After US sanctions are lifted, refiners in India and other parts of Asia will buy Iranian oil.
Indian refiners are planning to resume purchasing Iranian?oil, while refiners in other parts of Asia are examining the possibility after Washington temporarily lifted sanctions?to 'alleviate a severe energy shortage caused by U.S. and Israeli war against Iran. Three Indian refinery sources have said that they plan to buy Iranian oil. They are waiting for Washington's clarification on payment terms and government directives. After the U.S. lifted temporary sanctions, refiners in India, who have much smaller crude stocks than other major Asian oil importers rushed to order Russian oil.
Ukraine Looks to Partner With Romania to Develop Black Sea Gas Discovery
Ukraine's Naftogaz, which discovered "substantial" offshore gas reserves in the Black Sea before Russia's invasion, is in talks with Romania's OMV Petrom to form a partnership relating to the field, three industry sources told Reuters.The sources did not indicate the amount of recoverable gas at the discovery, but one called it "one of the most promising gas fields in the Black Sea region", where Romania and Turkey are already developing deposits of their own.Talks were at an early stage and development of the field would not start before the war ends…
Gazprom claims that TurkStream pumping stations and other facilities were attacked
Gazprom reported Wednesday aerial attacks against its southern Russian facilities, including the Russkaya Pumping Station that exports natural gases via the 'TurkStream' subsea gas pipeline to Europe. However, the company added that the attacks were all foiled. The facilities, 'linked to the TurkStream or Blue Stream pipelines', were attacked 12 times in the last two weeks. In an attempt to reduce Russia's military capability, Ukraine has intensified its attacks on Russian energy infrastructure including oil refineries.
Iran War causes major disruptions in oil and gas
U.S. and Israeli war against Iran, and the attacks of Iran on Gulf neighbours has caused oil and natural gas production to stop in the Middle East. The Strait of Hormuz is the world's most important oil artery. It handles 20 percent of the global oil and LNG supplies. Saudi Aramco, world's largest oil exporter, warned on Tuesday of "catastrophic" consequences for the global oil market if the Strait does not open. Saudi Arabia's oil production has been cut only slightly, to 9.8 million bpd so far from its OPEC quota at 10.1 million bpd according to Energy Aspects.
Iran War causes major disruptions in oil and gas
U.S. and Israeli war against Iran, and Tehran's attacks upon Gulf neighbours has caused oil and gas?exports to be disrupted and production stopped. Sources say that Saudi Aramco, the world's largest oil producer, cut its output Monday. The Strait of Hormuz is the most important oil artery in the world, and it handles 20% of the global oil supply. Two sources reported on Monday that Aramco had begun reducing production at two of its fields. Saudi Arabia is the top oil exporter in the world. In February, it produced roughly 10.3 million barrels of crude oil per day.
US-Israeli War on Iran Causes Major Oil, Gas Disruptions
Kuwait announced?cuts at the weekend due to the U.S. and Israel war against Iran. Analysts predict the United Arab Emirates (UAE) and Saudi Arabia, which are running out of oil storage, will have to reduce their output as well. Here are the main energy disruptions that have occurred so far. Three industry sources reported on March 8 that the Iraqi production has collapsed: "the country's oil output from its southern oilfields is down 70%, to 1.3 million barrels a day (bpd), from 4.3 millions barrels a day (bpd), before the war.
US-Israeli War on Iran Causes Major Oil, Gas Disruptions
The U.S. and Israeli war against Iran has caused oil and gas exports to be disrupted from the Middle East. Production was stopped from Qatar all the way up to Iraq. Kuwait announced cuts this weekend. Analysts predict the United Arab Emirates (UAE) and Saudi Arabia, too, will have to reduce their output as soon as possible when they run out of oil storage. Kuwait Force Majeure: Kuwait Petroleum Corporation cut oil output and declared force majeure March 7, due to the war that shut down exports through the Strait of Hormuz.
BP to perform maintenance on Central Azeri Platform in August
BP's regional president for Azerbaijan and Georgia, as well as Turkey, Giovanni Cristofoli, said that the company plans to perform scheduled'maintenance on the Central Azeri -platform in August 2026. He added that the shutdown would only affect the gas infrastructure of the platform, and oil production would continue. He added that maintenance usually lasts for 19 days. The shorter outage is possible because of the new technologies. BP is the largest foreign investor and operator in Azerbaijan’s oil and natural gas sector.
US-Israeli War on Iran Causes Major Oil, Gas Disruptions
The U.S. and Israel war against?Iran disrupted oil exports to the Middle East, forcing production stops from Qatar to Iraq. Here are the major energy disruptions that have occurred so far. Iraq's OPEC's second largest producer, Iraq, slashes production: Iraq?has reduced almost 1.5 million barrels a day?due...to storage limitations and the lack.of an export route. Officials told. The country could be forced to close 3 million barrels per day within days if the exports don't resume. According to a survey conducted in January…
Brent oil prices continue to rise amid Iran conflict with Brent reaching a 19-month high
The price of crude oil rose by about 7% Tuesday. This is the third time that oil prices have risen in a row. As the U.S./Israeli conflict with Iran intensifies, fuel shipments are disrupted, and 'fears' of further disruptions to Middle East oil supply and gas supplies increase. Brent crude futures rose $5.70 or 7% to $83.44 per barrel at 1326 GMT, after reaching their highest level since July 2024, $85.12. U.S. West Texas Intermediate Crude gained $5.03 or 7% to $76.26. It had previously reached its highest level since June, at $77.58.
