TotalEnergies, the integrated multi-energy company, anticipated a sharp rise in first‑quarter (Q1) of 2026 earnings, driven by strong trading results, higher upstream output, and increased oil sales amid elevated prices linked to the war in Iran, even as the conflict forced the shutdown of 15% of the French company’s overall production, Reuters reported.
Refined oil product inventories in Fujairah, the United Arab Emirates (UAE), dropped below 10 million barrels (mmbbl) on April 15, marking their lowest level in at least nine years, according to the latest data reported by Reuters.
The US will not renew a 30-day sanctions waiver on Iranian oil shipments at sea set to expire this week, while also allowing a similar waiver on Russian oil to lapse over the weekend.
A consortium comprising US oil major ExxonMobil, Energean, and Greece’s leading refiner Helleniq Energy is set to sign a contract with Stena Drilling to initiate exploratory drilling in an offshore block in western Greece, according to the country’s energy ministry, as reported by Reuters.
bp reported that upstream production in the first quarter (Q1) of 2026 is expected to remain broadly stable compared with the fourth quarter (Q4) of 2025, at 2.344 million barrels of oil equivalent per day (mmboe/d). Within this, gas and low-carbon energy output are projected to edge slightly higher, while oil production may decline marginally due to pricing impacts on entitlement volumes.
Shipping data recorded on April 14 showed that a third Iran-linked tanker was transiting the Strait of Hormuz on the first full day of the US blockade on vessels calling at Iranian ports. US President Donald Trump announced the blockade on Sunday after peace talks in Islamabad between the US and Iran failed to yield an agreement.
Brazil’s state-owned energy company Petrobras convened preliminary direct negotiations with Abu Dhabi’s Mubadala sovereign wealth fund to repurchase the Mataripe refinery, according to sources cited by Reuters.
Saudi Arabia has fully restored oil pumping capacity through its East-West pipeline, which holds a total capacity of 7 million barrels per day (mmbbl/d).
The East-West pipeline is a critical strategic asset, serving as Saudi Arabia’s primary export artery while the Strait of Hormuz remains closed. By transporting crude from the eastern fields to the Red Sea coast, the pipeline allows the Kingdom to bypass the maritime chokepoint entirely, ensuring the continued flow of oil to global markets despite the regional blockade.
South Korea is close to securing crude oil supplies from Kazakhstan, as Seoul steps up efforts to diversify energy sources amid ongoing conflict in the Middle East, the country’s industry minister said.
The Egyptian Natural Gas Holding Company (EGAS) has signed a 15‑year agreement to buy the entire output of the Cypriot Aphrodite gas field, with an option to extend the deal for an additional five years, Bloomberg reported, adding that the field would start production in about six years
EGAS signed the preliminary deal with the companies that operate the Aphrodite project and Cyprus’ state-run oil and gas firm, The Aphrodite partners, and Egypt also agreed on a framework to develop a gas transmission system off the Mediterranean coast, noted the news agency.
