News / International

India Rejects Sanctioned Russian LNG Cargo

India has declined to receive liquefied natural gas (LNG) from Russia’s Portovaya plant in the Baltic Sea, which is subject to US sanctions, leaving a tanker bound for India in limbo as talks continue over permitted cargoes, industry sources told Reuters. The decision comes despite tightened LNG supply conditions driven by Middle East tensions.

The move underscores India’s effort to balance energy security with compliance risks, as sanctioned LNG cargoes are harder to disguise than crude shipments. One source noted the vessel had signaled India as its destination in mid‑April, though paperwork suggested the cargo was non‑Russian. Tracking data later confirmed its origin from Portovaya.

Syria Advances First Deep-Water Offshore Energy Project with Chevron and UCC Holding

Syria has designated an offshore block for its first deep-water oil and gas exploration project, in partnership with Chevron, the US energy major and UCC Holding, Qatari construction conglomerat, according to the Syrian Petroleum Company (SPC).

New US Sanctions Target Iran Oil Shipments to China Ahead of Trump-Xi Meeting

The US has imposed sanctions on three individuals and nine companies for facilitating Iranian oil shipments to China, including entities based in Hong Kong, the United Arab Emirates, and Oman.

Saudi Crude Exports to China Expected to Hit Record Low in June

Saudi Arabia’s crude oil exports to China are set to decline further in June, as Chinese refiners reduce demand in response to higher prices linked to US –Iran tensions, industry sources said to Reuters.

ADNOC Drilling Reports Record Q1 2026 Net Profit

ADNOC Drilling, the UAE’s Oilfield drilling services company, recorded its strongest-ever first-quarter (Q1) performance for the period ended March 31, 2026, reporting a net profit of $347 million, a 2% year-on-year (YoY) increase. The record start to the year was bolstered by high fleet activity and technology-led delivery, with total revenues yielding $1.23 billion, up 5% compared to Q1 2025.

Shell Posts $6.9 Bn Adjusted Earnings in Q1 2026

Shell reported $6.9 billion in adjusted earnings for the first quarter (Q1) of 2026, a significant increase from $3.3 billion in the previous quarter, according to a statement by the company. This metric reflects the company's core operational performance by excluding one-time legal items and volatile swings in inventory value.

Aramco Posts 25% Surge in Q1 2026 Net Profit

Saudi Energy Giant Aramco reported a 25% year-on-year (YoY) increase in first-quarter (Q1) net profit for 2026, supported by operational resilience amid ongoing disruptions to shipping through the Strait of Hormuz.

Equinor Records 9% Production Surge, Renewables Output Jumps 29% in Q1

Norway Equinor posted record results in the first quarter (Q1) of 2026 with adjusted operating income of $9.77 billion, up from $8.65 billion in Q1 2025.  This comes as Equinor delivered record-high production in Q1, with a total equity production of 2,313 million barrels of oil equivalent per day (boe/d), 9% higher than the same quarter in 2025.

Iraq Announces New Oil Discovery at Al-Qarnain Block

Iraq announced the discovery of a new oil field in Najaf province, close to the Saudi border in the country’s southwest. The field, discovered by China-based Zhenhua Oil, holds estimated reserves of 8.83 billion barrels (bbbl). Current output is reported at 3,248 barrels per day (bbl/d) of light crude oil, Iraqi News reported.

ADNOC Utilizes Dark Shipping Tactics to Bypass Hormuz Blockade

The Abu Dhabi National Oil Co. (ADNOC) exported at least 6 million barrels (mmbbl) of crude oil through the Strait of Hormuz in April, using dark shipping tactics to evade Iranian attacks, according to Reuters.  This maneuver allowed the United Arab Emirates (UAE) to move significant volumes of crude that had been bottled up in the Gulf due to the ongoing regional conflict, according to industry sources and satellite data from the global trade intelligence firm Kpler and the satellite intelligence firm SynMax.

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