Sugar prices rise on fears that the Iran war will increase ethanol demand and lower sugar production
The world sugar price rose 'on Monday, on the fear that the U.S./Israel war against Iran, which is disrupting energy supplies worldwide, would cause Brazilian sugar?cane mills to produce less sugar and more ethanol. Ethanol, a biofuel made from cane, is produced by mills. The mills of Brazil, the world's largest sugar producer, will use less cane for fuel production, which means they have less raw material available to make?sugar.
Venezuela suspends 19 oil, gas production-sharing contracts signed under Maduro, sources say
Four sources familiar with the matter said that Venezuela's oil ministry suspended 19 contracts signed with private companies under the?administration? of President Nicolas Maduro. Sources say that the suspension of the contracts has not affected the oil and gas production in the country. The sources added that the state oil giant PDVSA sells the crude produced by the contracts even though they are suspended.
Venezuela suspends 19 oil, gas production-sharing contracts signed under Maduro government, sources say
Four sources with knowledge of the?move? said that Venezuela's Oil Ministry has suspended a total of?19 oil-production-sharing contracts signed by?private companies under President Nicolas Maduro. Sources say that the suspension of the contracts has not affected the oil and gas production in the country. The sources added that the state oil giant PDVSA continues to sell crude oil produced under these contracts even though they are suspended.
Petromidia Refinery to Shut Down for Scheduled Revision in March
Romania's Black Sea crude oil refinery Petromidia, the largest in the country, will shut down for a scheduled revision in March, its owner said on Tuesday, potentially squeezing fuel supply and putting upward pressure on prices.The refinery is owned by Rompetrol Rafinare, which is majority-controlled by KMG International (KMGI), part of Kazakh state oil firm KazMunayGaz.
Indonesian Pertamina will continue to bid for US energy imports
Pertamina, the Indonesian state oil and gas company, said on Friday that imports of energy products from the U.S. will still be done 'through a competitive bidding process' following the conclusion of the trade agreement between the two nations. On Thursday, Indonesia and the U.S. signed a deal that reduced U.S. tariffs from 32% to 19%. Indonesia plans to import goods and services worth $38,4 billion from the U.S.
Indonesian Pertamina will continue to bid for US energy imports
Pertamina, the Indonesian state oil and gas company, said on Friday that imports of energy products from the U.S. will still be done 'through a competitive bidding process' following the conclusion of the trade agreement between the two nations. On Thursday, Indonesia and the U.S. signed a deal that reduced U.S. tariffs from 32% to 19%. Indonesia plans to import goods and services worth $38,4 billion from the U.S.
In February, Russia's oil revenues and gas revenues are expected to have halved y/y.
Calculations showed that the Russian state's?oil?and?gas revenue in February 2025 will be almost half as much at 410 billion roubles (5.35 billion dollars) due to a stronger currency and lower oil price. The Kremlin's main source of revenue is oil and gas revenues, which account for more than a quarter of the federal budget. However, this amount has been drained since Russia started its military campaign against Ukraine in February 2022.
Maurel & Prom, a Venezuelan oil firm, says that teams are fully mobilised after the US issued key authorization.
Maurel & Prom has a team in Venezuela that is fully mobilised, and'ready for the next stages of development', said its chief executive on Thursday. This was after the U.S. - added the French oil producer?to a a list of companies authorized to increase operations in Venezuela. M&P stopped exporting oil from Venezuela in the second quarter last year, after President Donald Trump suspended its license along with?other companies.
Indonesia and US firms sign trade, investment agreements worth $7 billion
The U.S. ASEAN Business Council reported that Indonesian & U.S. firms signed 'trade and investment agreements worth more than $7 bn? on Wednesday, a day before Indonesian President Prabowo?Subianto meets with U.S. president Donald Trump for a meeting to sign a final deal. According to a U.S. ASEAN Business Council fact sheet, the agreements were signed during a dinner hosted by U.S. Chamber of Commerce for Prabowo.
Phillips 66, Citgo Look to Directly Buy Venezuelan Crude
U.S. refiners Phillips 66 and Citgo Petroleum are seeking to buy heavy crude directly from Venezuelan state oil company PDVSA starting in April to maximize profits, rather than purchasing through trading houses and U.S. oil major Chevron, according to sources familiar with the efforts.Trading houses Trafigura and Vitol in January secured the first U.S. licenses to export Venezuelan oil as part of a $2 billion deal between Caracas and Washington.
