China crude oil production in January and February was up by 1.9% on an annual basis.
Official data released on Monday showed that China's crude oil output in January and February rose by 1.9% when compared with the same period of last year. This was largely due to higher refinery operating rates. National Bureau of Statistics of China data showed that the total refinery throughput of the second largest oil consumer in the world was 122.63 millions metric tons or approximately 15.17 million barrels a day. China releases a single release of data for both January and February to reduce the impact of Lunar New Year holidays that fall during either of these months every year.
The ruling party of South Korea says that the country will lift its coal cap and increase nuclear production amid the Iran crisis.
South Korea's ruling Democratic Party announced on Monday that the government would lift limitations on coal-fired power generation and increase nuclear plant utilisation to as much as 80%, as part of a response to the Middle East Crisis. In a briefing, members of the Middle East Crisis Economic Response Task Force of the party said that the measures were intended to stabilise energy prices and supply as tensions along the Strait of Hormuz have blocked oil and gas supplies from South Korea. According to Korea International Trade Association data, South Korea imports most of its?energy. It buys about 70% of its oil, and 20% of its liquefied gas (LNG), from the Middle East.
Hindalco stops production of aluminium extruded products because of the Iran War, says notice
Hindalco Industries, an Indian company, has halted the production of value-added extruded aluminum due to a gas shortage in response to supply disruptions in the Middle East. This was revealed by a notice from the company. Aditya Birla Group owned metals producer declared force majore to all its extruded aluminum customers on March 11. In a statement to the. The company stated that they had sent a notification to their customers regarding the potential disruption of supply in one segment of "the extrusions" business after certain gas suppliers declared force majeure.
New Zealand predicts 3.7% inflation if the Iran war continues through the year
New Zealand's Finance Minister Nicola Willis stated on Monday that the country's treasury forecasted an inflation rate of 3.7% if a war with Iran continues through this year. New Zealand's inflation rate rose by 3.1% over the past 12 months, exceeding the target rate set by the central bank and forecasts. Willis stated that Treasury modelling for a worst-case scenario with a long conflict in Iran, and oil prices reaching $135 per barrel predicted inflation of 3.7%. She told reporters that she was "looking forward" to the fact that generalised prices may be higher than expected this year. This is something that New Zealanders can live with.
Russell: The war in Iran has a greater impact on refined fuels than crude oil and importers must act.
Media attention is focused on the loss of up to 20% of crude oil and refined fuels due to the continued closure of the Strait of Hormuz. The rapid tightening in the markets for refined products in Asia is a greater concern. Major importing countries like Australia and Indonesia could be facing an "emergency" situation with lower supplies and much higher prices. According to Kpler commodity analysts, Australia is Asia's biggest importer of refined petroleum products. It averages around 900,000. Indonesia comes in second with arrivals of about 600,000. The largest proportion of Indonesian imports is gasoline, which is used to power the country's mining operations.
Hindalco stops production of aluminium extruded products because of the Iran War, notice states
Hindalco Industries in India has halted the production of extruded aluminum, a high-value aluminium product due to a shortage of gas resulting from disruptions to the supply of natural gas to the Middle East, according to two sources and a notice by the company. Aditya Birla Group owned metals producer declared Force Majeure to all its extruded aluminum customers on March 11th, the notice stated. In a letter to the. The?company stated that they had sent a notification to their extrusion clients after certain gas suppliers declared force majeure. Hindalco said that the 'aluminium-extrusions segment' only represents a small part of the production capacity of the company.
Alaska LNG CEO: We need more commitments to offtake before we make a final investment decision.
