BP does not intend to honor the National Oil Bargaining Agreement, says union
The union representing hundreds of workers in BP's Whiting Refinery, the.largest refinery.in the Midwest, announced?on.Friday that the British oil giant does not intend honoring the national oil bargaining agreements. The United Steelworkers union has adopted a national oil bargaining agreement that was negotiated with Marathon Petroleum to be used in contracts between 30,000 workers of the oil industry and their refineries or chemical plants. The Steelworkers Union represents about 800 workers in the Whiting refinery, which produces important transportation fuels such as?gasoline and diesel fuel.
EIA data show that US oil demand and production fell to multi-month highs in November.
Data from the Energy Information Administration on Friday showed that U.S. oil output fell to its lowest level since July in November, while oil demand dropped to its lowest level since April. The EIA reported that the crude oil output fell to 13,78 million bpd during November. This is down 82,000 compared to October's record 13.86 million. This is the first monthly decline in U.S. crude oil production since May 2025. It's also the largest fall since weather-related outages caused a slump in January 2025. The U.S. ranks as the top oil producer and consumer in the world.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the third consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added natural gas and oil rigs this week for the third consecutive week for the first since November. The number of oil and gas drilling rigs, a good indicator of future production, increased by five in the week ending February 6 to reach 551 - its highest level since November. Baker Hughes reported that despite the increase in rigs this week, there were still 35 rigs or 6% less than this time last year. Baker Hughes reported that oil rigs increased by one this week to 412, the highest level since December. Gas rigs grew by five to 130 - their highest level since November.
Salzgitter takes over HKM Steel joint venture to end conflict with Thyssenkrupp
Germany's Salzgitter announced on Friday that it would buy out all the shareholders of the steel joint venture HKM, becoming the sole owner of the company by mid-2026. This could end a dispute between Thyssenkrupp and Salzgitter over the future of this ailing business. It could be the solution to end years of uncertainty for the struggling company, which employs 3,000'staff. This could also be a way to remove a barrier in Thyssenkrupp’s ongoing discussions to sell TKSE India’s Jindal Steel International. The agreement is an important milestone...it puts Thyssenkrupp on a level keel for the future, said TKSE CEO Marie Jaroni.
TotalEnergies and Petrobras purchase land north of Namibia's massive Mopane discovery
Both TotalEnergies, the French oil giant, and Petrobras, the Brazilian firm acquired a 42.5% share in an offshore exploration license. The firms are looking to "develop" oil in one of last frontiers in exploration. Total has expanded its holdings in South Africa, where the company hopes to become the first oil producer by the end decade. Petrobras has also made a significant step in its plan to make Africa its primary exploratory region outside Brazil. Oil companies looking to replenish their reserves are flocking to Namibia. The country has no hydrocarbons production but a series of high-profile discoveries have shown that it could be a top-15 oil producer in the next decade.
The EU's new sanctions plan is designed to target Russian crude exports more severely
The European Commission proposed on Friday a ban on all services that "support" Russia's crude oil exports by sea. This is a far more comprehensive measure than previous EU sanctions, and goes beyond the piecemeal approach in an effort to "stunt" Moscow's main source of revenue for its war against Ukraine. With the assistance of Western shipping, Russia exports more than a third its oil on Western tankers. These are mainly from Greece. Cyprus and Malta. The ban will end this practice that mainly supplies India and China and make obsolete the price cap that was imposed by the Group of Seven Western Powers on Russian crude oil.
Trinidad's Atlantic LNG will shut down Train 4 to perform major maintenance
Three people familiar with the plan said that Trinidad and Tobago’s flagship 'Atlantic LNG' plans to close its 6 million metric ton per annum Train 4 in May and/or June for maintenance and repairs. Atlantic LNG is owned by Shell, BP and Trinidad's National Gas Company. Each company holds a 45% share. According to documents from the company, this facility will account for?roughly 15% of BP’s global LNG production in 2025 and 10% of Shell’s LNG output. People told us that the maintenance and repairs will begin on May 4, and last between 45-50 days. During this time, Atlantic will continue exporting LNG from Trains 2 &?3, with a combined 6 mtpa capacity.
