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Commodities Energy
Commodities Petrobras Awards $88.75M Decommissioning Contract to OceanPact for Marlim Field
Brazilian offshore vessel owner OceanPact has secured a R$443.7m ($88.75m) contract from Petrobras to provide pull-out and collection services for flexible lines in the decommissioning of stationary production units at the Marlim field. The work will focus on the risers of the P-18 platform in the Campos Basin. This contract follows a previous decommissioning deal worth over R$1bn with Trident Energy, also in the Campos Basin.
Commodities Brent Crude Falls to $83 on US-Iran Deal, UK Petrol Prices Set to Drop Further
Brent crude oil prices have fallen to around $83 a barrel following a US-Iran framework deal that ended the war and raised hopes for reopening the Strait of Hormuz. UK petrol prices, which peaked at 159.53p on 28 May during the conflict, have started declining, with the RAC forecasting a further drop to 148p if oil stabilises around $85. The article details the impact of the war on global oil flows and UK retail fuel costs.
Commodities Shell Weighs $1bn Offshore Wind Sell-Off as It Shifts Focus Back to Oil and Gas
Shell is reportedly preparing to launch a sale of its offshore wind farms worth over $1bn, advised by Rothschild & Co and PJT Partners. The move is part of CEO Wael Sawan's strategy to cut costs and focus on higher-returning oil and gas assets, following the divestment of European onshore renewables and Indian renewable firm Sprng Energy.
Commodities Gold whipsaws in choppy trading as US completes new Iran strikes, Strait of Hormuz closed
Gold experienced sharp swings after the US completed fresh strikes against Iran, which prompted Tehran to close the Strait of Hormuz to all vessels. Bullion rose as much as 1.1% after an earlier drop near $4,000/oz, while US inflation accelerated to 4.2% year-over-year in May, driven by war-induced energy costs. Trade executives face heightened uncertainty over shipping routes and inflation.
Commodities India Secures Crude and LPG Supplies Through August Amid Middle East Crisis
Indian refiners have secured crude oil inventories to meet demand through at least August and LPG supplies through mid-July, according to Reuters sources. Recent purchases include 4 million barrels of Murban crude by HPCL from Totsa and Mercuria. India and the UAE are also accelerating plans to expand strategic oil reserves to 30 million barrels.
Commodities UK offshore wind workforce must double to 94,000 by 2030 to meet clean power targets, ORE Catapult report warns
A new report from ORE Catapult warns the UK offshore wind workforce must nearly double from 40,000 to between 75,000 and 94,000 by 2030 to achieve the country's clean power targets. The report, 'Workforce Foresighting for Offshore Wind 2030-2035', identifies critical skills shortages and proposes a shift to a 'leading' education model to anticipate future needs.
Commodities EcoFlow PowerOcean Home Battery Cuts Electricity Bill by Half: A Real-World Review
In a recent review, WIRED contributor Simon Hill details his experience with the EcoFlow PowerOcean home battery installed two months ago. By charging the battery during cheap overnight EV rates and using stored power during peak hours when electricity is four times more expensive, Hill cut his electricity bill in half. The article covers preparation, installation, and the financial rationale behind residential battery storage.
Commodities India Has Over 60 Days of Crude and Gas Stocks, Hardeep Puri Rules Out Energy Crunch
India holds over 60 days of crude and natural gas stocks and 75-80 days of LPG, according to Union Minister Hardeep Singh Puri. Domestic LPG production has risen sharply, and fuel prices have fallen 3.1% since May 2022, contrasting with steep increases in other nations. The minister also outlined a push for E85 fuel pumps and piped natural gas.
Commodities India Bars Industrial Users from Buying Petrol, Diesel at Retail Pumps, Mandates Bulk Purchase
India's Ministry of Petroleum and Natural Gas issued an order barring industrial, commercial, and institutional users from purchasing petrol and diesel at retail fuel outlets, requiring them to switch to bulk sellers. The move addresses abnormal demand driven by a price gap between retail (Rs 95.20/litre for diesel in Delhi) and bulk prices (Rs 134.50/litre). Retail diesel purchases are capped at 200 litres per day. The order, effective for 90 days, aims to prevent localised shortages amid geopolitical supply disruptions.
