Europe

The price of oil topped $100 per barrel for the first time in six weeks on Wednesday as an increase in fighting between U.S. forces and Iranian forces heightened concerns about supply coming from 'the -region. This also raised fears over inflationary pressures, and increased energy costs for businesses and consumers. Brent, the global benchmark for oil, has increased by 25 percent since early last week as hope fades of a permanent solution to the six-month old U.S./Iran conflict. This week, the rally intensified after Iran-backed Houthi attacked Saudi energy installations and set them ablaze. The increased risk of disruptions...

Brent crude, the global benchmark for oil prices, hit $100 per barrel Wednesday. This was the first time this has happened since late July. However the price increase is relatively slow despite the escalating conflict in the Middle East that fuels fears of more disruptions to oil shipments. Russell Hardy, CEO Vitol - the world's largest independent oil trader - told the APPEC Conference in Singapore on Tuesday that the Middle East has exported approximately 9 million barrels of crude per day and another 1 million bpd in refined products in recent days. This compares to roughly 20,000,000 barrels of...

Alberta landowners have filed a lawsuit to argue that the energy regulator of the province has knowingly and chronically underfunded a program designed to protect the public against the costs of cleaning abandoned oil and natural gas wells. The legal action is a culmination of years' simmering tensions between farmers, ranchers, and oil and natural gas producers in Canada’s largest energy-producing province. This province has struggled with thousands of "orphan" or "wild" wells which dot the rural landscape of Alberta. The Alberta Energy Regulator is being questioned about its willingness to enforce environmental rules at a moment when the Canadian...

TotalEnergies announced on Monday that it had cleared a number of?commercial and contractual hurdles in its Papua LNG Project, bringing the project closer to a decision. The French energy giant said that it had completed the tendering process for the engineering, procurement, and construction work of liquefied gas facilities. Contracts are now awaiting approval from its joint-venture partners. TotalEnergies reported that by rebidding?contracts and optimising project design, they have been able to save close to $4 billion in costs since 2024. This has brought down the capital spending?to?around $14 billion. ExxonMobil already operates the nearby PNG LNG plant. The company...

OPEC+ said that it would not change its oil production policy for 'October' at a meeting held on Sunday. The group must first agree to new quotas in order to decide the next steps. The Iran War continues to disrupt oil exports via the Strait of Hormuz. This limits OPEC+’s influence on prices and market shares. In August, OPEC+ agreed ?its production boost for September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in ?2023. The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, despite the production increases agreed, are still far...

The deputy prime minister of Italy suggested that banks and energy companies be prepared to accelerate tax payments in order to boost the public finances, without an official tax increase. Antonio Tajani, a?also?Italy’s Foreign Minister, said that the additional support could help fund next year’s budget, as well as any other measures to shield consumers from high energy costs. Tajani told reporters at the annual TEHA business forum that any policy should be modeled after the agreement Italy reached with banks and insurance companies last year to advance taxes to the state. He said, "It's only fair to tax the...

A senior Russian banker revealed on Wednesday that India, the world's second largest importer of Russian oil, has built a functional payments infrastructure using roubles. India increased its imports of Russian oil at a discount due to Western sanctions, resulting in a record-breaking $70 billion trade between Russia and India in 2024. The bilateral trade dropped in 2025 when the sanctions were tightened, but recovered in the first half 2026. "There are no problems in the settlements between Russia & India." Ivan Nosov is the head of Sberbank India. He said, "I am prepared to say that this is a...

Energy Secretary Chris Wright of the United States said that after arriving in Venezuela on Tuesday, the oil companies in the U.S. as well as?other countries will sign deals in Caracas tomorrow that will result in a more-than-doubling in crude production over the next few year. Wright is in Venezuela for a day-long visit, his second trip since U.S. troops seized Venezuelan leader Nicolas Maduro's office in January. Venezuelan oil production peaked at over 3 million barrels a day in the late 90s, but then plummeted due to a lack investment, poor management and U.S. sanction. In recent months, it...