RWE looks to buy LNG from ADNOC in Germany as it moves to diversify its supply
RWE signed a preliminary agreement with Abu Dhabi National Oil Company on Friday. The German utility stated that it could purchase LNG for European markets as Berlin strives to diversify their energy partners. The German Chancellor Friedrich Merz has been visiting the Gulf region to look for new energy sources, and to reduce the country's dependency on the United States, its dominant supplier. RWE is not only a power producer but also a trader of gas and LNG and an energy 'importer. RWE is exploring the possibility of buying up to 1 million metric tonnes of LNG per year for Germany and other European countries under the framework agreement signed with ADNOC.
Greek joint venture seeking 20-year US Liquefied Natural Gas deal to boost Southern Europe's gas supplies
Atlantic Sea LNG Trade is a joint venture of Greece's gas supplier DEPA and the construction group Aktor. It is currently in negotiations to secure 15 billion cubic metres (bcm), or LNG, from the United States every year for 20 years, to supply southern Europe. Greece is seeking to strengthen its role as a gas transit route into Europe, and the continent is preparing to stop Russian gas imports in late 2027. This will intensify competition for long-term LNG supplies and increase pressure on governments so they don't get caught short. In an interview…
Aker Solutions boosts 2026 revenue outlook, raises dividend
Norwegian enginering group Aker Solutions on Friday raised its ?2026 revenue outlook, predicting a smaller decline ?than previously forecast, and proposed ?a ?bigger-than-expected dividend payment for last year, lifting its share price by 7.6%. As several major projects are completed, the supplier of energy said that it expects revenues in 2026 to drop to between 45 and 50 billion Norwegian crowns (between $4.6 billion and $5 billion) from 63.2 billion in 2025. Aker Solutions previously expected revenue of approximately?45 billion crowns this year.
Mercuria and India's Tata will form a commodities trading venture
The global commodities trading house Mercuria is forming a joint-venture with Tata International to expand their presence in India and help the conglomerate trade a diverse basket of commodities. Noel Tata said that the joint venture is well-positioned for a scalable and compliant trading platform. Tata International supports the parent company, the multinational conglomerate?Tata Group, with trading and distribution. Tata Group, a multinational conglomerate, is involved in steel, motor vehicles, and aerospace amongst other industries. All of these require large amounts of natural resources such as metals and gases…
Prices for EUROPE GAS are on the decline due to warmer temperatures forecasts and a solid supply
The benchmark Dutch and British wholesale prices of gas fell on Friday morning, as?warmer temperatures curbed the demand for gas and supplies of?liquefied gas remained high. Data compiled by LSEG revealed that the benchmark 'Dutch - front-month contract' at TTF hub had fallen 0.30 euros to 34.76 Euro per megawatt hour (12.02 /mmBtu) by 0934 GMT. This week, the benchmark contract fell by around 14% as a result of price drops in America due to freezing temperatures that had affected gas production. We see the move down (lower) as overdone, given that winter risks are still skewed primarily to the upside and inventories are well below the five-year-average.
Shell stops further Kazakhstan investment due to legal disputes, CEO states
Shell has halted new investments in Kazakhstan due to legal actions taken by the government against the oil giant and other international companies over cost disputes. CEO Wael sawan confirmed this. Kazakhstan has been in conflict with international oil companies for many years. It launched arbitration proceedings against the developers who developed its Kashagan oilfields and Karachaganak, claiming $13 billion of disputed costs and $3.5 billion. One claim?involves a field operated by the Karachaganak Petroleum Operating Consortium, in which Shell holds a 29,25% stake along with Eni, Chevron and KazMunayGaz.
Shell stops further Kazakhstan investment due to legal disputes, CEO states
Shell has halted new investments due to legal actions launched by the government against it and other international companies for cost disputes. CEO Wael Sawan said that Shell would halt its new investments because of the legal proceedings. Kazakhstan has been in conflict with international oil companies for many years. It launched arbitration proceedings against the developers who developed its Kashagan oilfield and Karachaganak, claiming $13 billion of disputed costs and $3.5 billion. Shell, Eni, Chevron and KazMunayGaz all hold a 29.25% stake in the Karachaganak Petroleum Operating Consortium, which operates the field.
