Iran has been seen as focusing on renewable energy investments with a focus on security and not climate.
Executives at the CERAWeek Conference in Houston said that energy security concerns, which once limited investment into renewable energy, could now accelerate its growth more than climate change worries. This is because oil and gas supplies are facing a new wave of uncertainty due to the war against Iran. The U.S. and Israeli war against Iran has?removed a?million barrels of oil per day from the global markets, causing energy prices to reach multi-year-highs and causing shortages of fuel in countries that rely on oil and natural gas flowing through Strait of Hormuz.
After a month of high energy prices, Big Oil will reap billions in profits from the war with Iran
While Big Oil executives met this week to discuss the largest-ever disruption to global energy supply due to the conflict in Iran, they didn't address one aspect of the impact: the multi-billion-dollar windfall that they will make because of the soaring price for the energy they are selling. Brent crude, the global benchmark oil, has averaged $97 per barrel so far in March. This is up 33% compared to $69 in February. It's even higher than $65 in January. The U.S. and Israeli war against Iran, which began?on 28 February, has halted a quarter of the world supply of oil that flows through the 'Strait of 'Hormuz. In some places, natural gas prices have increased even further.
Iran is open to Spain's request for transit through Hormuz
The Iranian Embassy in Spain announced 'on Thursday' that Iran would accept any request made by Madrid in relation to the Strait of Hormuz, because Spain "respects" international law. This is the first time such a concession has been offered to a member state of the EU. Spain, with a relatively small fleet of merchant ships, was one of the first nations to denounce the U.S. and Israeli attacks on Iran as reckless and illegal. "BREAKING NEWS: Iran considers Spain a ?country committed to international law, so it shows receptiveness to any request coming from Madrid.#StraitofHormuz," ?the Iranian embassy's post on X said.
Algeria and Spain strengthen their energy partnership
Spain and Algeria have agreed to strengthen their partnership in energy, said Spanish Foreign Minister Jose Manuel Albares on Thursday after meeting Algerian president?Abdelmadjid Tebboune. Albares did not say whether Algeria agreed to increase the amount of gas it supplies to Spain. Iran's conflict has thrown energy markets into chaos and caused a rise in volatility. This has led some people to seek gas elsewhere. The CEO of Spanish utility 'Naturgy, Francisco Reynes, said that the company was looking to strengthen its relationship with Algerian shareholder Sonatrach and its Algerian supplier Sonatrach.
TotalEnergies honours all LNG contracts in Qatar despite outages
TotalEnergies CEO Patrick Pouyanne stated?on Thursday? that the company decided not to declare force majeure for any of its customers of liquefied gas and would honor all LNG contracts in terms of volume and price. Qatar, the largest LNG producer in the world, declared force majeure after it was attacked by Israel and the U.S. during the war against Iran. Pouyanne stated, "We told our customers that we would not invoke force majeure or refuse to deliver gas... He added, "Yes, it's true that we will miss the energy from Qatar and Abu Dhabi. TotalEnergies is estimated to take 5.2 million metric tonnes (mtpa), from QatarEnergy's share of LNG trains.
YPF: Argentina's energy exports will reach $50 billion by 2031.
The YPF chief executive, Horacio Martin, stated on Thursday that Argentina's energy exports will reach $50 billion a year by 2031. This is primarily due to sales of liquefied?natural?gas. He said that he estimated $130 billion would be invested by 2031 in the country for the development and transportation infrastructure of crude oil and LNG from the Vaca Muerta Region - which is the second largest unconventional gas reserve in the world and the fourth largest?oil reserves. Marin estimated that Argentina could produce 1 million barrels of oil per day (bpd), up from the current level of 900,000.
German petrol stations only allowed one price increase per day to try and curb the Iran war surge
German lawmakers approved initial measures on Thursday to 'curb fuel costs that have risen in the wake of the Iran War. One measure was to limit petrol station price increases to one per day. Petrol stations can only increase their prices in the midday hours (1100 GMT) starting early April. They will still be able make any reductions they want at any time. The legislation passed by lower house of parliament could punish violations with fines up to 100,000 euros ($108,000). The bill is backed by both the Greens and the Social Democrats as well as the conservatives who are in power. It also tightens the antitrust laws to improve transparency of fuel pricing.
