After Qatar's LNG supply was halted, Bangladesh saw a steep increase in LNG prices
After Qatar suspended LNG deliveries amid the escalating Iran/Israel conflict, Bangladesh will be forced to pay much higher prices on the spot market. This has led the authorities in Bangladesh to ration gas and close several fertiliser factories. Officials said that the state-run Petrobangla had arranged for two LNG spot cargoes to be delivered in March, to ensure supplies are not interrupted. A shipment from Gunvor is priced at $28,28 per million British Thermal Units (mmBtu), and is scheduled to arrive between March 15-16. Another shipment from Vitol is priced at $23,08 per mmBtu. Both are due for delivery on March 18-19.
Bangladesh closes its fertiliser factories due to Middle East gas shortage
Officials said that Bangladesh closed four of its five fertilizer factories on Thursday, amid a worsening shortage of gas triggered by the escalating tensions across the Middle East. A government order aimed to conserve dwindling supplies of gas has halted production at several state-run 'plants, including Karnaphuli Fertilizer Company Limited and Chittagong urea Fertilizer Limited. Uttam Chowdhury is CUFL's Chief Chemist and Head of Production. He said that the two facilities were receiving between 70-80 millions cubic feet of natural gas each day prior to the shutdown. Qatar stopped LNG production earlier this week.
Sources: Uniper talks LNG with Canada to reduce US dependence
Three 'people who are familiar with the matter' said that Uniper, a state-owned German energy company, is in 'talks' with Canada about expanding liquefied gas purchases. This is part of Berlin’s plans to establish a broad economic relationship and reduce reliance on U.S. suppliers. Sources say that the discussions are on a political and corporate level. They are also taking place as Germany prepares to bid for a Canadian sub tender, which is likely going to include deals in rare earths and batteries, and energy. Uniper refused to comment on any specific talks.
Equinor, a Norwegian company, wants to keep gas and oil exports high despite the rising prices
The Norwegian energy company Equinor is focusing on maintaining high levels of regularity when it comes to its exports of crude oil and natural gases to Europe. This is because the Iran conflict has a significant impact on global energy supplies. The U.S. and Israeli campaign against Iran, and its retaliatory strikes across the Gulf Region have paralyzed shipping through the Strait of Hormuz. This is a crucial route for oil and liquefied gas (LNG), producers in the Gulf. This week, oil and gas prices have risen due to disruptions. He refused to comment on current production levels. Brent crude oil prices have risen 16% in the last week, to $84 per barrel.
Source: India wants US marine coverage for Middle East energy cargoes
India and the United States are in discussions to secure marine coverage for vessels that ship oil from the Middle East. New Delhi is seeking to protect buyers from possible supply disruptions due to the Gulf crisis. The official who didn't want to be named said that "so far, we are?comfortable." He added that the oil ministry was in talks with major producers and dealers to secure oil, LPG, and LNG. The U.S. International Development Finance Corporation has been ordered by President Donald Trump to provide financial and political guarantees for the maritime trade in Gulf. He said that the U.S.
As the US-Iran war spreads, more tankers are attacked.
As the U.S. - Iran war escalated on Thursday, Iranian drones invaded Azerbaijan and threatened to spread the crisis?to other oil producers in this region. Initial assessments indicate that a?Bahamas flagged crude oil tanker anchored near Iraq’s Khor al Zubair Port was attacked by an Iranian remote-controlled boat loaded with explosives. After a large explosion, a second tanker anchored off Kuwait began to take on water and was spilling oil. Since the conflict between the U.S. and Israel broke out on Saturday, nine vessels have been attacked. Iran fired a barrage of missiles on Israel in the early hours of Thursday morning and sent drones to Azerbaijan.
Sources say that BP's international staff was evacuated from the Iraqi oilfield when drones landed on the field.
Three Iraqi oil industry insiders said that foreign staff were evacuated from the 'giant Rumaila' oilfield in Iraq after two unidentified drones landed on the field Thursday. "We are constantly assessing the situation. We have been in communication with these people under our duty of care. On Tuesday, two Iraqi oil officials said that the country has cut oil production by almost 1.5 million barrels?a day. They added that these cuts could increase to over 3 million bpd in a matter of days as the country is running out?of?storage?and can't export crude because of the Iran war. Iraq produced about 4 million barrels per day in January.
