A European Commission spokeswoman on February 17 confirmed that Brussels was in touch with Ukraine regarding the Druzhba pipeline that has been damaged since late January, preventing Russian oil from flowing to Hungary and Slovakia. "We are in contact with Ukraine on the timeline for reparation of the Druzhba oil pipeline and how quickly this might be up and running," Anna-Kaisa Itkonen told journalists in Brussels, adding the EU executive was ready to call an emergency coordination group with relevant parties to discuss alternative routes to fuel…

The United States military has attacked three alleged drug boats in the Eastern Pacific and the Caribbean as the U.S. continues its crackdown on narcotics trade and enforces a blockade on illicit oil shipments from Venezuela.   Earlier this week, the Joint Task Force Southern Spear conducted three lethal kinetic strikes on three vessels operated by Designated Terrorist Organizations, the U.S. Southern Command said late on Tuesday.  “Intelligence confirmed the vessels were transiting along known narco-trafficking routes and…

Oil prices surged nearly 3% on Wednesday after peace talks between Ukraine and Russia in Geneva ended abruptly after only two hours. The failure to reach a breakthrough heightened market fears that sanctions and supply restrictions on Russian oil will persist longer than previously anticipated. Brent crude for April delivery was up 2.74% to trade at $69.15 per barrel at 8.20 am ET in Wednesday’s morning session while WTI crude for March delivery gained 2.79% to change hands at $64.05 per barrel. Ukrainian President Volodymyr Zelenskiy called…

Nigeria’s struggles to pump to its OPEC+ quota over the past year have resulted in a loss of $1.31 billion gross revenue for the biggest African oil producer, according to data calculated by Business Insider Africa.  The cumulative underproduction for Nigeria between January 2025 and January 2026 is estimated at about 18.12 million barrels. Multiplied by the official average price of the country’s flagship Bonny Light crude, $72.08 per barrel, the lost revenues for OPEC’s top African producer amount to $1.31 billion, Business…

Libya’s first oil field licensing round since the removal of Muammar Gaddafi as leader in 2011 has seen a slew of major Western international oil companies (IOCs) choose to either re-enter the country after a long absence or bolster their existing operations in a stunning success for Tripoli. As part of the National Oil Corporation’s (NOC) target of lifting oil production to 2 million barrels per day (bpd) by 2028, it announced last year that 22 offshore and onshore blocks would be licensed in the initial bidding round. Perhaps the…

Geopolitics, growing oil supply, longer voyages, and disruptions due to sanctions and altered shipping lanes pushed crude oil tanker rates to multi-year highs at the end of 2025. After a dip in January, rates started climbing again this month in what shipping executives described as a fundamental shift in the market for very large crude carriers (VLCC) capable of carrying around 1.9 million barrels to 2.2 million barrels of crude.   This shift is a major buying spree from South Korea’s Sinokor shipping group and Italian billionaire…

Back in March 2024, the Federal Government of Somalia and the Republic of Türkiye signed a major offshore hydrocarbon exploration and production agreement in Istanbul. This strategic partnership allowed Turkey’s state-owned energy company, Turkish Petroleum Corporation (TPAO), to conduct 3D seismic surveys and drill for oil and gas in both offshore blocks and three land blocks covering roughly 16,000 square kilometers, with the additional agreement for onshore exploration signed in early 2025.  Turkey wasted little time, dispatching…

California’s governor this week inked an energy partnership deal with the UK’s Department for Energy Security and Net Zero (DESNZ) - and it made the U.S. president quite angry. Trump dubbed Gavin Newsom’s actions inappropriate in the latest flare-up between the federal government and green-focused California, as the two diverge ever more on energy policies. “The U.K.’s got enough trouble without getting involved with Gavin Newscum,” President Trump told Politico, asked about his comments on the deal between Newsom…

Shares of BHP Group, the world's largest miner, jumped to a record high in Australia after it posted earnings at the top end of Wall Street expectations. The miner's pivot into copper, aided by a surging rally in industrial metals, offset softer conditions in its iron ore unit. BHP chief executive Mike Henry reaffirmed to investors earlier on a call that the miner is pivoting toward "future-facing" metals. In other words, he explained that the world's largest miner's shift away from operations focused on serving China's steel mills has paid off,…

Here is the question: what happens when renewables are acknowledged as the superior technology for electric power generation? Basically,  we see a process of displacement (one commodity producer, renewables, displacing another, fossil fuels), and that leads us to the issue of minimum viable scale in connection with this postulated energy transition. Basically,  minimum viable scale means the minimum throughput needed to keep the system running and economically viable.  Imagine a toll road that charges fees to all vehicles to pay…

