EU Starts Roll Out of Russian LNG Import Ban at Tricky Time
The EU began prohibiting spot‑market purchases of Russian LNG on April 25, 2026, while allowing existing long‑term contracts to run through year‑end. The ban removes roughly 2.8‑3.5 million tonnes of Russian LNG annually, about 3 % of Europe’s total LNG imports, and aims to further cut the bloc’s 12 % reliance on Russian gas. The move comes as the Middle‑East conflict has driven benchmark gas prices up 40 %, tightening supplies ahead of winter. Europe now faces a race to refill storage amid heightened competition with Asian buyers.
Q1 Dallas Fed Energy Survey Gets Update
The Dallas Fed refreshed its Q1 Energy Survey after recent oil‑market turbulence, asking 99 oil and gas executives when Strait of Hormuz traffic will normalize. 39% expect a return to normal by August, 20% by May, 26% by November, and...
ERCOT Sees Demand More Than Quadrupling Current Peak
ERCOT released a preliminary long‑term load forecast showing demand could reach about 367,790 MW by 2032, more than quadrupling the all‑time peak of 85,508 MW recorded in August 2023. The projection reflects Texas’s rapid economic expansion and the growing electricity appetite of...
There Is a High Risk Being Short Energy, Analyst Warns
Oil analyst Ole R. Hvalbye of SEB warned that short positions in energy face heightened risk as Brent crude surged to $106.3 a barrel, driven by a weakening assumption that the Strait of Hormuz will reopen by May 1. He noted...
GeoPark Continuing Production Up QoQ
GeoPark Ltd reported average production of 27,249 barrels of oil equivalent per day (boed) in Q1 2026, a modest rise from the prior quarter despite divesting assets in Brazil and Ecuador. Production grew in both Colombia and Argentina, with Colombian output...
Hormuz Tensions Heat Up
U.S. President Donald Trump ordered the Navy to fire on any vessel laying mines in the Strait of Hormuz and intercepted two super‑tankers attempting to evade traffic restrictions. Iran responded by attacking at least three ships, keeping the waterway effectively...
EIV Capital Raises $1.1B for New Oil and Gas Funds
Houston‑based private equity firm EIV Capital announced a $1.1 billion capital raise to launch two new oil and gas funds. Fund V will focus on equity investments in midstream infrastructure, targeting last‑mile natural‑gas and power solutions. Resources II will acquire non‑operating...
Turkey Says COP31 to Focus on Clean Energy Shift
Turkey will host COP31 in Antalya in November, using the presidency to push a clean‑energy agenda amid soaring oil prices and regional conflict. Environment minister Murat Kurum says even fossil‑fuel‑dependent economies must adopt greener technologies, proposing carbon‑capture solutions to achieve...
UK NSTA Looking for New CFO
The UK North Sea Transition Authority (NSTA) announced a search for a new Chief Financial Officer and Director of Corporate Functions, based in Aberdeen. The role carries a £172,644 annual salary (about $233,000) and expects 40% office attendance under a...
Oil Traders Warn Worst of Demand Hit Is Yet to Come
Top oil traders warned that the demand destruction caused by the Iran‑Israel war could double to about 5 million barrels per day, roughly 5 % of global supply, if the Strait of Hormuz stays closed for three months. Gunvor and Vitol estimate...
Petronas Eyes Terengganu Carbon Sinks
Petronas has signed a memorandum of understanding with the state of Terengganu to identify nature‑based carbon‑credit projects that meet international certification standards. The initiative aims to generate high‑quality credits while delivering community benefits and supporting conservation. The MoU dovetails with...
Currie Co-Founds New USA Focused Oil, Gas Company
Former Goldman Sachs commodities chief Jeff Currie has co‑founded 1947 Oil & Gas plc, a U.S.-focused upstream company, alongside veteran Ivan Murphy. The firm signed a term sheet to acquire Renaissance Offshore LLC, which currently produces about 3,000 barrels of...
Don't Mistake Easing Oil Prices for Calm, Analyst Warns
Oil analyst Ole R. Hvalbye of SEB warned that Brent’s front‑month price, now around $95 per barrel, masks underlying volatility and supply risk. Over the past two weeks the contract has swung between $86 and $104, while dated Brent—a better...
Crude Surges On Renewed Hormuz Fears
Oil and gas markets surged on April 20 as renewed tensions in the Strait of Hormuz threatened to choke a quarter of global energy flows. Brent crude jumped 5.6% to about $95.50 a barrel and WTI rose 6.9% to $89.61,...
Repsol, Venezuela Agree Terms for Production Increase
Repsol announced a new framework with Venezuela’s state oil firm PdVSA to lift its Venezuelan crude output by 50% within a year and triple it over three years, targeting roughly 135,000 barrels per day. The deal restores operational control of...
Magyar Says Druzhba Oil Flows Could Resume Next Week
Hungarian Prime Minister‑designate Peter Magyar announced that oil flows through the Druzhba pipeline could resume next week, ending a months‑long shutdown caused by a Russian drone strike in January. The restart hinges on discussions between MOL chief Zsolt Hernadi and...