Dutch far-right legislators argue that Groningen's gas field should not be permanently closed
The far-right party in the Netherlands announced on Thursday that it will propose a proposal to keep the Groningen Gas?field available as a reserve, despite its closure due to seismic risk in 2024. The JA21 plan would allow for the possibility of re-taping some wells. This is in contrast to the Dutch government’s?earlier promise to permanently seal wells with concrete and never reopening them. Other far-right politicians, such as?Geert wilders of the Freedom Party, have endorsed this proposal. Wilders stated that it was logical to keep our gas reserves as an emergency reserve, given the current geopolitical situation.
Thailand increases fuel reserves and tries to secure LNG amid Iran Crisis
Thailand's Prime Minster Anutin Charnvirakul called a meeting on Thursday of the energy agencies as concerns grew about supply in case the war with Iran disrupted global shipping. After the meeting, Energy Minister Auttapol Rerkpiboon said that Thailand will increase its mandatory fuel reserve to 3% and not 1%. Auttapol stated that "our reliance on Qatari LNG, which is transported through the Strait of Hormuz" was a problem. S&P Global estimates that Thailand imports between 2.2 and 2.8 million tonnes of LNG from Qatar per year on average. However, Qatar's production has been shut down, sources reported.
Canadian Natural Resources exceeds profit expectations on higher production
Canadian Natural Resources, an oil and gas producer, posted a profit that was higher than expected for the fourth quarter. The company's increased output offset lower crude prices. Canadian Natural Resources and other oil sands producers in Canada have survived a 'global downturn', despite the uncertainty caused by U.S. Tariffs, as well as a rise in OPEC+ production, due to their years of investment. Their costs are among the lowest found anywhere in North America. The largest oil and natural gas producer in the country said that its production jumped by 12.8% compared to a year ago, reaching a record of 1.66 million barrels equivalents per day (boepd).
Russian budget revenues from oil and gas were down by 44% in February, y/y
According to data from the Finance Ministry, Russian state oil and gas revenues in February fell by 44% to 432.3 billion roubles (about $5.51 billion) compared to the same month last year. This was due to lower oil costs and a stronger ruble. The increase was 10% compared to January. The?revenues from oil and gas are vital for Russia's budget. In 2025, the state budget had a deficit of 5.6 trillion rubles or 2.6%. Around a quarter is accounted for by the revenue. The Finance Ministry's data revealed that the revenue for the first two-month period of the year dropped by 47% compared to the previous year. It was 825.6 billion Russian roubles.
Statkraft CEO: Iran crisis could cause European power prices to rise and industry woes
The prolonged Iran crisis, which has hampered shipments of key energy and halted the production of?Qatari gas in Qatar, is expected to increase European electricity prices and erode industrial competitiveness. This was stated by Statkraft's CEO on Thursday. The United States, Israel and Iran have all launched attacks on Iran. In addition, Iran has also struck at its Arab Gulf neighbours. This has paralysed shipping through the Strait of Hormuz. Qatar's LNG production, which accounts 20% of the global LNG supply, has been forced to shut down due to the crisis.
Qatar closes down gas liquefaction; restarting will take several weeks, say sources
Qatar declared a 'force majeure' on its gas exports Wednesday, amid the U.S. and Israeli war against Iran. Sources said that it could take at least a month to return to normal production levels. Qatar is supplying 20% of the world's liquefied gas. Two sources familiar with this matter have confirmed that Qatar Energy, the state energy giant, which has stopped producing gas in recent weeks, will completely shut down gas liquefaction by Wednesday. Two sources familiar with the matter said that they asked to remain anonymous because they were not permitted to speak to media.
Cornwall Insight predicts that Britain's energy cap will rise by about 10%.
