Energy.
EIA raises oil price forecasts as Middle East supply drops
The U.S. Energy Information Administration raised its oil price forecasts for 2026 and 2027 on Wednesday, citing rapidly falling global stockpiles due to lost Middle Eastern supply from the ongoing Iran conflict. The agency now expects Brent crude oil to average around $91 per barrel in the spot market this year, marking a nearly 5% increase from its previous 2026 forecast. U.S. West Texas…
South Korea secures 88% of May crude needs from balanced mix of supply sources
South Korea secured close to 90% of its monthly crude oil requirements in May amid the Middle East conflict, as the refining sector successfully procured many sour crude cargoes via the Red Sea and…
Equinor and Vår Energi agree asset swap in Troll and Gjøa areas
Equinor and Vår Energi have agreed to a swap of assets on the Norwegian continental shelf (NCS). The transaction enables further maturation of the Peon gas discovery towards development…
Iraq seeks reassessment of OPEC production quotas
Iraq's Oil Ministry said Friday that OPEC has started to gradually restore the country's pre-war production allocations. The ministry stated this move would strengthen Iraq's output capacity and…
Ørsted and PGE kick off offshore installation of Baltica 2 project
Ørsted and PGE are moving ahead with full-scale offshore construction activities on the Baltica 2 project. The first foundations have been successfully installed in the Polish part of the Baltic…
Fuel Switch Snapshot: B100 and LBM discounts narrow in Rotterdam
All bunker prices described in the text below have been adjusted for calorific content to make them VLSFO-equivalent. They have estimated EU-EU voyage compliance costs included for Rotterdam, and…
LPG highlighted as a practical pathway to accelerate decarbonisation in LR’s latest Fuel for thought report
The updated edition of LR’s Fuel for Thought LPG report positions LPG as an immediately deployable, scalable and technically proven fuel pathway capable of delivering meaningful emissions reductions…
TotalEnergies files for authorisation of its Giant Centre Manche Energies Offshore Wind Project in France
Eight months after being awarded the project by the French State, TotalEnergies’ wholly owned project company Centre Manche Energies has officially applied for the Single Authorization of the 1.5 GW…
Demand for bunkers mixed at Indian ports in Dec
Kandla records highest bunker demand for Dec 2025 Kochi bunker volumes remain stable East Coast demand slows Demand for bunker fuels at India's west coast ports varied in December,…
Vitol to load first diluent cargo under Venezuela supply deal this weekend, sources say
Vitol to export about 460,000 barrels of naphtha from Houston to Venezuela Cargo would be first under new supply agreement with US government Naphtha used as diluent and needed to boost…
Companies scramble to secure ships, assemble operations to transfer Venezuelan oil, sources say
Shipping firms want to expand operations for Venezuelan oil transfers Challenges include old vessels, maintenance issues and loading slot competition Maersk Tankers plans to replicate…
Vantris Energy divests stake in L&T-SAPURA Shipping as part of portfolio optimisation strategy
Vantris Energy Berhad announced the divestment of its 40 percent equity interest in L&T-Sapura Shipping which owns and operates the LTS3000 heavy-lift and pipelay vessel, to its joint-venture…
What Big Oil needs to invest in Venezuela
President Trump hopes to attract more than US$100 billion of investment to rebuild its shattered industry After the dramatic US capture of Venezuela’s former president Nicolás Maduro last…
Rotterdam Shore Power selects ABB for world’s largest shore power project
ABB to engineer and construct shore power systems in Port of Rotterdam with total capacity of more than 100 MVA Tailored solution to serve three container terminals at Europe’s largest port from…
East Asian refiners show little interest in Venezuelan crude but watch for steep discounts
East Asian refiners unfamiliar with Merey, Boscan grades Light sweet US crude grades still preferred $5-$10/b discounts may prompt sample testing, trading analysis East Asian…
TotalEnergies enters Block 8 offshore exploration permit in Lebanon
TotalEnergies (35%, operator) and its partners Eni (35%) and QatarEnergy (30%) have signed an agreement with the Lebanese government to enter Block 8 exploration permit offshore Lebanon.…
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