(Oil Price) – Global oil inventories are fast approaching a critical point, with Asia the first facing “minimum operational levels” and Europe close behind. This is the latest in a growing series of warnings from industry experts about the state of oil supply and the prospects of a severe shortage. It seems the world is running out of time to avert
(Oil Price) – Top EU officials said Friday that oil and gas prices are expected to remain elevated through at least the end of 2027, with the fallout from the Iran war likely to keep pressure on inflation and economic growth. Speaking after a meeting of eurozone finance ministers in Cyprus on Friday, EU Economy Commissioner Valdis Dombrovskis said higher energy costs are
(Oil Price) – TotalEnergies is considering selling 50% of some of its solar and wind assets in Europe as part of its strategy to partner with other companies in operating and monetizing its clean energy portfolio, Bloomberg reported on Friday, quoting anonymous sources with knowledge of the plans. The France-based oil and gas supermajor, which has been developing a global renewable energy
(Investing) – European natural gas prices retreated on Thursday, as investors kept tabs on ongoing efforts to forge a deal to end the Iran war. By 08:04 ET (12:04 GMT), the benchmark Dutch front-month contract at the TTF hub had edged down by 0.2% to 43.82 euros per megawatt hour, according to ICE data. The British front-month contract also fell by 0.4%
(BOE Report) – European oil majors’ first-quarter profits were lifted by bumper trading gains as the Iran war upended supply chains, underscoring how the ability to shift barrels around the world can sometimes trump pumping them out of the ground. BP, Shell and TotalEnergies have spent years building vast oil trading machines that now sit at the heart of their business – setting
(Oil Price) – The new energy crisis triggered by the Middle East conflict could hurt European consumers and industries for years, European Commission President Ursula von der Leyen said on Wednesday. “Our shared goal is now to see a lasting end to the war,” von der Leyen told the European Parliament in a speech today. “But there is also a harsh reality
(By Oil & Gas 360) – Global energy markets are no longer operating as a single, integrated system. What has emerged instead is a parallel structure, one shaped as much by geopolitics and sanctions as by supply and demand. Nowhere is that shift more visible than across Eurasia, where countries are adapting to a market that is increasingly divided, rerouted,
(World Oil) – Petrodec has mobilized its OBANA jackup to begin a new offshore decommissioning campaign for Perenco UK in the UK Southern North Sea. The unit has arrived at the Pickerill field, where it will remove the jackets from the Pickerill A and B platforms. Following completion of that work, OBANA is scheduled to return to the Amethyst field to remove the Amethyst A1D
(Investing) – U.S. Secretary of State Marco Rubio and European Union Trade Commissioner Maros Sefcovic signed a memorandum of understanding for a partnership on producing and securing critical minerals. The U.S. has been working to gain access to critical mineral reserves, particularly rare earth supply chains currently dominated by Chinese players. Rubio did not mention China in his remarks, but
(BOE Report) – European and African crude oil prices climbed to fresh records on Wednesday, defying a sharp selloff in oil futures after a U.S.-Iran ceasefire was reached on Tuesday, as traders priced in a prolonged disruption to physical oil supplies. The ceasefire announcement sent major benchmark Brent and WTI contracts tumbling 13% and 16% respectively on Wednesday to below
(Oil Price) – Hungary is expected on Tuesday to agree a $500-million oil supply deal with the United States during the visit of U.S. Vice President JD Vance in Budapest, a source with knowledge of the plan told Bloomberg. Vance arrived in Hungary’s capital city earlier on Tuesday, just days ahead of the general election in the country on April 12, in which Hungarian
(BOE Report) – BP named Carol Howle as deputy chief executive on Thursday and said she would oversee the company’s ongoing portfolio review and strategy development. Howle, who served as interim chief executive before Meg O’Neill started the top job on Wednesday, will also return to her former role as head of supply, trading and shipping. BP is undergoing a
