Russian LNG Tanker Sinks in Mediterranean
A Russian tanker carrying liquefied natural gas (LNG) sank in the Mediterranean on Wednesday after what Moscow described as an attack by Ukrainian drones launched from Libya.The Arctic Metagaz sank in waters between Libya and Malta after catching fire a day earlier, Libya's maritime rescue agency said in an advisory seen by Reuters."Information indicates that the tanker experienced sudden explosions followe
The European market is seeking clarity about Qatari LNG supplies, which has led to a reduction in prices.
The Dutch and British gas price were lower on Wednesday, after rising earlier in the week. However, they could still be volatile, as traders try to gauge how long Qatari LNG supply will remain interrupted. Data from Intercontinental Exchange (ICE), showed that the benchmark 'Dutch front month contract' at the TTF hub had fallen by 1.02 euros to?53.27 per megawatt-hour (MWh) as of 1018 GMT.
CEE ECONOMY - Czech inflation slows down in February, but not likely to cause central bank to cut rates
The preliminary data released on Wednesday showed that 'Czech inflation fell further below the central banks target in February. Its headline rate dropped to a lower than nine-month-low of 1.4% on the back of a slower food price increase and lower energy prices. The data comes after the Czech National Bank discussed a renewed policy of easing during its last meeting, on February 5.
Japan's Middle East Energy Dependency - and How it Mitigates Shocks
Around 95% of Japan's oil and 11% of its liquefied gas is imported from the Middle East. Around 70% and 6% of these imports come via the Strait of Hormuz which has been effectively closed by the Iran War. Here's a breakdown of Japan's energy dependence on the Middle East and how it can reduce its import risk. Around 95% of Japan's oil imports come from the Middle East.
Iraq Cuts Oil Output With Possible Further Reductions
Iraq has cut oil production by nearly 1.5 million barrels a day and those cuts could widen to more than 3 million bpd within days as the country runs out of storage and cannot export crude due to the Iran crisis, two Iraqi oil officials told Reuters on Tuesday.As of Tuesday, Iraq has cut production from the Rumaila oil field by 700,000 bpd, from the West Qurna 2 field by 460,000 bpd and from the Maysan fiel
Sources: India cuts gas supply to industries following Qatar outage
Four industry sources with knowledge of the situation said that Indian companies reduced their natural gas supply to industries on Tuesday in anticipation of a tighter Middle East supply after top producer Qatar stopped production. Qatar stopped its production of liquefied gas on Monday as Iran continued to attack Gulf countries in response to Israeli and U.S. attacks against it.
Sources: India cuts gas supply to industries following Qatar outage
Four industry sources said that Indian companies reduced their natural gas supply to industries on Tuesday in anticipation of a 'tighter supply' from the Middle East, after Qatar, the top producer, halted its production. Qatar stopped its production of liquefied gas on Monday as Iran continued to attack Gulf countries in response to Israeli and U.S. attacks against it.
Minister says Austria will deepen its cooperation with Abu Dhabi
Austrian Economy Minister Wolfgang Hattmannsdorfer announced that the country plans to expand economic cooperation with Abu Dhabi following the creation of Borouge Group International (BGI), a chemicals company. In an interview with?Hattmannsdorfer on Friday night, he said that he expects BGI, the?tie up between units of 'Abu Dhabi…
Clean Max, a renewable energy company in India, falls 16% on its first day of trading.
Clean Max - Enviro Energy Solutions shares fell 16% on Monday in their 'trading debut', valuing the company at 103.32 billion rupies ($1.13 billion). Weak retail demand weighed down India’s largest IPO this year. The stock was listed at 960?rupees at the National Stock Exchange (NSE), and last traded at 882 rupees at 10.22 am IST. This is below its original issue price of 1053?rupees.
Raychaudhuri: Indian equities are a bright spot in the market.
Indian stocks, once the darlings of global investors have been underperforming other emerging markets in the past year due to?trade tensions and falling earnings estimates, while high valuations also dulled their shine. Changing domestic and geopolitical tendencies may attract global investors again. Last year, the main problem…
Libya's Mabruk Oil Field to Increase Production to Up to 30,000 Bpd
Libya's Mabruk Oil Operations have resumed production at the?al-Mabruk field, with an initial pumping rate?expected to range between 25,000-30,000 barrels per day, according to the state-owned National Oil Corporation. In a press release, NOC stated that production resumed on the field "following successful commissioning of new early production units".
ADNOC offers partners more Murban crude ahead of the OPEC+ meeting, sources and reports say
Abu Dhabi will 'export' more of its Murban crude, according to Bloomberg News and two trade sources. This will add to the already abundant supply from Middle East producers. Bloomberg reported that the state-owned Abu Dhabi National Oil Co. offered to increase volumes for partners in the onshore concession of the country, citing people who were familiar with the plans.
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…
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…
Coterra misses its quarterly profit forecasts, pointing to winter storm as a factor in Q1 output
Coterra Energy missed Wall Street's expectations for the fourth quarter profit on lower crude prices and warned that its first-quarter production would be affected by the U.S. winter storm. Venezuela is expected to increase its barrel production, putting pressure on global crude prices. The average oil price was $58.16 a barrel, down from $68.57 per barrel a quarter earlier.
Recent developments in Asia's ethanol targets
As they try to reduce their dependence on imported fuels and meet carbon emission targets, more countries in Asia Pacific are blending ethanol with gasoline. Indonesia, Asia's biggest gasoline importer plans to impose an mandatory bioethanol content level of 10% in?gasoline by 2028, according to energy ministry official,?Tri?Winarno.
The French government has survived two votes of no confidence on the energy law
The French government has survived two no-confidence motions that were filed in 'parliament' on Wednesday. These motions were brought because it had adopted a new Energy Law by decree in February after years of disagreements within the National Assembly. The motion was filed by France's National Rally party (RN), which received 140 votes in parliament. 289 votes were needed to pass the motion.
Iberdrola's earnings are higher after the network business boosts results for 2025
Iberdrola, Europe's largest utility, expects its business of building and updating?power?networks in Britain and America to boost earnings this year, after it drove a 10% increase in 2025 adjusted Net Profit. The Spanish company will benefit from its strategic shift to the more regulated business of power grids and plans to spend over 100 billion Euros through 2031 in order to build on that.
Angola’s national oil company is looking to diversify its business into minerals that are critical.
Sonangol, the state-owned Angolan oil company, said Wednesday it wants to diversify its business into minerals that are critical for economic growth. Sonangol's executives told a press conference that the company made a net profit of over $750 million by 2025. This is compared to 736 billion kwanzas (about $807 million) in 2024.
Hungary Accuses Ukraine of Plans to Disrupt National Energy System
Hungary's Prime Minister Viktor Orban accused Ukraineon Wednesday of planning to disrupt the Hungarian energy system, and dispatched troops to safeguard infrastructure, escalating a dispute that has undermined Europe's pro-Ukraine consensus.Hungary and Slovakia, whose leaders are outliers in the EU for maintaining relations with Moscow…