EagleRock Files for IPO
EagleRock Land LLC filed to go public, seeking capital to broaden its Permian Basin land portfolio and attract non‑oil tenants such as data‑center and renewable‑energy projects. The Houston‑based firm reported a 2025 net loss of $73.1 million on $72.2 million revenue, a...
Trump List of Saved Projects Spares $5B Hydrogen Hubs
The U.S. Energy Department released a 39‑page list preserving roughly $5 billion in funding for five hydrogen hub projects across Texas, Appalachia, the mid‑Atlantic and the Midwest. The list also reinstates $1.2 billion for two direct‑air capture initiatives and retains $1 billion in...
USA Crude Oil Stocks Drop Almost 1MM Barrels WoW
The Energy Information Administration’s weekly petroleum status report for the week ending April 10 shows U.S. commercial crude inventories fell 0.9 million barrels to 463.8 million barrels, roughly one percent above the five‑year seasonal average. Total petroleum stocks dropped 13.1 million barrels week‑on‑week while...
Bessent Says USA Won't Renew Iranian, Russian Oil Waivers
U.S. Treasury Secretary Scott Bessent confirmed that the United States will not renew the general licenses that temporarily allowed the sale of Russian and Iranian crude. The waivers expired this weekend, leaving the Strait of Hormuz—a chokepoint for roughly 20%...
Rystad Says Energy Repair Costs From War Could Hit $58B
Rystad Energy says repair and restoration of Gulf energy infrastructure could total $58 billion, with oil and gas assets alone accounting for up to $50 billion and a median estimate of $46 billion. The analysis, updated after an initial $25 billion figure, highlights Iran...
Aussie Refinery Reduces Production After Fire
A significant fire at Viva Energy’s Geelong refinery in Victoria forced the plant, which processes 120,000 barrels per day, to operate at reduced rates, mainly affecting gasoline and aviation‑gasoline output. The refinery supplies over 50% of Victoria’s fuel and about...
Oil Prices Holding Firm
Oil prices are stabilizing after a sharp pullback from war‑driven panic levels, with Brent sliding from a recent high of $111.80 to a 28‑day low of $90.40. The U.S. Energy Information Administration reported a 0.9 million‑barrel draw in commercial crude inventories...
Equinor to Exit RE Producer Scatec
Equinor sold an 8.07% stake in renewable‑power producer Scatec for NOK 1.6 billion (about $169 million), cutting its holding to 8.05% and entering a 90‑day lock‑up on the remaining shares. The transaction makes Norway’s sovereign‑pension manager Folketrygdfondet the largest Scatec shareholder with 9.6%...
EIA Boosts 2026 Brent Oil Price Projection to $96
The U.S. Energy Information Administration raised its 2026 Brent crude price outlook to an average of $96 per barrel, up sharply from the $78.84 forecast in March. The agency now expects a volatile quarterly path, with Brent hitting $114.60 in...
Analyst Flags Peace Momentum but Gives Oil Market Warning
SEB commodities analyst Ole R. Hvalbye noted that front‑month Brent fell to $94.79 per barrel, a drop of more than 4% from the previous day's high of $103.87. He attributed the sell‑off to growing diplomatic momentum, including potential U.S.–Iran talks...
Meloni Says It's 'Too Early' To Tap Russian Gas
Italian Prime Minister Giorgia Meloni said it is too early to consider re‑importing Russian gas, despite soaring energy prices driven by the Iran conflict. She emphasized that economic pressure on Russia remains Europe’s strongest lever for a peace settlement in Ukraine,...
India Piles Up Export Tax on Diesel, Jet Fuel
India has more than doubled its export duty on diesel to 55.5 rupees (≈ $0.60) per litre, up from 21.5 rupees, and raised jet‑fuel export duty to 42 rupees (≈ $0.45) per litre from 29.5 rupees. The measures are intended to shore...
Eni Invests $70MM in Canadian Battery Feedstock Project
Italian energy giant Eni is injecting $70 million USD in equity into Quebec‑based Nouveau Monde Graphite (NMG) and will purchase up to 15,000 tonnes per year of graphite concentrate from the second phase of NMG’s Matawinie Mine. The deal gives Eni an...
Iberdrola Nears Full Takeover of Brazil's Neoenergia
Iberdrola has increased its stake in Brazil’s Neoenergia to 98%, moving toward a full takeover that could be completed within weeks via a squeeze‑out right. The latest purchase added 14.2% of shares at BRL 33.77 per share (about $6.6), amounting to...
Crude Climbs as Hormuz Disruptions Persist
Oil prices rose sharply on Thursday as West Texas Intermediate settled at $97.87 and Brent at $95.92, driven by persistent disruptions in the Strait of Hormuz and a reported 600,000‑barrel‑per‑day cut to Saudi production capacity. Despite a tenuous cease‑fire between...
Chevron Sees Lower Output Due to Iran War
Chevron reported a 6% drop in first‑quarter production, falling to 3.8‑3.9 million net oil‑equivalent barrels per day, down from 4.05 million in Q4 2025. The decline stems from reduced output in the Persian Gulf, Israel, and a shutdown in Kazakhstan. Chevron also warned...
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...
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...