Reliance Caps Sales at $11 Per Pump as Shortages Deepen
Reliance Industries, India’s largest private‑sector refiner, has begun capping fuel purchases at its Jio‑BP stations to roughly $11 per visit as Middle‑East tensions keep crude shipments constrained. The limit of 1,000 rupees per customer is being enforced informally to deter panic buying and keep pumps from running dry. The move follows weeks‑long disruptions in the Strait of Hormuz, which supplies most of India’s imported oil. While Reliance controls only about 2% of the nation’s 102,000 stations, it is the first major retailer to impose rationing beyond price hikes.
US Troops to Stay in Gulf Before Talks on Fragile Truce
President Donald Trump pledged to keep U.S. forces stationed in the Persian Gulf as the region braces for talks with Iran aimed at solidifying a fragile cease‑fire. The Strait of Hormuz remains effectively closed, with only three vessels observed exiting...
Santos Announces Positive Results for Quokka Appraisal Campaign
Santos Ltd completed the Quokka‑1 appraisal well on Alaska’s North Slope, confirming a high‑quality Nanushuk reservoir with 143 feet of net oil pay and 19% average porosity. After a single‑stage fracture, the well flowed at 2,190 bopd of light‑gravity oil. The results...
Commonwealth LNG Finalizes Offtake Agreements
Kimmeridge Energy and Mubadala's Caturus joint venture secured long‑term offtake agreements with Aramco Trading, EQT LNG, Glencore, Mercuria and PETRONAS for the Commonwealth LNG project in Louisiana. The project, authorized to export up to 9.5 million metric tons per year (about...
EIA Fuel Update Shows Rising Price Trend
The U.S. Energy Information Administration reported that regular gasoline prices climbed to $4.12 per gallon by April 6, up from $3.99 a week earlier and $3.09 a year ago. Regional data show the West Coast leading with $5.40 per gallon, while...
New Circuit Activated for UK's Biggest Hydropower Station
National Grid has energized the second of three new high‑voltage circuits that connect the 1,800‑megawatt Dinorwig pumped‑storage plant to the North Wales transmission network, replacing aging 1970s infrastructure. The upgrade includes a hybrid switchgear solution that combines SF6 and clean‑air...
Rosneft Tamps Down Profit Expectations From Soaring Prices
Rosneft reported an 18.8% drop in 2025 revenue to $105 billion, with EBITDA falling 28% to $27.7 billion and net income plunging 73% to $3.7 billion. The company cited volatile oil prices, a stronger ruble and intensified sanctions as primary headwinds, while higher...
DOI Plans to Merge BSEE, BOEM
The U.S. Department of the Interior announced a phased plan to combine the Bureau of Ocean Energy Management (BOEM) and the Bureau of Safety and Environmental Enforcement (BSEE) into a new Marine Minerals Administration (MMA). The merger is intended to...
Refining Margins to Provide Buffer as Shell Gas Production Takes War Hit
Shell expects its Integrated Gas production to drop to 880,000‑920,000 barrels of oil equivalent per day in Q1 2026, down from 948,000 boed in Q4 2025, as Middle‑East conflict curtails Qatari volumes. The British energy major projects refining margins rising to $17...
1 of 7 Stranded Malaysian Vessels Sails Through Hormuz
One of seven Malaysian‑owned tankers stranded in the Strait of Hormuz received safe passage after diplomatic talks between Malaysia and Iran. Prime Minister Anwar Ibrahim’s March 26 conversation with President Masoud Pezeshkian led Tehran to clear the vessels and waive...
Tamboran Touts Stimulation Results for Another Beetaloo Well
Tamboran Resources reported that its Shenandoah South 6H well in the Beetaloo sub‑basin achieved a record 20‑day average initial production of 10.3 MMcfd, with a normalized rate of 11.9 MMcfd per 10,000 ft, comparable to top Marcellus wells. The flow test concluded with a...
