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Business
Iraq announces huge oil find near Saudi border as Hormuz crisis bites
Iraq has the fifth largest proven oil reserves in the world, estimated at 145 billion barrels, representing about 17% of total Middle Eastern reserves and around 9% of global reserves, according to the US Energy Information Administration (EIA).
United Arab Emirates
UAE leaves OPEC, citing national interest in 'a new energy age'
The UAE’s historic decision is a major blow to the alliance of oil producers, just as the global energy crisis is escalating over Iran’s blockade of the Strait of Hormuz, but the Gulf state insists its decision “enhances the UAE’s ability to respond to evolving market needs."
Business
TotalEnergies ramps up refinery output to secure French fuel supply
TotalEnergies has maximised its output at the Gonfreville refinery to protect the French market from external supply shocks. The facility is operating at its limit to produce essential fuels as energy markets remain disrupted.
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Europe News
EU agrees fresh sanctions on Russia but leaves maritime ban on hold
Due to Greece and Malta's concerns, the full ban on maritime services will be left on hold pending an agreement at the G7 level. The US, however, is going in the opposite direction by providing sanctions relief to Russia.
Kazakhstan
Kazakhstan confirms suspension of oil transit to Germany via Russia
Kazakhstan’s energy minister announced Wednesday there would be no transit of its oil to Germany through Russia throughout May due to Russian technical constraints, assuming it is “related to recent strikes on Russian infrastructure".
Business
Repsol regains control of Venezuela oil assets and boosts production
Spanish energy company Repsol has reached an agreement with Venezuela’s government and state-owned company Petróleos de Venezuela (PDVSA) to regain operational control of key oil assets and sharply increase production over the next three years.
Europe News
Energy prices set to rise as last Gulf Tankers reach Europe
Energy analysts have warned of surging energy prices beyond already elevated levels, as the last vessels carrying oil and natural gas from the Strait of Hormuz before the conflict have reached Europe. Supply forecasts for oil and gas remain optimistic as US deliveries are expected.
Economy
IEA warns of historic oil supply shock as Iran war disruption persists
The International Energy Agency (IEA) has warned of an unprecedented energy shock, with global oil production plunging by over 10 million barrels per day in March, as diplomatic efforts between Washington and Tehran fail.