The Polish chemicals group Grupa Azoty announced on Tuesday that it had informed prosecutors of alleged safety violations during the launch in 2023 of its flagship Polimery Police Project. State-controlled chemicals manufacturer said in a press release that the Polimery Police Plant, operated by an Azoty Unit, was built without the necessary permits and under conditions that could have put employees and residents at risk. The documentation cited by the company alleged that there were a number of defects, and that permits had only been issued in 2024 - months after the plant’s?ceremonial opening. Malgorzata Crolak, Deputy CEO, said: "Our...

An oil refinery in Russia's Yaroslavl region, Slavneft-Yaroslavnefteorgsintez, or ?YANOS, suspended oil processing at two ?of its three crude distillation units after a drone ?attack on August ?28, two industry ?sources ?told . The local governor stated on Friday that the facility had been hit by debris from an Ukrainian drone. Sources claim that the attack caused damage to the AVT-3 primary unit of crude distillation with a daily capacity of 17,140 metric tonnes, which is about 40% of the refinery's total capacity. The AVT-4 unit, with a daily capacity of 14,300 tons, represents 33% of the total capacity. The...

Brazil's oil export tax is in a state of uncertainty after a local court ruled to suspend the levy and the Foreign Trade Chamber approved extending it for another 60-days. These contradictory moves have left the future of 12% tax unclear, and the oil companies are challenging it. This could lead to a legal battle between the Luiz Inacio Lula Da Silva administration and the oil producers. Sources familiar with the issue said that the Foreign Trade Chamber?Camex had approved the extension of tax due to expire September 9. A 'federal court' had granted an injunction to suspend the tax...

Shipping data shows that Turkey increased its diesel imports from the United States and India to record levels in August. This was due to a Russian ban of diesel exports, and to wider disruptions caused by Iran's war. According to Kpler, the commodities data firm, Turkey has imported Indian diesel at a rate of more than 120.000 barrels per day, while its imports from the U.S. have reached 90,000 barrels per daily. Kpler data dating back to 2017 shows that these volumes are the highest monthly totals ever recorded. After Ukrainian strikes on refineries disrupted the domestic supply, Russia has...

Elvira Nabiullina, Governor of the Russian Central Bank and Alexei Zabotkin, Deputy Governor held a press conference on Friday following the bank's decision to leave its benchmark interest rate at 14%. Nabiullina and Zabotkin both spoke Russian. The following quotes were translated by into English. NABIULLINA POLICY OPTIONS DISSCUSSED, AND NEXT STEPS We discussed the issue of maintaining the current interest rate. This meeting was different from the last one in that we did not discuss a rate reduction. We will update our assessment of the future room for rate cuts in the October forecast update. We do, however, note...

The International Energy Agency announced on Friday that it had again revised its?outlook on Russia's oil output due to the ongoing Ukrainian drone attacks on energy infrastructure. The oil production in?Russia has declined due to the Ukraine's attacks on energy infrastructure and refineries. In its monthly review, the Paris-based IEA stated that Russia's crude production forecast?was reduced by 125,000 barrels a day to 8,7?million bpd by 2026. By 235,000 bpd by 2027 when?it was expected to average 8,6 million bpd. The draft government forecast, seen by?last weekend, showed that Russia has downgraded its oil?output for this year to the lowest...

The price of oil rose on Friday, and both major benchmarks will 'end the week above $100 per barrel for the first time since mid-May. This is due to the increasing number of attacks on key shipping routes across the Middle East. Brent crude futures rose $1.05 or 1% to $108.68 per barrel at 0045 GMT. U.S. West Texas Intermediate Crude rose 95 cents or 1% to $103.45 per barrel. Both benchmarks were up over 6% Thursday. The benchmarks gained nearly 13% on a weekly basis - the biggest gain since the week ending July 17. The Houthis, who are...

Singapore, Asia's main fuel trading hub, has seen its oil product stockpiles rise to a two-month high, according to government data released Thursday. The increase in stocks of light and middle distillates was also noted. Enterprise Singapore reported that the combined onshore oil products inventories stood at 40.47 millions barrels for the week ending September 9. This compares to 39.04million barrels one week earlier. Multiple?trade sources this week said that September exports to Asia are expected to remain robust for diesel and jet-fuel, but may slow down for gasoline because of margin concerns. Diesel was the major concern in some...