MOL Orders Alternative Oil to Supply Hungary, Slovakia Refineries
Hungary's MOL group has ordered tankers delivering Saudi, Norwegian, Kazakh, Libyan and Russian oil to supply its Hungarian and Slovak refineries and halted diesel supplies to Ukraine as it scrambles to overcome an outage of the Druzhba pipeline, officials said on Wednesday.MOL's refineries, the last in the EU to receive Russian oil through Druzhba, have struggled since a supply halt that Ukraine says was due to a Russian attack that damaged the
YPF's XRG and ADNOC XRG sign agreement to advance Argentina LNG Project
Argentine's state oil company YPF, Italy’s?Eni, and Abu Dhabi National Oil Company’s international investments arm XRG'signed a binding 'joint 'development 'agreement' to advance Argentina LNG. The project is expected to achieve a liquefied gas capacity of 12,000,000 tons per year, XRG stated in a Thursday statement. In a statement, YPF's CEO Horacio Martin said that the deal marked XRG’s formal inclusion.
Sources say that increased Orinoco Belt production boosts Venezuela's crude oil production to one million barrels per day.
Sources close to the operations of Venezuela's PDVSA state oil company said that the company reversed the majority?of its output cuts at its own oilfields and joint-ventures in the country's main?crude region – the Orinoco Belt – bringing the nation's production to close to one million barrels per a day (bpd). The OPEC nation had to reduce crude production, its main revenue source…
Sources: Eneva, a Brazilian company, is in negotiations with Maha to form a joint venture in Venezuela
Two sources who have direct knowledge of this matter said that Eneva, a Brazilian energy firm, is evaluating options to enter Venezuela's oil and gas sector. It is also in discussions with Maha Capital from Sweden about forming a joint venture. According to a source who did not want to be identified, the Brazilian oil and gas producer was in discussions with other companies than Maha. Both sources stated that the talks are still?preliminary.
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)…
Russia's oil & gas revenues halved y/y in January to the lowest level since July 2020
According to data from the Finance Ministry, Russian state oil revenues and gas revenues fell by half in January, compared with the same period last year. They reached their lowest level since July 2020. The drop was attributed to a?lower price of crude oil and a stronger currency. The oil and gas revenues are vital for Russia's budget. In 2025, the state budget had a deficit of 2.6% or 5.6 trillion roubles.
Data shows that Indonesia imported Russian Sakhalin crude oil in December and January.
Ship tracking data revealed on Tuesday that Indonesia imported two cargoes in December and in January of Russian oil. These purchases were rare for the Southeast Asian nation and could be a sign of Russian oil sellers looking to expand their market in response to pressure from other buyers. The Kpler & Vortexa imports came as a result of a decline in demand for Russian crude oil from India. India is one of the largest buyers of Russian oil.
Shell Nigeria cuts oil exports after maintenance is done on the Bonga vessel
Shell Nigeria Exploration and Production Company announced on Sunday that it has started planned maintenance on its Bonga oil vessel. This'move' will temporarily reduce 'Nigeria’s oil export capacity by 225,000 barrels a day, but could prolong the asset's life. The Bonga Floating Production, Storage and Offloading Unit, Nigeria's First Deepwater?Project, is located 120 km off shore in water depths of over?1,000 meters.
Internal reports indicate that Mexico's Olmeca refining plant ceased operations on Monday.
According to two internal reports, Mexico's Olmeca Refinery, located at the Gulf Port of?Dos Bocas, and operated by state oil company?Pemex ceased its operations Monday due to a power outage. Sources claim that Olmeca has resumed operations at its unit on Tuesday. Pemex said it would consult the relevant departments before resuming operations. Pemex said on Monday…
Mexico tries to avoid US tariffs for states that ship oil to Cuba
Mexico will look for diplomatic solutions to help Cuba. Mexican President Claudia Sheinbaum said on Friday that the country would seek alternatives and find diplomatic solutions after U.S. president Donald Trump signed a tariff order on oil-supplying countries. The White House Executive Order on Thursday could be devastating for Cuba and Mexico, as it is one of the last oil suppliers.