Sources say that the EU is urging countries to fill up gas storage tanks early in anticipation of the Iran War.
As the Iran War disrupts fuel markets around the world, EU diplomats have urged EU countries to begin filling up gas storage caverns as soon as possible in order to be prepared for winter next year. The diplomats reported that the Commission reiterated in a meeting behind closed doors that the EU gas supply is not at immediate risk, but encouraged the governments to take action to combat the soaring price. They added that it was important to begin building up stocks in April so as to be prepared for the winter. Since the U.S. and Israel war against Iran began in February, European gas prices have risen by more than 70%.
S&P increases its inflation forecast for Turkey due to the energy impact of war
S&P Global has raised its forecast for Turkish inflation to almost?29% this year, mainly?due to?surging energy prices. This highlights the country's vulnerability due to Iran War fallout which is already testing its long-term inflation-fighting efforts. Ratings agency expects an average inflation rate of 28.9% by 2026. This is up from the previous forecast of 23,4%. The agency said that Turkey's high import dependency leaves it vulnerable to swings in oil prices and gas, as net energy imports account for between 3.5% and 4.5% of GDP. In ?its report published to clients on Wednesday…
TotalEnergies will reassess its 2050 net-zero plans due to the slow energy transition
TotalEnergies, a French oil major, said that the world would not be able reach carbon neutrality by 2050, as stated in the Paris Agreement. As a result, the company's climate goals will have to change. Total has previously stated that it aims to be carbon neutral in 2050. To achieve the goals of the Paris Agreement 2015 to limit global climate change, a significant reduction in carbon emissions is required by 2050. This can only be accomplished by weaning critical systems off oil and gas. "Our ability to achieve CO2 neutrality with society depends on technical innovation, public policy and consumer choices.
India's auto industry is asked to optimize production due to the Iran war affecting energy supplies
A government memo obtained by shows that India has asked automakers to reduce production to save fuel amid fears of shortages due to disruptions in oil and gas imports from the Gulf because of the war with Iran. According to a?March 25, 2018 advisory, the heavy industries ministry also encouraged companies to switch from oil-based fuels into electricity. They were also encouraged to use alternative materials such as recycled aluminum or other alternatives to reduce costs and shortages. The advisory highlights the growing concern of India, as one of the largest oil and gas importers in the world…
India has 60 days' worth of oil supplies in case of disruption to Hormuz
India has secured crude supplies for the next 60 days. This will ensure stable fuel supplies to 'the country, despite disruptions in shipments from Middle East. India, the world's largest oil consumer and buyer, imported over 40% of all its oil from the Middle East. The U.S. and Israeli war against Iran has disrupted those supplies. The government stated that the availability of crude oil on global markets, especially in the Western Hemisphere, has helped to offset the shortage. Indian refiners also increased their purchases of Russian crude to help fill the'supply gap'.
CNOOC 2025 net profit drops 11.5% despite record production
CNOOC, China's oil and gas giant, announced on Thursday that its net profit for 2025 fell by 11.5% compared to the previous year due to lower crude oil prices. This was despite record oil and natural gas production. According to a filing at the Hong Kong Stock Exchange, China's largest offshore oil producer has reported a net profit for 2025 of 122.08 billion yuan (17.69 billion dollars). CNOOC achieved its target range for oil and gas production by increasing it 7%, to a new record of 777.3 million barrels equivalent of oil (boe). The company's proven reserves for 2025 increased 6.9% from the previous year to 7.77 billion Boe.