Sources say that Japan's Mitsui is close to purchasing a stake in Qatar LNG Project.
Five sources said that Japan's Mitsui & Co. is on the verge of buying a stake, in the second phase, in QatarEnergy’s massive North Field project as it seeks a stable liquefied gas (LNG). The deal, if reached, would strengthen Japan's energy safety as it seeks to meet the increase in electricity demands from the artificial-intelligence boom using conventional fuels. Qatar would also gain a larger weighting in Tokyo’s energy portfolio, as the Middle Eastern nation struck a 27-year supply agreement with JERA earlier this week, Japan’s largest power generator. QatarEnergy declined to respond to an inquiry for comment, and Mitsui also declined to make a comment.
Sources: Mitsui Japan is close to a stake in Qatar LNG Project
Five sources said that Japan's Mitsui & Co. is on the verge of?buying a share in the second phase QatarEnergy’s massive North Field Project?in order to ensure a stable liquefied gas supply (LNG). The deal, if reached, would strengthen Japan's energy safety as it seeks to meet the increase in electricity demands from the artificial-intelligence boom using conventional fuels. Qatar would also gain a larger weight in Tokyo's portfolio of energy after striking a 27-year deal with JERA earlier this week, Japan's largest power generator. QatarEnergy declined to comment on a comment request, and Mitsui also declined.
Norway's Kongsberg Group Q4 exceeds forecast
Norwegian defence contractor, Kongsberg Group,?on Friday?reported a larger than expected increase?in its operating profit for the fourth quarter?and that the order backlog has increased by 11% during the last three months of 2025. The earnings before interest and taxes rose by 42% in the quarter October-December 2024 compared to the same period in 2024. This was higher than the 2,070 billion crowns that analysts predicted. Kongsberg, and its competitors have seen an increase in orders as Europe increases its military spending during a time of war in Ukraine. Also, U.S. president Donald Trump has demanded that NATO allies assume more responsibility for Europe's defenses.
BP Whiting refinery workers are preparing for a possible strike after union talks fail
United ?Steelworkers is asking workers at BP's 440,000-barrel-per-day refinery ?in Whiting, Indiana, to prepare for ?a strike ?or lockout, the union said on Thursday after weeks of negotiations with the British oil major that did not yield results. The comments follow a vote by 98% of the?800 Whiting?refinery workers that the local USW represents to authorize a walkout. Eric Schultz is the president of USW 7-1. He said that BP had rejected nearly all?of USW 7-1's proposals without much discussion. The union said BP had proposed workplace changes that included cutting over 200 union jobs from operations…
Shell CEO: We want to export Venezuelan Gas through Trinidad
Wael Sawan, the CEO of Shell, told Bloomberg TV that he hopes to have the?gas produced from Venezuela's Dragon Field in three years and then processed in Trinidad and Tobago before export. Shell and Trinidad are trying to increase natural gas supplies to Trinidad's Atlantic LNG Export Facility and the broader petrochemical industry amid shortages caused by dwindling Caribbean island supplies. Shell and Trinidad National Gas Company received a joint 30-year license from Venezuela's government in 2024 to operate the 4.5 trillion cubic feet Dragon gasfield, located in Venezuelan waters only a few miles away from Trinidad's existing energy infrastructure.
ConocoPhillips aims to cut costs by $1 billion in 2026. Profits miss on lower oil prices
ConocoPhillips announced on Thursday that it plans to reduce capital and operating costs by $1 billion by 2026. This comes after the U.S. energy producer missed Wall Street's?estimates? for its fourth-quarter profits due to lower crude prices. Falling oil prices have put pressure on the industry to reduce spending, drill less and cut staff. ConocoPhillips' average price was $42.46 for a barrel of oil-equivalent (boe), which is 19% less than the previous year, since it does not typically hedge its production. As it only operates in the upstream sector, Exxon Mobil is more vulnerable to fluctuations in oil prices than Chevron and Exxon Mobil.