Buru CEO Quits on Health Reasons
Buru Energy Ltd announced that CEO Thomas Nador will step down on May 8 for personal health reasons, with chairman David Maxwell and director Joanne Williams taking interim leadership. The board reaffirmed its focus on the Rafael Gas Project, which holds a...
BMI Ups Global Diesel Price Forecast
BMI analysts at Fitch raised the 2026 global diesel price forecast to $111 per barrel, a 25 percent increase from the prior $89 estimate, citing an extended U.S.–Iran conflict that tightens Strait of Hormuz flows. The conflict, now projected to last...
Turkey Weighs Raising Energy Prices
Turkey is debating whether to raise electricity and natural‑gas tariffs as global energy costs climb, potentially adding roughly $14 billion to the state budget. Any adjustment requires President Recep Tayyip Erdogan’s sign‑off and could complicate the country’s aggressive disinflation programme. The government...
Turkey Raises Energy Prices
Turkey’s energy regulator announced steep hikes in electricity and natural‑gas tariffs, raising household electricity rates up to 25 % and introducing consumption‑based pricing. Public‑private services see a 17.5 % electricity increase, while industrial users face roughly 6 % rises for both electricity and...
Some French Gas Stations Run Dry
Hundreds of French gas stations ran out of fuel after the government imposed price caps to curb soaring costs caused by Middle East supply disruptions. TotalEnergies accounts for about 700 of the 900 stations that reported shortages, a logistical bottleneck...
European Commission Approves $7B Italian State Aid for Green Hydrogen
The European Commission cleared Italy’s €6 billion ($6.96 billion) state‑aid scheme aimed at producing 200,000 metric tons of renewable hydrogen annually through 2029. The program uses two‑way contracts for difference, setting a strike price via competitive bidding to bridge the cost gap between green...
Uniper to Supply Wind Power in Wolfenbuettel, Lower Saxony
Uniper has signed a power purchase agreement to deliver 100% of a Lower Saxony wind farm’s output—about 9 GWh per year—to Stadtwerke Wolfenbüttel, which serves roughly 57,000 residents. The contract expands Uniper’s long‑standing gas partnership into renewable power, using a pay‑as‑forecast...
Crude Oil Markets Holding Firm
Crude oil markets remain firm as geopolitical tensions around Iran and the Strait of Hormuz embed a risk premium. OPEC+ announced a modest production increase of 206,000 barrels per day for April, while earlier pauses remain in effect. WTI and...
EDF to Supply Nuclear Power to TotalEnergies Downstream Sites in France
EDF signed a 12‑year agreement to supply nuclear electricity to TotalEnergies’ French refining and chemical sites, providing roughly 400 MW – about 60 percent of their power needs. The deal supports TotalEnergies’ ambition to run its downstream assets on low‑carbon electricity and...
ADNOC, OMV Unveil Executive Leadership for Polyolefins JV
ADNOC and OMV have launched Borouge Group International (BGI), consolidating their polyolefins assets under a new joint venture. NOVA Chemicals CEO Roger Kearns will lead BGI as chief executive, while ADNOC finalizes its acquisition of NOVA Chemicals this month. The...
Iberdrola Sells SP Dataserve to Bluewater
Iberdrola, via its UK arm Scottish Power, agreed to sell SP Dataserve to IMSERV of Bluewater Energy. The metering and data services firm currently supports 36,800 services for about 22,000 non‑domestic customers across Britain. The divestiture is part of Iberdrola’s active...
North America Drops 21 Rigs Week on Week
North America’s weekly rig count fell by 21 units to 729, with the United States slipping one rig to 552 and Canada losing 20 rigs, down to 177. U.S. oil rigs rose two while gas rigs fell two, and Canada’s...
EIA Sees Oil Glut Tightening in Wake of Iran War
The U.S. Energy Information Administration (EIA) trimmed its 2026 global oil‑glut forecast to 1.87 million barrels per day (bpd) in the March short‑term energy outlook, down from 3.05 mbpd projected in February. Quarterly projections show a modest surplus early in the year,...