China's Davos loses its lustre, as the debate dims and face-time with leaders diminishes
Some international participants have said that two high-profile Chinese forums, one of which was dubbed Asia’s Davos has lost its lustre as Beijing concentrates on boosting the domestic economy and confronting various governments over trade issues. Participants of the China Development Forum and the Boao Forum on Thursday said that controversial topics were not being discussed, while debate was no longer as robust as before. Zhao Leji gave the keynote address at the Boao Meeting on Thursday, instead of Premier Li Qiang or President Xi Jinping. Zhao, China's most senior lawmaker, did not make any bold statements.
CNOOC's 2025 net profits drop 11.5% despite record production
CNOOC, China's oil and gas giant, announced on Thursday that its net profit for 2025 fell by 11.5% compared to the previous year due to lower crude oil prices. This was despite record oil and natural gas production. According to a filing at the Hong Kong Stock Exchange, China's largest offshore oil producer reported a net profit for 2025 of?122.08 billion yuan (17.69 billion dollars). CNOOC achieved its target range for oil and gas production by increasing it 7%, to a new record of 777.3 million barrels equivalent of oil (boe). The company's proven reserves for 2025 increased 6.9% over the previous year?to 7,77 billion boe.
Germany restricts fuel price increases as Iran conflict causes surge
Germany's lower house of parliament approved initial measures on Thursday to reduce the surge in fuel prices in Europe's largest economy after the conflict with Iran has driven prices up sharply. According to the law, petrol stations are only allowed to raise prices once daily at 1200 local (1100 GMT), but they can reduce them at any time. The bill tightens the antitrust laws in order to increase "transparency" in fuel prices. The ruling coalition between the conservatives of Friedrich Merz and the Social Democrats is already discussing further?steps. Since late February, fuel prices in Germany have risen above 2 euros per litre. This is due to the U.S.
Market operator: Australia gas supply crunch will be delayed until 2030
The feared gas shortage in Australia's east has been delayed by one year, to 2030. This is due to the coal power extension, falling consumption, and rapid battery uptake. "Practical actions make a difference." "More renewables, batteries and sensible gas policies improve energy security and put Australia in a better position," said Minister for Climate Change and Energy Chris Bowen in a press release. The federal government, citing a shortage of gas, told Queensland LNG exporters in December to reserve 25%?of their gas to be used domestically starting 2027. Three?LNG-export consortia are based in the state, led by Santos Shell and ConocoPhillips.
Philippines suspends spot electricity sales due to Middle East conflict
The Philippines announced on Thursday that it had suspended the sale of electricity at spot prices until further notice due to fuel supply risks and price volatility caused by Iran's war. The suspension was ordered by a decree declaring a national energy emergency in order to deal with fallout of the war, including disruptions in fuel procurement. The Energy Regulatory Commission (ERC) of the country said that it expected to finalise its modified pricing scheme by April 1. This suspension is in line with plans announced by Energy Secretary Sharon Garin in an article published this month…
NNPC: Nigerian LNG cargoes are attracting more buyers.
A senior Nigerian National Petroleum Company official said that the West African producer is experiencing a stronger demand for its LNG cargoes due to the energy disruptions caused by the Middle East war. Olalekan Ogunleye, Executive Vice President of NNPC, stated that buyers are looking more to Nigeria because of its proximity and size of its gas reserves. Nigeria LNG (NLNG), of which NNPC, the largest shareholder is a part, is able to export up?22 millions metric tons annually and is currently building a 7th?production train that is scheduled for completion in 2027. We are in the middle market.
TC Energy signs new agreements for GasLink expansion
TC Energy announced on Wednesday that it has signed commercial agreements with LNG Canada for the second phase of its Coastal 'GasLink Pipeline Project. The agreements'mark a 'key?milestone in Coastal GasLink Phase 2 which still requires a decision on the final investment by LNG Canada, its joint venture partners and approvals from Coastal GasLink. These agreements establish a "commercial framework" that helps LNG Canada to achieve FID. Francois Poirier, CEO of TC Energy, said earlier?this week that disruptions to global liquefied 'natural gas supplies due to the Iran -war make it more 'likely' that a second phase of Canada’s massive LNG Canada facility is built.