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Europe News
Nordic coalition urges EU to reject new Arctic oil and gas drilling
The appeal sent to the European Commission cites environmental concerns and security risks if the EU decides to lift the ban on oil and gas drilling in the Arctic. Instead, EU leaders are urged to focus on electrifying the economy and transport while expanding domestic clean energy production.
Iran
Iran asserts jurisdiction over UAE and Oman waters in new Hormuz map
Five Gulf states have formally warned shipping companies through the IMO not to comply, as analysts say Iran is deliberately expanding its claimed zone beyond even its own initial boundaries in a step-by-step assertion of territorial control.
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Business
Iraq announces huge oil find near Saudi border as Hormuz crisis bites
Iraq has the fifth largest proven oil reserves in the world, estimated at 145 billion barrels, representing about 17% of total Middle Eastern reserves and around 9% of global reserves, according to the US Energy Information Administration (EIA).
United Arab Emirates
UAE leaves OPEC, citing national interest in 'a new energy age'
The UAE’s historic decision is a major blow to the alliance of oil producers, just as the global energy crisis is escalating over Iran’s blockade of the Strait of Hormuz, but the Gulf state insists its decision “enhances the UAE’s ability to respond to evolving market needs."
Business
TotalEnergies ramps up refinery output to secure French fuel supply
TotalEnergies has maximised its output at the Gonfreville refinery to protect the French market from external supply shocks. The facility is operating at its limit to produce essential fuels as energy markets remain disrupted.
Kazakhstan
Kazakhstan confirms suspension of oil transit to Germany via Russia
Kazakhstan’s energy minister announced Wednesday there would be no transit of its oil to Germany through Russia throughout May due to Russian technical constraints, assuming it is “related to recent strikes on Russian infrastructure".
Business
Repsol regains control of Venezuela oil assets and boosts production
Spanish energy company Repsol has reached an agreement with Venezuela’s government and state-owned company Petróleos de Venezuela (PDVSA) to regain operational control of key oil assets and sharply increase production over the next three years.