Iberdrola Reaches Over 11 GW of Installed Capacity in US
Avangrid, Iberdrola’s U.S. arm, now operates over 11 GW of installed generation capacity across nearly 100 projects in 25 states. The company produced 25,058 GWh of electricity in 2025, making the United States its second‑largest market after Spain. On‑shore wind, solar and...
Maha to Acquire Stake in Venezuela's PetroUrdaneta
Swedish investment firm Maha Capital AB announced it will acquire an indirect 24% stake in Venezuela’s PetroUrdaneta, a joint venture operating Maracaibo basin fields. The acquisition follows the U.S. Treasury’s issuance of General License 52, which relaxes sanctions on certain...
The Oil Prices You See Do Not Tell Market's Real Story
Three weeks into the Iran‑Israel war, Brent futures have jumped about 50 % to roughly $110 a barrel, yet physical oil prices are rising even faster as supplies tighten. Spot benchmarks such as Oman ($162) and Murban ($145) are soaring, and...
Fire Hits Oil Production at Major Libyan Field
The National Oil Corp reported a valve leak that sparked a fire on the Sharara‑to‑Zawiya pipeline, cutting roughly half of the field’s 330,000 bpd capacity. Production losses were mitigated by diverting crude to the El Feel and Hamada pipelines, and the...
Oil Surges as Iran War Escalates
Oil prices surged as the Iran‑U.S. conflict entered its third week, pushing Brent crude above $112 per barrel, the highest level since July 2022. The near‑closure of the Strait of Hormuz, which handles about 20% of global oil shipments, and...
Texas Leads Nation in Oil, Gas Jobs
Texas led the nation in oil and gas employment in 2025, with 476,777 workers—about a quarter of all U.S. industry jobs—despite a modest dip from the previous year. When indirect and induced effects are included, the sector supports roughly 2.5 million...
BP to Sell German Refinery to Klesch
BP announced the sale of its Gelsenkirchen refinery and related assets in Germany to the Klesch Group, relinquishing about 12 million metric tons of annual crude capacity and 265,000 bbl/d of distillation capability. The deal adds roughly $1 billion to BP’s structural cost‑reduction...
Oil Settles Higher on Gulf Escalation
Crude prices rose on Wednesday as Iranian strikes hit the South Pars gas field and Asaluyeh processing facilities, shifting market concerns from shipping‑lane disruptions to direct infrastructure risk. Brent closed above $107 a barrel, while WTI settled at $96.32, widening the...
Pakistan Oil Tanker Transits Hormuz
A Pakistan‑flagged Aframax tanker, the Karachi, successfully navigated the Strait of Hormuz on Sunday, becoming one of the few vessels to do so since U.S. and Israeli strikes on Iran halted traffic. The ship departed Fujairah on Feb. 25, was spotted...
EIA Ups WTI Price Forecast by $20 in Wake of Iran Conflict
The U.S. Energy Information Administration (EIA) raised its short‑term outlook for West Texas Intermediate (WTI) crude, projecting an average price of $73.61 per barrel in 2026—$20 above its February forecast. The revision reflects heightened risk premiums after the February 28 onset...
TotalEnergies Plays Down War Impact on Operations
TotalEnergies announced a suspension of production in Qatar, Iraq and the offshore UAE, representing roughly 15% of its total output. The company emphasized that onshore UAE output of about 210,000 barrels per day remains unchanged and that its Satorp refinery...
USA Oil, Gas Hiring Remains Disciplined
U.S. oil and gas hiring remains disciplined, with firms prioritizing margin protection over headcount expansion, according to Birmingham Group CEO Brian Binke. Companies focus on optimization, maintenance and targeted buildouts, adding talent only where it directly improves efficiency or reduces...
Eni Signs Up for 15-Year Biomethane Supply From France
Eni’s renewable arm Plenitude and Seya Group’s Methagora have signed a 15‑year agreement for the supply of 50 GWh of biomethane per year from French production. Methagora, which converts existing biogas sites into certified biomethane, has already delivered 35 GWh and plans...