Analysts from Cornwall Insight said on Wednesday that the UK's energy price cap will rise by about 10% this July due to an increase in wholesale prices linked to a war in Iran. The rise in energy prices would not be welcome news for the Labour government of Prime Minister KeirStarmer, who is under pressure to keep its promise to reduce household energy costs. This would also wipe out any savings from the decision to scrap the policy which forces energy providers to pay for measures like insulation and new heating systems. The British energy regulator Ofgem sets the domestic price cap using a formula that takes into account wholesale energy prices as well as network costs…
Reeves, UK's Reeves, says that the Middle East crisis makes predicting when the oil and gas profit levies will end difficult.
The British Finance Minister Rachel Reeves told oil and gas executives on Wednesday that it was harder to predict the end of a tax on their profit due to the conflict in 'the Middle East, but that she was committed to eliminating it. Reeves spoke with representatives of the oil and gas sector, including BP and Adura. He also met with Offshore Energies UK and Offshore Energies UK, to discuss a sudden rise in energy costs following a U.S. and Israeli air strike against Iran. The windfall tax, introduced in 2022 in response to the surge in energy prices after Russia's invasion in Ukraine, increased the effective tax rate for North Sea producers from 78% to 78%.
Pluspetrol in Peru stops gas production following pipeline leak
Pluspetrol, Peru's liquefied gas producer, has halted production of LPG following a rupture and leak on a pipeline in the Amazon region. The ruptured pipeline was operated by Transportadora de Gas del Peru, (TGP), and occurred in Megantoni district, Cusco region, just a few kilometers away from the Camisea field, where Pluspetrol extracts gas. Pluspetrol's Pisco fractionation plant has been cut off from receiving natural gas. According to company data, the facility provides approximately 70% of Peru’s?LPG needs. TGP announced on Monday that it will temporarily restrict gas supply to users in the industrial and electric sectors while it repairs its leak.
Iran Conflict triggers New Gas Crisis in Separatist Moldova Region
Transdniestria, Moldova's separatist Transdniestria, has experienced a new gas shortage due to the conflict in Iran, according to authorities. The crisis, which lasted a year ago, caused a power and heat outage for homes and industries. Transdniestria, a pro-Moscow region, has been receiving Russian gas for years, almost without payment, via a pipeline crossing Ukraine. Kyiv authorities stopped the gas transit last year as the war against Russia continued, leaving 350,000 residents in the region and a large part of the region's industry with little or no heat and power for more than a month.
India's Adani Total Gas raises prices, citing Middle East conflict
India's Adani Total Gas (ATGL), citing a lower Availability of Gas due to the Middle East conflict, has raised prices on industrial clients. Adani Group is a joint-venture with?French oil giant TotalEnergies SE. The?attacks against Iran and Tehran's response strikes have caused transit through the Strait of Hormuz, which transports around a fifth of global oil consumption as well?as huge quantities of liquefied gas, to come to a grinding halt. The company stated that due to recent geopolitical developments affecting LNG supply routes, the ATGL has received an upstream gas curtailment. This has led to operational restrictions.
China's five-year plan targets stable oil production, increased gas and stockpiling
China announced on Thursday that it would set a target for its annual oil production of 200 million metric tonnes (4 million barrels per day) as part of its next five-year plans. This is a goal?it had already exceeded last year. The country also promised to 'expand' the size of its strategic oil reserves, which are not publicly disclosed. This target is an extension of the 2022 goal by China's National Energy Administration to increase output to 200 millions tonnes by 2025. The target is still lower than the 216 million tonnes reached last year, after a seven-year effort to reverse production declines.
The price of gas in Europe is rising as Putin suggests a reduction in supply
LONDON, 5th March - Benchmark Dutch & British wholesale gas prices recovered on Thursday morning following a decline in the previous session. President Vladimir Putin had warned that Russia could stop its'remaining' gas flows into Europe. This added to fears about supply, especially after Qatar announced a force majeure on LNG shipments. The Dutch front-month contract at the TTF hub – the benchmark price for?Europe – rose by 2% at 0928 GMT to 49.0 Euros per Megawatt Hour, after rising by 8.3% earlier in the day at 52.80 Euros/MWh. ICE data shows that the British April contract, up 7.2% in earlier trading, is now 2.1% higher, at 129.5 pence/therm.