Russia will reroute crude oil volumes originating from Kazakhstan that had been destined for Germany through the Druzhba pipeline to alternative export channels beginning May 1.
Demand for rooftop solar systems across Europe has risen sharply following the outbreak of the Iran war, as households increasingly seek protection from escalating power costs driven by severe global energy market disruptions.
Oilfield services giant Halliburton recorded a net income of $461 million, or $0.55 per diluted share, for the first quarter (Q1) of 2026, more than doubling the $204 million reported in Q1 2025, the company announced on April 21, 2026. Total revenue for the quarter remained flat year-on-year (YoY) at $5.4 billion, while operating income reached $679 million with a 13% operating margin.
Kuwait has moved to protect its contractual obligations after disruptions to tanker traffic in the Strait of Hormuz forced it to suspend part of its oil export commitments.
Kuwait Petroleum Corporation (KPC), a state- owned oil company, notified clients that it is activating a force majeure clause following difficulties faced by some vessels attempting to access the Persian Gulf. The notice, sent on Friday, allows the state oil company to temporarily withhold agreed shipments under exceptional circumstances, according to the report.
The International Energy Agency (IEA) said solar power and battery storage reached record deployment levels in 2025, marking a structural shift toward a global “Age of Electricity,” according to its latest Global Energy Review 2026. Solar energy accounted for 25% of global energy supply growth—the largest share for any source—while overall energy demand growth slowed to 1.3%.
Algeria has launched a new oil and natural gas licensing round, offering seven exploration blocks in a bid to bolster hydrocarbon output and attract foreign investment, Reuters reported.
The round, branded “Algeria Bid Round 2026,” was unveiled during a ceremony in Algiers attended by representatives of international energy companies, marking the country’s latest push to strengthen its upstream sector.
The US Trump administration, on April 17, renewed a waiver allowing countries to purchase Russian oil and petroleum products already loaded at sea for about a month, a move made to curb global energy prices as a result of the US and Israeli war on Iran, according to Reuters.
Five liquefied natural gas (LNG) tankers loaded at Qatar’s Ras Laffan terminal are heading toward the Strait of Hormuz, marking a potential resumption of shipments through the key waterway following its reopening on April 17, according to ship-tracking data, Reuters reported.
Saipem has won two new offshore contracts in the Saudi Arabia under its Long-Term Agreement with Aramco, in the form of Contract Release Purchase Orders (CRPOs), further reinforcing its footprint in the Saudi market.
The US came close to becoming a net crude exporter for the first time since World War II, as exports surged to 5.2 million barrels per day (mmbbl/d)—the highest level in seven months—driven by strong demand from Europe and Asia seeking alternatives to disrupted Middle East supplies.
