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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.
Europe News
EU agrees fresh sanctions on Russia but leaves maritime ban on hold
Due to Greece and Malta's concerns, the full ban on maritime services will be left on hold pending an agreement at the G7 level. The US, however, is going in the opposite direction by providing sanctions relief to Russia.
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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.
Europe News
Energy prices set to rise as last Gulf Tankers reach Europe
Energy analysts have warned of surging energy prices beyond already elevated levels, as the last vessels carrying oil and natural gas from the Strait of Hormuz before the conflict have reached Europe. Supply forecasts for oil and gas remain optimistic as US deliveries are expected.
Economy
IEA warns of historic oil supply shock as Iran war disruption persists
The International Energy Agency (IEA) has warned of an unprecedented energy shock, with global oil production plunging by over 10 million barrels per day in March, as diplomatic efforts between Washington and Tehran fail.
Europe News
Magyar keeps door open to Russian energy despite EU phase-out plans
At his first press conference after being elected Prime Minister of Hungary, Péter Magyar said on Monday that the country will continue seeking the cheapest energy sources, including from Russia. His statement appear to clash with earlier pledges to phase out Russian energy imports by 2035.
Europe News
Can Péter Magyar break Hungary’s reliance on Russian oil?
Péter Magyar, the expected future Hungarian prime minister, won the general election in a landslide, unseating outgoing Viktor Orbán after 16 years in power and raising questions about whether Budapest will move away from Russian energy.
Europe News
EU considering excessive profit taxes on oil and gas companies
The European Commission is considering taxing windfall profits, similar to the mechanism applied in 2022 during the natural gas crisis. The plea came from five EU countries, which also called for the tax to be expanded to foreign profits dealing with fossil fuels.