Norway could unlock volumes comparable to the Johan Sverdrup field from its existing oil and gas assets—but only if it moves quickly. In a tightening global market, advanced recovery may represent one of the few scalable sources of new supply. Norway’s mature continental shelf still holds hundreds of millions of barrels of recoverable oil and gas—but the window to extract them is closing. New analysis backed by the Norwegian Offshore Directorate suggests that advanced Enhanced Oil and Gas Recovery (EOGR) methods could unlock between…

A U.S.-Iran peace deal is not weeks away. Officials in the Gulf region are bracing for a timeline closer to six months. The Strait of Hormuz remains effectively shut. Flows are nowhere near normal. Gulf exporters are unable to move crude, LNG, and refined products at scale. That is already showing up in prices. Brent climbed nearly 5% on Thursday to trade above $99 per barrel and remains roughly 36% higher since the war began in late February. Leaders in the region want the Strait reopened immediately, and their concern goes well beyond energy.…

Bilateral trade between Iran and Tajikistan has skyrocketed during the first quarter of 2026, a timeframe coinciding with the start of the US/Israeli-Iran war. The jump in trade raises questions about whether Iran is trying to open a conduit via Tajikistan to procure technology and goods with military applications, and/or obtain essential goods for civilian use. Iran’s ambassador in Dushanbe, Alirizo Hakikiyon, met with top Tajik Transport Ministry officials on April 14 for discussions on expanding and expediting overland trade between the…

Iraq’s perennial unwillingness to reduce the vast amount of gas that it burns while drilling for oil (‘associated gas’) caused it three major problems over the years. To begin with, by failing to capture this gas for domestic power generation, the country was left reliant on Iran for as much as 40 percent of those needs, supplied through imported gas and electricity. That dependence gave Tehran an enormous lever over Baghdad, reinforcing the political, economic, and security influence it already wielded through its various proxy…

The boss of Britain’s largest industry body has called on the government to green-light extraction from two major North Sea oil fields and slash the windfall tax on domestic oil production in a bid to revitalise the country’s ailing oil and gas industry. CBI chief Rain Newton Smith said the North Sea was a “critical part” of the UK’s energy transition and that removing the additional tax on domestic producer profits and waving through the Jackdaw and Rosebank projects would encourage investment and economic activity.…

Iran has suspended all its petrochemical exports to ensure domestic supply amid reduced local availability following Israeli strikes early this month. The Islamic Republic is halting all exports to prevent a supply crunch for its domestic industries and raw materials, local economic newspaper Donya-e-Eqtesad reported on Thursday. A senior official at the National Petrochemical Company issued the order earlier this week, the Iranian media report. Exports would be halted until further notice, according to the directive. The export halt is intended…

Iran has suspended all its petrochemical exports to ensure domestic supply amid reduced local availability following Israeli strikes early this month. The Islamic Republic is halting all exports to prevent a supply crunch for its domestic industries and raw materials, local economic newspaper Donya-e-Eqtesad reported on Thursday. A senior official at the National Petrochemical Company issued the order earlier this week, the Iranian media report. Exports would be halted until further notice, according to the directive. The export halt is intended…

Who could ever transform a climate activist into a shale gas champion? Apparently, Donald Trump. This is exactly what is happening to President Claudia Sheinbaum, who is finally coming to terms with her country’s worsening imbalance between natural gas production and imports. Domestic demand stands at around 9 Bcf/d, while production covers only 2.3 Bcf/d, leaving roughly 6.8 Bcf/d - or 70–75% of consumption – to be met by imports from the United States. This is not just dependence, it is near-total reliance on a single external…

Australia's fuel crisis in the wake of the Iran war just took a turn for the worse after a fire broke out at one of the only two refineries in the country. Viva Energy’s Corio oil refinery in Geelong, southwest of Melbourne, caught fire late on Wednesday, after reports of explosions. The fire was extinguished on Thursday morning local time after burning for about 13 hours. The Corio refinery, one of Australia’s two remaining processing plants, supplies more than 50% of the fuel in the state of Victoria and 10% of Australia’s fuel.…

Just 48 hours after the United States and Israel launched a massive bombing campaign of Iran, Lebanese militant group Hezbollah entered the fray and backed its patron. Tehran's closest nonstate ally, Hezbollah, has fired hundreds of rockets, missiles, and drones at neighboring Israel since March 2, opening a new front in the war and stretching Israel's military resources. Hezbollah is both a militant group and a political party that controls much of southern Lebanon. It is considered a terrorist organization by the United States, although the European…

