Narelle continues to disrupt Australia LNG despite its weakening from tropical cyclone
Ex-Tropical cyclone Narelle, which has been affecting Australia's Queensland state and Northern Territory since March 20, further affected production at two of Australia’s largest liquefied natural gas plants. The storm system was waning in the country's northwestern region. Narelle, which has been sweeping across Australia's Queensland and Northern Territory state since it made landfall on March 20 as a Category 4 tropical cyclone, hit Western Australia on Friday, affecting LNG plant run by Woodside and Chevron. The impact of the storm on LNG plants has increased a global shortage caused by the Iran War.
Narelle continues to disrupt Australia LNG despite its weakening from tropical cyclone
Narelle, the former tropical storm that weakened in Australia's north-west, continued to disrupt production at two of Australia’s largest liquefied?gas plants Saturday. Narelle, the category four tropical storm that has been ravaging Australia's Queensland and Northern Territory ever since it made landfall on?March 20th, hit Western Australia Thursday. It affected LNG plants operated by Chevron, Woodside, and others. The impact of the storm exacerbated an existing global supply crisis caused by the Iran War. A spokesperson for Chevron Australia…
Canada's Minister of International Trade says that the EU and CPTPP have agreed to move forward with a "historic" digital deal.
Canada's Trade Minister said that the European Union and parties to the Comprehensive and Progressive Agreement of Trans-Pacific Partnership (CPTPP) agreed to move forward on Friday with a "historical" digital trade deal between the two trading blocs. Maninder Sidhu is Canada's Minister for International Trade. On Friday, the EU and CPTPP parties - which includes 12 countries including Japan, Britain, Canada Mexico, Australia, Malaysia, - met in Cameroon, on the sidelines of the WTO Ministerial Conference. If this happens, which we hope it will, then this will be historical. Sidhu stated that it will be the biggest trading agreement of civilization.
Oil and gas exploration is back. Energy giants are hunting to replenish reserves
Executives at the CERAWeek Conference in Houston, Texas, this week declared that global energy companies have returned to the basics, focusing their efforts on finding?new oil and gas sources. This marks the end of years of underinvestment. The'shale revolution' in the U.S. in recent years promised a flexible, abundant supply. However, growth in renewable energy sources like wind and sun raised doubts over long-term demand for oil. Oil and gas drillers have chosen to 'flood profits into dividends and stock buybacks rather than exploration. Production?in the Permian Basin of the U.S. will plateau as energy demand continues to grow.
The Russian government has announced that the ban on gasoline imports will be implemented from April 1.
The Russian government reported that Alexander Novak, the Deputy Prime Minister of Russia, had instructed his energy ministry on Friday to draft a resolution banning gasoline exports as of April 1, 2019. The state-run TASS reported earlier that the ban will remain in effect until July 31. Novak stated that the turmoil on 'the global oil market and its products, which is caused by a crisis in the Middle East has led to significant price changes. He also said that the demand for Russian energy resources on foreign markets is high. The government stated that the processing of crude oil remains at the same level as last year, which ensures a stable supply.
Oil rally fails to boost drilling as services firms are squeezed
Oilfield services firms around the world are bracing themselves for a drop in earnings, as the Iran War?disrupts the energy infrastructure throughout the Middle East. Producers will hold off on new drilling until the higher oil prices have been proven to be durable. Brent's benchmark price has risen 53% in the past two months, just one day before Israel and the U.S. launched their strikes against?Iran. This makes oil and gas projects much more profitable and increases demand for crews and rigs. However, the Iran War has seen a drop in activity and a reduction in demand for oilfield equipment and services.
Baker Hughes reports that US drillers have cut their oil and gas rigs a second time in a week.
Baker Hughes, an energy services firm, said that U.S. firms have 'cut back on the number of oil & /natural gas rigs for a second consecutive week for the first time since mid-January. The number of oil and gas rigs, a good indicator of future production, dropped by nine in the week ending March 27 to 543, the lowest level since January 16. Baker?Hughes stated that this week's decrease puts the total number of rigs down by 49 rigs or 8.3% from this time last year. Baker Hughes reported that oil rigs dropped?by five to 409 in this week. This is their lowest level since the week ending February 27. Gas?rigs also fell by four to 127. As U.S.
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.
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.
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.
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.
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…
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.