US President Donald Trump has instructed the Department of Justice (DOJ) to investigate oil companies for failing to lower gasoline prices in line with falling crude costs, accusing the companies of "gouging" customers, Reuters reported.
Baker Hughes has secured a contract from ANOH Gas Processing Company to deliver comprehensive lifecycle services for turbomachinery equipment at the ANOH Gas Processing Plant in Nigeria.
Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman al‑Thani stressed that establishing a direct hotline between the US and Iran is vital to prevent rogue actors from obstructing efforts to reopen the Strait of Hormuz, adding that the Gulf state expects to restore normal liquefied natural gas (LNG) output “within a few weeks”.
Russia’s seaborne exports of fuel oil and vacuum gasoil (VGO) declined by around 6% month-on-month (MoM) in May to 3.2 million metric tons, as Ukrainian drone strikes on energy infrastructure disrupted production and shipments, according to data from traders and London Stock Exchange Group (LSEG) cited by Reuters.
The ongoing Iran-related energy crisis is expected to drive global electrification efforts, as countries seek to enhance domestic energy security and protect their economies from fossil fuel price volatility, the Head of the International Energy Agency (IEA) Fatih Birol said.
Iraq’s Ministry of Oil has launched drilling operations for a new exploratory well in the northern provinces, marking the first exploration activity in the region since 1978, as part of efforts to expand the country’s hydrocarbon reserves.
Libya’s oil production is approaching the 1.5 million barrels per day (mmbbl/d) milestone, according to the National Oil Corporation (NOC), Libya’s state-owned oil company.
European Union-based companies will be prohibited from trading or marketing Russian liquefied natural gas (LNG) from 2027, regardless of whether the cargoes are destined for the EU or third countries, according to Reuters.
The EU letter, sent by the office of EU Energy Commissioner Dan Jorgensen to shipping brokerage and LNG advisory firm Poten and Partners, clarified that the restrictions apply to all Russian LNG transactions conducted by EU operators.
"The ban prohibits companies from trading or marketing Russian LNG to third countries as it is not relevant whether the Russian LNG is destined for the EU or not," the letter stated, addressing to Poten and Partners, a shipping brokerage and LNG advisory.
Iraq is preparing to export crude oil and naphtha through Syrian ports after the Iran war disrupted its main Gulf shipping routes, according to Iraqi and Syrian energy officials and refinery sources.
The Syrian Petroleum Company (SPC) has signed an agreement with US ConocoPhillips, and energy firm Novaterra to develop new natural gas fields in Syira, according to Reuters.
The agreement aims to support the recovery of Syria's electricity sector and contribute to the country's broader economic reconstruction, said Syrian Energy Minister Mohamed al-Bashir. He did not specify which gas fields would be included in the project.