Glenfarne, an energy developer, must secure agreements to purchase a further 3 million metric tonnes of liquefied gas before making any final investment decisions on the $44 billion Alaska LNG project. Brendan Duval, CEO of Glenfarne, said that the lead developer for the Alaska project has been in discussions with two potential buyers about adding the remaining volumes to the 13 million tonnes of annual sales agreed upon so far. JERA, one of Japan's largest LNG buyers, and Tokyo Gas have signed preliminary agreements for offtake. Glenfarne must…
Colombia: Venezuela's PDVSA intends to terminate pipeline contract with Ecopetrol
Edwin Palma, Colombia's Energy?Minister, said Venezuela's PDVSA state oil?company intends to terminate a contract with Colombia Ecopetrol?over?the Antonio Ricaurte?pipeline. He claimed that there was not enough?investment in its repair. Palma, in a Saturday post on X, said that the government planned to meet the U.S. Government on Monday to discuss the lifting of sanctions against Venezuela and normalizing commercial relationships. The announcement comes a day following a high level meeting between two countries held in Caracas. Officials discussed security, US sanction and energy cooperation including repairs of the pipeline.
Rwanda warns that it may withdraw troops to Mozambique’s Cabo Delgado, which is a heavily insurgent area.
Rwanda has indicated that it may withdraw its troops from the?Mozambique province of Cabo Delgado, where they?help to counter deadly insurgents attacks, if a sufficient and predictable external funding was not provided. In a recent post on X, Rwandan Government spokesperson Yolande Makoo stated that the deployment of 2021 at Mozambique’s request has helped stabilise previously insurgent areas linked to Islam. Bloomberg reported Thursday that the European Union support for the mission will expire in may with no plans to renew. EU officials in Brussels didn't immediately respond to my request for comment.
Japan Industry Ministry asks Australia for increased LNG production amid Iran Crisis
Japan's Industry Minister Ryosei AKazawa?on Saturday asked Australia to increase its output of liquefied gas in light of the Middle East crisis. Around 11% of Japan's LNG imports come from the Middle East, and 6% of that is shipped through the Strait of Hormuz. This route has been effectively closed by the U.S./Israeli war against Iran. Japan is also dependent on the Middle East for 95% of its crude oils. The U.S./Israeli war against?Iran shut down QatarEnergy LNG plants, disrupting Middle East energy supplies. Last week, the?Qatari energy minister Saad al Kaabi? said that it could take months for normal deliveries to resume.
JERA seeks more LNG to hedge growing Middle East risk
JERA, Japan's largest liquefied gas buyer, has begun discussions with global suppliers about possible additional purchases to protect against Middle East supplies worsening. This is despite a major LNG supplier saying the price spike would be short-lived. The U.S./Israeli war against Iran has caused the QatarEnergy LNG plants to be shut down, which has disrupted energy supplies in the Middle East. Qatari Energy minister Saad Al-Kaabi stated last week that it could take several months for normal deliveries to resume. JERA manages about 35 million metric tonnes of super-chilled diesel fuel per year, of which around 27 million are used in the domestic market.
BP's Kaskida project is approved by the US, a spokesperson said.
A company spokesperson said in an emailed statement sent late Friday that the Trump administration has approved the Kaskida Project in the Gulf of Mexico. The $5 billion investment would unlock 10 billion barrels in resources that BP has discovered in the Paleogene field of the U.S. Gulf according to the spokesperson. A statement stated that the U.S. Department?of the Interior's approval for?Kaskida was the result of an extensive review of the development plan of the company over a period of one year. Bloomberg News reported for the first time on Friday that Kaskida is scheduled to begin crude?production by 2029.
Japan's minister claims that Europe has done Tokyo a favor by releasing oil stocks.
Ryosei Acazawa, Japan's Minister of Industry, said that Europe did Japan a favor by agreeing to a joint release of oil stockpiles this week in order to reduce the price spikes and'supply crisis' caused by the Iran War. The International Energy Agency agreed on Wednesday to release a record number of 400 million barrels from strategic oil stockpiles in order to combat a rise in global crude prices following the U.S. - Israel war against Iran that began on February 28. Japan, a G7 country that relies 90% on Middle Eastern oil, has announced it will release?80m barrels of oil from its national and private reserves starting March 16.