Mercuria profits fall as the company expands into metals and LNG
Mercuria's?chief finance officer? told a reporter on Friday that the trading house had posted a 6% drop in profit for 2025, despite expanding its metals and physical LNG businesses, as well as its shipping business, from Latin America into Central Asia. Trading?houses' profits fell from the record highs in 2022-2023 when energy prices rose due to Russia’s invasion of Ukraine. Merchants reinvested profits in business expansion, equity and dividends while paying record amounts. Guillaume Vermersch, the CFO of Mercuria, said that Mercuria's Net Income fell from $1.52 Billion in 2024 to $1.43 Billion in 2025.
EU delays 'Made in Europe' plan after disagreements over scope
The European Commission announced on Monday that it had 'delayed announcement of a new policy to prioritise industrial products and parts made in Europe by a week due to disagreements over the scope of the program. Thursday was the date set for the announcement of these measures, which would establish minimum thresholds in order to use locally-made parts in projects involving public funds. These include strategic sectors such as batteries, solar and renewable energy, and nuclear power. A spokesperson from the office of Commission Executive Vice President Stephane Séjourne stated that "Following discussions…
Turkmenistan’s former president says diversifying the gas exports to Turkmenistan is a 'primary objective'
According to the transcript of a Sunday interview, former Turkmen president Gurbanguly Berdymukhamedov stated that his country's 'primary goal' was to diversify its exports of its massive gas reserves. The fourth largest in the world. Turkmenistan, a?mostly desert? country of 7 million people, has been limited in its gas exports by the lack of pipeline infrastructure. The majority of Turkmenistan's gas exports go to China. Berdymukhamedov was president of Turkmenistan from 2007 until 2022. He then stepped down to be replaced by his son Serdar.
Libyan traders bring in Western traders to counter Russian fuel flow
Three trading sources have confirmed that global oil traders and firms including Vitol Trafigura, and TotalEnergies won the tenders for supplying gasoline and diesel to Libya. The country is allowing large Western companies a broader access and reducing its imports of Russian petrol. Libya has been overhauling its oil industry for 15 years, following the fall of Muammar Gadhafi. It produces 1.4 million barrels of crude oil a day, but does not have the refinery infrastructure necessary to process it. This leaves it dependent on fuel imports.
Turkey declares Greece-Chevron activities off Crete illegal
The Turkish government said that it was opposed to Greece's unilateral?activities? in the energy fields south-west of Crete, with a consortium headed by?U.S. Chevron, a major oil company, as a violation of international law and good neighbourly relations. Athens responded that its policies adhere to international law. Chevron and its consortium signed exclusive lease agreements Monday to search for natural gas offshore southern Greece. This expands U.S. presence throughout the eastern Mediterranean.
Turkey declares Greece-Chevron activities off Crete illegal
Turkey has said that it opposes Greece's unilateral activities in hydrocarbon fields south of Crete, with a consortium led by U.S. oil giant Chevron. This is a violation of international law and good neighbourly relations. Chevron, a consortium led by Chevron, signed exclusive lease agreements to search for natural gas in southern Greece on Monday. This will expand the United States presence in the eastern Mediterranean. The Turkish Defence Ministry stated at its weekly press briefing that "we…
Azerbaijan BTC Pipeline Exports Fall 8.9% in January
Azerbaijan’s oil exports via the Baku-Tbilisi-Ceyhan pipeline fell to 2.112 million metric tons in January 2026, down 8.9% from a year earlier, as supplies were affected by tainted oil, Azerbaijani data showed.The BTC pipeline, which runs through Georgia to Turkey, is used to export oil from the Azeri, Chirag and Guneshli oilfields, which are operated by BP.Azerbaijan’s total oil transit amounted to 2.731 million tons in January 2026, with 77.3% shipped via the BTC pipeline, according to the country’s statistics committee.Transit oil volumes from other countries, including Kazakhstan and Turkmenistan, transported
During Erdogan's visit, Turkey and Ethiopia signed an energy cooperation agreement
The Turkish Energy Ministry announced that Turkey and Ethiopia signed an agreement on 'energy cooperation' during the visit of President Tayyip Erdogan to Addis Ababa on Tuesday. Erdogan visited Addis Ababa for a day on Tuesday, at the invitation of Prime Minister Abiy Ahmed. It was his first visit to Ethiopia in eleven years. After talks between the two leaders, an agreement was signed in a ceremony. Alparslan Bayraktar, the Turkish Energy Minister, said that it would be used as a 'roadmap to enhance?cooperation.
Turkey, Ethiopia to Cooperate on Energy Projects
Turkey and Ethiopia signed a memorandum of understanding on energy cooperation during a visit by President Tayyip Erdogan to Addis Ababa on Tuesday, the Turkish Energy Ministry said, adding the accord would lead to joint production and projects.Erdogan held a one-day visit to Addis Ababa on Tuesday upon Prime Minister Abiy Ahmed's invitation, his first to Ethiopia in 11 years.The accord was signed at a ceremony after talks between the two leaders. Turkish Energy Minister Alparslan Bayraktar said it would serve as a roadmap to deepen cooperation.The ministry said in a note that under the agreement…
The Dutch front-month contract of EUROPE GAS has reached a one-month low
Dutch and British wholesale contracts for gas fell on Monday morning. The Dutch benchmark price had reached a low of one month earlier in the day, due to milder weather forecasts and stable supplies. By 0932 GMT, the benchmark Dutch front-month contract was trading at 31.13 euro per megawatt hour. LSEG data shows that it had dropped to 30.67 euro in early trade, its lowest level since mid-January. The contract for April dropped by 0.67 euros to 30.18 euros/MWh. LSEG data revealed that temperatures in the north-west of Europe are expected to drop this week.