Once-dominant energy giant BP is running on empty as it curbs shareholder payouts and unveils fresh attempts to bolster its balance sheet. The London-based oil baron announced in its final results on Tuesday that it has suspended its share buyback programme and increased its cost-cutting goal as it looks to reverse its fortunes in the next financial year. The company said the decision was taken to allow it to increase investment into its oil production business and “fully allocate excess cash” to its balance sheet. The group also increased…

France has fined a Russia-linked oil tanker several million euros after detaining it for violating EU sanctions, marking one of the clearest physical enforcement actions yet against Moscow’s shadow fleet. The tanker, Grinch, was boarded in the Mediterranean last month after sailing from Murmansk in Russia’s Arctic. It was held for three weeks at Fos-sur-Mer before being cleared to leave French waters, according to French Foreign Minister Jean-Noel Barrot. The exact fine was not disclosed. The vessel is part of the network of tankers…

France has fined a Russia-linked oil tanker several million euros after detaining it for violating EU sanctions, marking one of the clearest physical enforcement actions yet against Moscow’s shadow fleet. The tanker, Grinch, was boarded in the Mediterranean last month after sailing from Murmansk in Russia’s Arctic. It was held for three weeks at Fos-sur-Mer before being cleared to leave French waters, according to French Foreign Minister Jean-Noel Barrot. The exact fine was not disclosed. The vessel is part of the network of tankers…

This week's energy newsletter reviews oil and gas price shifts, U.S. rig count figures, key corporate acquisitions and discoveries, and analyzes major geopolitical events impacting global oil trade, including shipping market manipulation and rising Chinese imports of Russian crude. The oil market’s shipping segment is being rocked by a brazen attempt to corner it, with a South Korean shipping tycoon hoovering up any available VLCCs in the market.  Ga-Hyun Chung’s Sinokor Group has bought or chartered over 120 very large crude carriers…

As Ukrainian strikes on Russia’s refineries and the halt of Ukrainian shipments of Russian oil to central EU member states limit outlets of Russian crude, Moscow is boosting shipments via ports.   Russia’s seaborne crude oil exports averaged 3.39 million barrels per day (bpd) in the four weeks to February 15, per ship-tracking data compiled by Bloomberg. Oil exports have been rising for a fourth consecutive week, as week-by-week comparisons are not particularly relevant due to weather conditions in the winter and other factors,…

As Ukrainian strikes on Russia’s refineries and the halt of Ukrainian shipments of Russian oil to central EU member states limit outlets of Russian crude, Moscow is boosting shipments via ports.   Russia’s seaborne crude oil exports averaged 3.39 million barrels per day (bpd) in the four weeks to February 15, per ship-tracking data compiled by Bloomberg. Oil exports have been rising for a fourth consecutive week, as week-by-week comparisons are not particularly relevant due to weather conditions in the winter and other factors,…

As Ukrainian strikes on Russia’s refineries and the halt of Ukrainian shipments of Russian oil to central EU member states limit outlets of Russian crude, Moscow is boosting shipments via ports.   Russia’s seaborne crude oil exports averaged 3.39 million barrels per day (bpd) in the four weeks to February 15, per ship-tracking data compiled by Bloomberg. Oil exports have been rising for a fourth consecutive week, as week-by-week comparisons are not particularly relevant due to weather conditions in the winter and other factors,…

Residents of Smederevo, a Serbian industrial city already blanketed by pollution from a Chinese-owned steel mill, are pushing back against plans for a $2.8 billion oil refinery backed by Chinese state-owned companies -- a project negotiated largely out of public view. Nearly two years after the refinery was announced, Serbia's government has refused to release the framework agreement signed with China Energy International Group. Serbia's Energy Ministry told RFE/RL the deal was a "business secret" and disclosing the agreement would interrupt negotiations…

Portland General Electric Company has agreed to buy select power plants and utility operations of Berkshire Hathaway’s PacifiCorp in Washington State for $1.9 billion, the Portland-based firm said on Tuesday.  The price of the acquisition represents a purchase price multiple of 1.4 times the estimated 2026 rate base.    As part of the deal, Portland General Electric (PGE) will buy three generation facilities: the Chehalis gas-powered plant with a capacity of 477 megawatts (MW), the Goodnoe Hills wind facility with 94 MW…

A second round of indirect talks between Iran and the United States over Tehran's nuclear program concluded on February 17, according to Iran's state broadcaster. The outcome remains unclear, as neither side has issued a statement or spoken to the media. Mediated by Oman, the negotiations aim to resolve the years-long dispute over Iran's nuclear program as the United States continues to amass forces in the Arabian Sea. President Donald Trump has warned that failure to reach a deal could lead to military strikes. Iran's Supreme Leader Ayatollah…