Venture Global CEO: Global LNG price volatility is'very short term' according to Venture Global
Mike Sabel, Chief Executive Officer of Venture Global, said that the volatility in liquefied natural gas prices caused by the Middle East crisis was "very short-term". QatarEnergy LNG plants are now shut down, affecting 20% of the global LNG supply. This is due to the U.S./Israeli war against Iran which has affected energy supplies in?the Middle East. Qatari Energy Minister Saad Al-Kaabi stated last week that it could take several months for normal deliveries to resume. Sabel stated that "there is tremendous volatility in the markets." Sabel said, "However, it is only a short-term issue, and we are extremely optimistic about the long-term health of the market.
BP revised its Whiting oil refinery offer after unions rejected the proposal
BP issued a revised contract to its union 'workers' at its Whiting oil refinery in Indiana on Friday after the United Steelworkers overwhelmingly voted against what BP had described as its 'last, best, and final proposal. Last week, BP presented to the union what it called its "final offer" and stated that it would expire within 10 days. This revised offer is not meant to penalize the union or its membership for refusing the original offer. BP said in a bulletin to employees released following the vote that it was simply reflecting certain incentives which were conditional on an agreement being reached by March 12th, 2026.
BP revised its Whiting oil refinery offer after unions rejected the proposal
BP issued a revised offer of a contract to its union?workers in its Whiting, Indiana oil refinery. This was after members of the United Steelworkers overwhelmingly refused what the 'company' had described as its "last, best and final" -proposal. BP said that the offer would expire after 10 calendar days. This revised offer does not penalize the Union or its members who rejected the original offer. In an employee bulletin issued after the vote, BP stated that it was simply a'reflection' of certain incentives being conditional on reaching an agreement by March 12th 2026. The revised proposal would not retroactively apply the first-year wage increase to February 1, 2026.
Fitch confirms Qatar's credit rating and says that the strong LNG push will help to reduce conflict risks
Fitch Ratings confirmed Qatar's long term foreign currency rating as "AA" with a "stable outlook" on Friday. It said that Qatar's strong balance sheet and its plans to increase LNG production should help cushion the impact of the escalating Middle East conflict. The U.S. and Israel war against Iran has caused disruptions in shipments through the Strait of Hormuz. This is the most important oil route on the planet, responsible for 20 percent of the global oil supply. Qatar's fiscal gap in 2026 will likely be widened by the?impact of LNG exports. This depends on the length of the conflict.
Globally, governments are taking measures to mitigate the impact of Iran's war on energy prices for consumers
Fuel subsidies, price caps and emergency commodity releases are just some of the measures that governments from Asia to Europe have taken to protect consumers from rising fuel and food prices - a result of the U.S. and Israeli war against Iran. The conflict in the Middle East has caused a halt to a fifth of world oil and gas supplies. It has also forced the top energy producers Saudi Arabia, the United Arab Emirates Kuwait, Iraq, and Qatar to reduce their output. This is what the International Energy Agency has called the biggest disruption to global energy supply ever. Brent crude, the benchmark international contract, settled at $102,90 per barrel on Friday.
Baker Hughes reports that US drillers have added oil and gas rigs to their fleets for the second week running.
Baker Hughes, an energy services company, said in a closely-followed report on Friday that U.S. firms added oil and natural gas rigs this week for the second time in a row. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending March 13 to reach 553 - its highest level since November 2025. Baker Hughes reported that despite this week's increase in rigs the total count is still?39 or 7% lower than this time last year. Baker Hughes reported that oil rigs increased by a?1 to 412 in this week. This is their highest level since early February. Gas rigs also rose by one to 133.
Cyprus targets gas exports in 2028, as the Mid East conflict increases supply tensions
Michael Damianos, the Energy Minister, said that Cyprus could start producing natural gas to?export by?2028. This would 'potentially? strengthen Europe's drive to diversify their energy sources, as the Middle East conflict tightens its focus on supply. The turmoil in the Gulf has raised concern about energy transits via chokepoints such as the Strait of Hormuz. This corridor is responsible for a fifth of world oil trade and has been brought to a halt after U.S.and Israel launched strikes against Iran on February 28, 2019. Damianos said in an interview that he hoped to have gas by 2028.