2.6% in February compared to the same period last year, to $15.88billion. This was due to the fall in crude oil price and the widening of discounts for Russian grades. The report also stated that Russian oil exports fell by 100,000 barrels a day (bpd), compared to January, following a recent round U.S. sanction. However, they were down nearly 500,000 bpd if viewed on an annual basis. Crude exports increased 90,000 BPD from the weak levels in December and January, while product exports dropped by 190,000.
Shell warns about weaker LNG and oil sales in the fourth quarter
Shell cut its forecast for liquefied gas production in the fourth quarter of the year on Wednesday. It also said that oil and gas trading is expected to be lower than the results from the previous three-month period. Shell said in a trading update before the full-year results on Jan. 30, it would also take non-cash impairments of $1.5 billion up to $3 billion, including $1.2 billion for its renewables division linked to European assets and North American ones. Shell announced last month that it would be stepping back on new offshore wind investments, and splitting its Power Division following an extensive review.
Sovcomflot's revenue drop blamed on Western sanctions
Sovcomflot, the largest Russian tanker company, said that Western sanctions against Russian oil tankers are affecting its financial performance. It reported a decline in revenues and earnings. In February, the United States imposed sanctions against Sovcomflot as part of Washington’s efforts to reduce Russia’s revenue from oil sales which it could use to fund its war in Ukraine. Sovcomflot's revenue for the nine months of 2012 fell by 22.2%, to $1.22 Billion. Its earnings before interest tax, depreciation, and amortization dropped 31.5%, to $861 MILLION.
Russian Oil Revenues Falling Because of Price Cap -US Official
Russian oil revenues are falling due to the price cap that Western countries imposed on its crude oil shipments and, ahead of further caps on Russia's oil products, Europe is well positioned to manage any price pressures, a U.S. Treasury official said on Wednesday.The Group of Seven countries, Australia and the European Union will extend sanctions on Russia for its war in Ukraine by putting a price cap on its oil products, such as gasoline and diesel, on Feb. 5. The coalition placed a $60 per barrel limit on sea-borne Russian crude oil sales late last year.Russia is losing a great deal of money daily because of the cap…
Country-by-Country Look at Dropping Fuel Demand
It's hardly news that the COVID-19 pandemic has sent most every market into tumult, most notably the oil and gas market as political power plays flood the world with oil precisely when demand has plummeted. Here we provide some recent insights on just how steep falls in fuel demand has been as lockdowns to contain the spread of the novel coronavirus limit the movement of more than 4 billion people.UNITED STATESU.S. fuel demand has dropped 28% in the last four weeks, the Energy Information Administration said on April 29.Overall finished motor gasoline demand is still down 44% over the past four weeks from the year-ago period…
Mexico's Pemex to Receive $313 mln in Hedge Payouts
Mexican state oil company Petroleos Mexicanos (Pemex) expects this year to receive some $313 million from oil and financial firms involved in its annual oil hedging program, Chief Executive Octavio Romero said on Wednesday.Pemex's hedge, which this year covers about a quarter of its gross exports volume, protects the company from price variations and helps it to cover production costs.A larger hedging program contracted by the government secures the oil revenues needed for the federal budget.Pemex is "partially" covered by its hedging program…
US Sanctions on Rosneft Trading Shifting Crude Flows
U.S. sanctions on Russian Rosneft's trading arm will disrupt a slice of global crude flows and may prompt refineries in Europe, India and the United States to shift purchases to other crude suppliers, traders said.The United States on Tuesday redoubled efforts to oust Venezuelan President Nicolas Maduro by barring U.S. dealings with Rosneft Trading S.A., a subsidiary of Russia's state oil major Rosneft, which Washington said provides him a financial lifeline. Russia has called the sanctions illegal and said it plans to consider options in reaction.The ban will likely hit some U.S.
US Oil Export Boom Sparks Battle to Build Texas Ports
Booming U.S. oil exports have set off a scramble to build Gulf Coast ports to handle more than 3 million barrels per day in new supplies expected over the next five years.Of seven proposed oil-export projects, nowhere is the opportunity greater or the competition more fierce than in Corpus Christi, Texas, where three firms are vying to open the state's first deepwater port.Commodities trader Trafigura has taken an early lead with a planned offshore facility that has an easier path to regulatory approval and faces fewer objections…
Iran's Oil Tanker Fleet Being Squeezed as Sanctions Bite
Iran is running short of options to replace its ageing fleet of tankers and keep oil exports flowing because renewed U.S. sanctions are making potential sellers and flag registries wary of doing business with Tehran, Western and Iranian sources said.Since U.S. President Donald Trump reimposed sanctions in November, exploratory talks with South Korea for up to 10 new supertankers have stalled and Panama has also removed at least 21 Iranian tankers from its registry forcing Tehran to put the vessels under its own flag, the sources said.Washington has put restrictions on Iran's port…