Repsol Focuses on US for Short-Term Upstream Growth
Repsol announced a €10 billion investment plan for 2026‑28, allocating roughly 34% of its upstream budget to the United States. The U.S. focus includes the Pikka Phase I project in Alaska, the Leon‑Castile offshore Louisiana assets, and unconventional plays in the Marcellus...
USA Crude Oil Stocks Rise Week on Week
The U.S. Energy Information Administration reported that commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased by 3.5 million barrels to 439.3 million barrels in the week ending Feb 27, still about 3% below the five‑year average. Total petroleum stocks rose 2.9 million...
Santos Greenlights Cooper Basin Infrastructure Upgrade
Santos Ltd and Beach Energy have approved the AUD 357 million Moomba Central Optimization (MCO) project, replacing seven aging gas‑run compressors with a single electric unit in South Australia’s Cooper Basin. The upgrade, slated for completion by 2029, aims to debottleneck the...
Resource Estimates for Chevron's Aphrodite Raised
Chevron’s Aphrodite consortium announced a 4% uplift in contingent gas resources to 3.67 trillion cubic feet, with low and high estimates now at 2.73 Tcf and 4.59 Tcf respectively. The revision stems from new core‑sample data and the Cyprus government’s approval of the...
Libya Restarts Gasoline Production at Sarir
Libya’s National Oil Corp announced that the Sarir refinery has resumed gasoline production after a three‑year shutdown, restoring its 10,000 bpd gasoline capacity. The restart follows a major overhaul of the crude distillation unit completed in January and includes the activation...
Crude Volatile as Hormuz Risks Increase
Oil markets remain volatile as the fifth day of the US‑Iran conflict curtails traffic through the Strait of Hormuz, a chokepoint for roughly 20% of global oil. West Texas Intermediate steadied just under $75 a barrel while Brent hovered around...
North America Drops 11 Rigs WoW
North America’s weekly rig count slipped 11 units to 764, with the United States reporting 550 rigs and Canada 214. The U.S. saw a net loss of one rig, driven by a two‑rig decline in oil rigs while gas rigs...
Analysts Warn of Largest Oil Supply Disruption in History
Analysts at S&P Global warn that the U.S.-Israel conflict with Iran could cause the largest oil‑supply disruption ever if tanker traffic through the Strait of Hormuz collapses. Recent data show only five tankers transited on March 1 versus the usual 60,...
Hopes for Suez Canal Revival Dashed
Shippers including Maersk, Hapag‑Lloyd and CMA CGM have halted Suez Canal transits as the United States and Israel intensify conflict with Iran, fearing renewed Houthi attacks in the Red Sea. Egypt estimates a $9 billion loss in transit fees, with canal revenues...
Petronas Posts Lower Annual Profit
Malaysia's national oil company Petronas reported a 2025 profit after tax of MYR 45.4 billion ($11.6 bn), down from MYR 55.1 billion in 2024. The decline reflects lower sales volumes, Brent prices under $70 per barrel, and the divestment of its 74% stake in Engen...
Israel Pauses Leviathan Gas Production
Israel’s Energy and Infrastructure Minister ordered a security‑driven suspension of production at the offshore Leviathan gas field, prompting Chevron to declare force majeure. The pause halts the field’s 12 billion cubic metres per year output, which supplies Israel, Egypt and Jordan,...
Oil Market Is Nervous for the Coming Weekend
SEB analysts warned that the oil market is jittery ahead of the weekend, with Brent crude hovering around $71 per barrel after trading in a $69.16‑$72.61 range. The report outlined four price scenarios, ranging from $55 to $150 per barrel,...
Oil Producers Negotiate Ending Windfall Tax with UK Government
The UK Treasury is weighing an early repeal of the Energy Profits Levy, a windfall tax that now sits at a 78% headline rate on North Sea oil and gas. Ministers have been meeting industry groups to assess the impact...