Benchmark Brent crude futures surpassed $100 per barrel on Wednesday. This was the first time that the symbol had been breached since July 24, as the intensifying conflict in the Middle East fueled a growing concern about oil exports from the region. Brent crude futures were up $2.15 or 2.2% to $100.07 a bar by 0721 GMT. U.S. West Texas Intermediate crude rose $1.70 or 1.83% at $94.73 a bar. Brent crude prices are up by 25% since the beginning of last month, as hope for a permanent solution to the U.S.-Iran conflict fades. The attacks this week by the?Houthis,...

The oil price rose for the 4th straight session, with a gain of more than $1 on early Wednesday trade. Brent crude futures were up 1.4% to $99.33 per barrel at 0212 GMT. U.S. West Texas intermediate crude was $94.34 per barrel, an increase of 1.4%. Brent crude prices jumped by 25% since early August, as the hopes of a permanent solution to the six-month old war faded and fighting flared up again. Prices are now fast approaching $100 per barrel. The 'Middle East War' intensified Tuesday as Iranian-backed Houthis launched strikes against several Saudi cities, further entangling a U.S....

The yen soared and stocks fell on Tuesday after an attack on oil facilities in the Gulf drove crude to near $100 per barrel. Copper prices also hit record highs. Brent crude futures reached their highest level in six weeks, close to $99 per barrel, after Yemeni Houthis, who are backed by Iran, attacked energy facilities in Saudi Arabia and other cities. This highlights the danger of the conflict spreading across the region, and complicating fuel supply on world markets. Diesel prices have risen to record levels and gasoline prices are also higher than they were before the war. Even...

Senior industry executives stated on Tuesday that the global diesel supply would remain tight because of a 'lack of spare refinery capacity', Russia’s export ban and the approaching peak winter demand. The wars in Ukraine, Iran and Russia have affected refineries in Russia, the Middle East and Europe, driving diesel margins up to record levels. Crude supplies to Asia are also reduced. Russell Hardy, Vitol's CEO, said at the APPEC Conference on Tuesday that there was a real shortage of products. We are missing 2,000,000 barrels a DAY from Russia and we're also missing nearly 2,000,000 barrels a DAY from...

The oil prices continued to rise?on?Tuesday, as the risks of a long-term conflict in the Middle East increased after Iran threatened retaliation against any new U.S. attack on its assets. This heightened concerns over supply disruption. Brent crude futures rose 34 cents or 0.35% to $97.34 per barrel at 0000 GMT. U.S. West Texas?Intermediate Crude was $92.63 per barrel, up $1.15 or 1.26%. Brent reached its highest level in the previous session since?July 24, as traders built a risk premium to prices amid increased?tensions surrounding the Strait of Hormuz. This is a major artery for crude oil shipments around the...

The IAEA announced that a local ceasefire brokered by it took effect Saturday in order to allow repairs at the Zaporizhzhia nuclear power plant, controlled by Russia, to be made to restore external power. Since August 20, the plant has been relying on diesel emergency generators to cool vital safety systems. The U.N. Nuclear Watchdog said that if power is not restored to the facility or additional fuel cannot be delivered, a blackout could occur within days. IAEA stated that Ukrainian technicians would begin working on the damaged Ferosplavna electric line after demining the area. In the first weeks following...

As tensions between the U.S. and Iran escalated, oil prices rose on Friday. They are now heading towards their steepest weekly gains since mid-July. Brent crude futures rose by 54 cents or 0.6% to $96.06 per barrel at 0100 GMT. U.S. West Texas Intermediate crude crude futures gained 80 cents or 0.9% to $92.10. Brent and WTI both saw weekly gains of 7.6%, while WTI gained 10.4%, the biggest since the week ending July 20. The U.S. attacks on Iran this week, which killed and injured dozens of civilians including Iranians, were the most violent clashes that have occurred between...

Oil prices fell on Thursday, as investors weighed the risk of a disruption in Middle East supplies due to renewed military strikes by the U.S. Brent 'crude futures dropped 43?cents or 0.45% to $95.2 a.barrel.at 0029 GMT. U.S. West Texas Intermediate Crude futures were also down 24 cents or 0.26% at $90.77. The war is now in its seventh full month, and the latest attacks are the most significant exchange of fire since July between the U.S. Brent and WTI fluctuated between gains of up to $2 per barrel and losses as low as $1 during the previous session. Both...