Higher oil and gas prices and volatile energy commodity markets are set to more than offset production losses from the Middle East at French supermajor TotalEnergies, which expects significantly higher upstream and LNG trading profits. In the early days of the war, TotalEnergies warned that the conflict had effectively shut in 15% of its global oil and gas output, while the now-offline barrels account for about 10% of the supermajor's upstream cash flow. Oil and gas production for the first quarter of 2026 is expected to be in line with fourth…

Higher oil and gas prices and volatile energy commodity markets are set to more than offset production losses from the Middle East at French supermajor TotalEnergies, which expects significantly higher upstream and LNG trading profits. In the early days of the war, TotalEnergies warned that the conflict had effectively shut in 15% of its global oil and gas output, while the now-offline barrels account for about 10% of the supermajor's upstream cash flow. Oil and gas production for the first quarter of 2026 is expected to be in line with fourth…

The International Monetary Fund (IMF) has cut its economic outlook for the world economy and warned it could sink into a recession if the Iran war is not soon resolved. In its April 2026 World Economic Outlook, the Bretton Woods institution has predicted that global GDP will expand by 3.1% in the current year, down from its earlier projection of 3.4%, if the conflict is short-lived and oil prices soon normalize to around $82 per barrel. However, the IMF says the economy might expand by 2.5% if the tensions linger for long and oil prices average…

Oil prices are up by over 50% since the end of February, ready for further gains should the situation in the Middle East deteriorate again. Supply is tight and getting tighter by the day. A fifth of global LNG supply is offline. The energy sector is once again hot, and commentators are talking about a new supercycle. Investors rushing to oil and gas stocks would be unsurprising, but perhaps some caution is advisable. Oil prices have made significant gains since the start of the year as the February 28th U.S. and Israeli strikes on Iran and the…

The seven-week-long war in Iran has shown that the regions are not equally hurt by the worst oil and gas disruption in history. Asian countries, which are most dependent on oil and LNG flows from the Middle East, are already grappling with fuel shortages, airlines are raising fares and grounding flights, and refiners bid for every non-Middle Eastern barrel in a fierce competition to procure crude.   That’s true for most of Asia, but not for China. Beijing has been amassing crude into commercial and strategic storage over the past year—at…

The global battery sector is on fire – and we’re not just talking about lithium-ion battery explosions. In 2025, the global lithium-ion battery market topped USD $150 billion in 2025, marking a stunning 20 percent year-on-year increase. But current lithium-ion battery design has some key limitations, opening up a potentially massive market for competitive designs. One of the major frontrunners are solid-state batteries, which could potentially offer higher energy density, faster recharging times, and better safety than battery cells…

Asia is caught between a market it cannot afford to buy from and a supply line that will take weeks to restart, in a best-case scenario. Negotiations remain ongoing, though not in person in Islamabad. What lies ahead is a complex, volatile process: posturing, brinkmanship, and game theory playing out across multiple scenarios until one side yields. The path will be messy and could carry major consequences for Asia Pacific economies. Even if access through the Strait of Hormuz progressively normalizes, new loadings face voyage times of three to…

Norway's crude oil export earnings surged 67.9% year-on-year in March to a record 57.4 billion kroner ($6.1 billion), primarily driven by soaring global energy prices following the outbreak of the Iran war and the subsequent closure of the Strait of Hormuz. Oil prices averaged 1,014 kroner ($107.52) per barrel in March, the highest monthly average since September 2023. As Europe’s largest producer of oil and natural gas, the Scandinavian country exported 56.6 million barrels of crude oil in March, good for nearly 2 million barrels per day.…

Norway's crude oil export earnings surged 67.9% year-on-year in March to a record 57.4 billion kroner ($6.1 billion), primarily driven by soaring global energy prices following the outbreak of the Iran war and the subsequent closure of the Strait of Hormuz. Oil prices averaged 1,014 kroner ($107.52) per barrel in March, the highest monthly average since September 2023. As Europe’s largest producer of oil and natural gas, the Scandinavian country exported 56.6 million barrels of crude oil in March, good for nearly 2 million barrels per day.…

Norway's crude oil export earnings surged 67.9% year-on-year in March to a record 57.4 billion kroner ($6.1 billion), primarily driven by soaring global energy prices following the outbreak of the Iran war and the subsequent closure of the Strait of Hormuz. Oil prices averaged 1,014 kroner ($107.52) per barrel in March, the highest monthly average since September 2023. As Europe’s largest producer of oil and natural gas, the Scandinavian country exported 56.6 million barrels of crude oil in March, good for nearly 2 million barrels per day.…