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oil industry

Economy

Gulf crude exports return to pre-war levels, excluding Iran

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Business

British oil giant BP prepares to sell North Sea business

Amid higher windfall taxes and volatile global energy markets, BP's proposed sale could bring an end to around 60 years of North Sea production under the British energy giant’s ownership.

Business

European industry faces further disruption as waterways run low

Prolonged low water levels have forced several European industries, including oil refining, nuclear power and chemicals, to reduce output because of raw-material and cooling-water shortages.

Europe News

Russian drivers face petrol shortages after Ukrainian strikes on Russian energy infrastructure

Drivers in Saint Petersburg are struggling to find petrol after weeks of intensified Ukrainian strikes on Russia's energy infrastructure disrupted fuel supplies, leaving some filling stations without fuel and others forced to close.

Kazakhstan

Kazakhstan looks to boost oil exports after Georgia talks in Astana

In high-level talks held in Astana, Kazakhstan and Georgia agreed to strengthen economic cooperation, including plans to increase oil shipments via the BTC pipeline. The two countries also discussed agricultural development, investment expansion, and cooperation in digital services.

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Iran

What if Trump actually seized Kharg Island?

Kharg Island is a small coral outcrop off the coast of Iran that handles around 90% of the country's crude oil exports, making it key to Tehran's economy.

Business

Germany: Growth halves as public sector drives investment

The energy shock is further slowing economic growth and fuelling prices. The DIW institute has halved its growth forecast. Fiscal expansion may soften inflation but cannot fully offset it.

Economy

Oil stocks drain at record pace as IEA warns of renewed price swings

The International Energy Agency says the oil market is likely to remain in deficit until the final quarter of the year, as disruptions at the Strait of Hormuz continue to constrain supply, increasing the risk of renewed price volatility.

Economy

Soaring energy profits reignite calls for windfall tax across Europe

European oil and gas companies that posted huge profits in the first quarter on soaring prices caused by the war in the Middle East face new calls from London to Paris to tax their outsized gains.

Business

TotalEnergies closes major Saudi refinery after attacks

TotalEnergies has shut a major Saudi refinery after attacks, as Middle East disruptions force it to halt about 15% of its output.

Business

Tankers still cross Strait of Hormuz as Iran controls who gets through

Dozens of ships are still navigating the Strait of Hormuz as Iran keeps oil flowing, despite continued attacks aimed at one of the world’s most critical trade routes.

Economy

Explainer: Why Kharg Island is vital to Iran and the global economy

Strikes have already hit military infrastructure on a small Iranian island in the Persian Gulf — but if oil facilities are targeted next, the global economy could face a serious shock.

EU.XL

Can Europe’s power grid shield it from the next energy shock?

The conflict in Iran is causing major problems in the Middle East, a key oil and gas region. Take our poll!

Ukraine

Hungary sends Druzhba fact-finding mission to Ukraine

A Hungarian government delegation has entered Ukraine to assess the Druzhba pipeline, damaged in a Russian drone strike in January. Ukraine refuses to recognize the delegation and has described its members as “tourists.”

Markets

Oil steadies as IEA and G7 move to release record reserves

Oil is trading flat in expectation that the International Energy Agency could trigger the largest-ever release of oil reserves, exceeding the 182 million barrels in 2022 after Russia’s invasion of Ukraine. The G7 will also meet on Wednesday to discuss using the reserves.

Markets

Oil prices fall as Trump floats possible sanctions relief

Oil markets got their first significant relief in days as Trump signalled Washington could ease sanctions on some countries to cool crude prices.

Hungary

Hungarian FM in Moscow for energy talks with Putin

Péter Szijjártó has travelled to Moscow to meet Russian President Vladimir Putin to secure guarantees on oil and natural gas imports, amid a dispute over damage to the Druzhba pipeline. The minister warned that the world is facing an energy crisis because of the war in Iran.