Slovakia is interested in the gas produced by Romania's Neptun Project
The slovak prime minister Robert Fico stated that the country is interested in receiving natural gas from Romania's Neptun Deep offshore Project, as its Russian supplies are set to cease next year. "We 'expressed interest, and said that if Romania plans to export this natural gas outside of its own territory -- that is, use it for its own consumption only -- Slovakia offers to utilize existing infrastructure.?And we will be interested to this gas on a business basis," Fico said during a televised meeting with Romanian Premier Ilie Bolojan at Bucharest.
Official: Fuel and fertiliser price increases do not threaten Ukraine’s spring crop sowing
The deputy minister of Ukraine's economy said that a sharp rise in fuel prices and fertilizer due to the Iran War is not expected to disrupt Ukraine's spring planting of?grains? and other crops. Ukraine is one of the world's largest producers of grains and oilseeds, generating $22 billion in revenue from exports in 2025. However, its crop yields are heavily dependent on fertiliser usage. He added that the additional cost to farmers does not compromise the campaign. Fuel and fertiliser prices have risen sharply due to the war in Iran. Ukraine doesn't buy fuel or fertilizer directly from Gulf states.
EUROPE GAS - European gas prices rise on the back of oil gains and low stock levels
The benchmark British and Dutch wholesale gasoline prices rose on Friday morning. This followed a rise in oil prices despite the fact that U.S. president Donald Trump had extended a pause to attacks against Iran's energy plants. The benchmark 'Dutch front month?contract was up 0.572 euro at 55.79 Euro per megawatt-hour (MWh) or about $18.80 a mmBtu at 0913 GMT. ICE data shows that the British April contract is now 140.13 pence for every?therm. This represents a 1.53-penny increase. Around a fifth of all LNG in the world?passes the Strait of Hormuz. However, shipping has slowed to a near standstill since U.S. and Israeli began their strikes against Iran on February 28, 2017.
Taiwan freezes its electricity rates to maintain the industry's competitiveness and stabilize prices
The economy ministry announced 'on Friday that Taiwan won't raise its electricity prices for the time being, despite the fact that energy prices are higher due to the Middle East war. This is to maintain price stability and to keep the industrial competitiveness. The government is trying to limit price increases for consumers across the board to help reduce the impact of rising energy prices internationally, including heavily subsidising energy. The ministry released a statement saying that the committee had decided to 'not adjust electricity rates at this time' due to the increased risks of escalating conflicts in the Middle East, as well as changes in international tariffs.
Document shows that the Japanese government has asked wholesalers to switch from Dubai to Brent pricing.
According to a document obtained by on Friday, the Japanese industry ministry has asked domestic wholesalers "to switch to Brent crude oil prices" from the Dubai benchmark when setting gasoline prices. This is an effort to limit price increases. This measure is one of many tools that Japan, which depends on the Middle East to provide?more?than 90% of its oil needs, has used in order to deal with the Iran War disruptions. The measures?have included releasing a portion of oil reserves and considering an intervention in the crude oil futures markets to combat the yen’s vulnerability. The Ministry of Economy, Trade and Industry refused to comment on the document.
As war disrupts LNG exports, Japan is considering increasing coal-fired energy
The Japanese industry ministry plans to propose increasing the use of coal-fired electricity generation in the fiscal year starting in April as the U.S.-Israeli conflict with Iran creates uncertainty about liquefied gas imports. Japan imports around 6% of all its LNG through the Strait of Hormuz, which is effectively closed because of the war. The Ministry of Economic, Trade, and Industry proposes to suspend for one year the 50% cap on the capacity utilization rate of coal-fired plants in a proposal to be submitted to a government expert group.
India reduces special excise duty on petrol and diesel
India has slashed the special excise duty on 'petrol and diesel' as fuel prices remain volatile, with supplies being?stifled by the Iran war. The Indian Finance Ministry reduced the special excise tax on petrol from 13 rupees per litre to 3 rupees (US $0.0318) in a government order issued Thursday. The duty on diesel was also reduced to zero rupees from 10 rupees. The U.S. and Israeli war against Iran?has resulted in a near-closure of Strait of Hormuz. This is a conduit for 40% of crude imports. It has hurt shipping and gas supplies. The government has not said how much duty reductions will cost it.
Chevron reports gas outage in Australia due to Cyclone
Chevron announced 'on Friday that it is working to restore the production at its Gorgon and Wheatstone liquefied natural gas facilities in Australia, following production outages likely caused by Tropical Cyclone Narelle. The Wheatstone 'Platform', located about 225km (140miles) off Australia’s west coast at midday local time (0400 GMT), experienced an outage. This caused a suspension in onshore gas production. A three-hour outage at Gorgon's Barrow Island facility, located about 50 km offshore, shut down one of the three LNG production trains.
Venture Global and Edison resolve arbitration dispute regarding early Calcasieu Pass gas sales
Venture Global and Edison announced on Thursday that?they?had?reached an agreement in order to settle a longstanding arbitration dispute relating to allegations that the American exporter liquified natural gas had failed to deliver contractual shipments to the Italian firm. The Edison settlement should be completed by the end June 2026 when the arbitration is formally ended, according to a statement released jointly by the two companies. They said that the agreement resolved the arbitration in its entirety. Edison, BP, Shell and Repsol filed arbitration…
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…