Commodities Oil Prices Slip Below $90: Brent, WTI Tumble After Trump Announces Ending War With Iran
Oil prices slipped below $90 per barrel as Brent crude and West Texas Intermediate tumbled following President Trump's announcement of ending the war with Iran. The Times of India report provided the headline but did not include specific price levels, volume changes, or trade implications.
Commodities Crude oil futures decline over 4% after Trump announces Iran peace deal
Crude oil futures declined by more than 4% on Monday after US President Donald Trump announced a peace deal with Iran, including the opening of the Strait of Hormuz and removal of the naval blockade. August Brent crude fell to $83.27 per barrel, while July WTI dropped to $80.55. Other commodities like natural gas also declined, while jeera and dhaniya futures rose.
Commodities Oil Prices Tumble 4% as Trump Announces US-Iran Deal, Strait of Hormuz Reopening; Brent Falls Below $85
Oil prices plunged to lowest since March on Monday after US President Donald Trump announced the completion of a deal with Iran and the immediate toll-free reopening of the Strait of Hormuz. Brent crude futures dropped 4.1% to $83.75 a barrel, while WTI fell 4.72% to $80.87, easing fears of supply disruptions through the critical waterway. The diplomatic breakthrough, mediated by Pakistan, will be formally signed in Switzerland on June 19.
Commodities Oil prices fall as Trump cancels planned strikes on Iran, easing Strait of Hormuz fears
Oil prices fell on Friday after US President Donald Trump cancelled planned strikes on Iran, reducing fears of an escalation of hostilities. Brent crude dropped $1.21 to $89.17 a barrel, while WTI fell $1.23 to $86.48. The move follows Iran's announcement of the closure of the Strait of Hormuz, though the US military said commercial ships continued to transit the waterway.
Commodities Oil Supply Recovery May Take Months Despite Strait of Hormuz Reopening, Experts Say
Despite the agreement to reopen the Strait of Hormuz, oil supply recovery is expected to take months due to stranded tankers, shut-in production, and security concerns. Experts from S&P Global, Wood Mackenzie, and Columbia University highlight slow logistics, insurance hurdles, and the need for a durable ceasefire before producers restart operations.
Commodities Oil Prices Slide After US and Iran Sign Peace Deal to Reopen Strait of Hormuz
Oil prices fell sharply in early Asian trade after Pakistan announced a peace deal between the US and Iran, with the Strait of Hormuz set to reopen. Brent crude dropped 3.8% to $84.02 a barrel, while US-traded oil slid 4.1% to $81.40. The deal, brokered by Pakistan's Prime Minister Shehbaz Sharif, will be formally signed on 19 June in Switzerland.
Commodities India Waives Excise Duty on Ethanol-Blended Petrol to Boost Cleaner Fuel Use
India has waived excise duty on ethanol-blended petrol (E22, E25, E27, E30) to promote cleaner fuel and reduce crude oil imports. The government plans to establish 500 ethanol fuel stations by end-2026, with initial rollout in Delhi-NCR, Pune, Mumbai, and Nagpur. The move comes as global crude prices surged above $100 per barrel due to the ongoing Middle East conflict, pushing domestic fuel prices up by over Rs 7.5 per litre.
Commodities Caspian Offshore Construction expands fleet with newbuild AHTS
Kazakhstan-based offshore marine service provider Caspian Offshore Construction (COC) has acquired a new anchor handling tug supply (AHTS) vessel, the Caspian Yili, from Sinopacific Engineering & Contracting. The vessel, featuring 90 tonnes of bollard pull and DP2 capability, is the company's largest and is expected to join the fleet in Q4 2026. The acquisition supports COC's strategy to expand in international offshore markets.
Commodities Oil prices ease as Iran and Israel pause attacks; Brent, WTI retreat from recent highs
Oil prices retreated on Tuesday after Iran and Israel paused attacks, with WTI falling 0.57% to $90.78 and Brent declining 0.51% to $93.77. The pullback followed a volatile session and a sharp rise on Monday. OPEC+ agreed to raise output targets for the fourth time, but analysts doubt impact due to production struggles and Strait of Hormuz risks.
Commodities SLB OneSubsea wins BP contract for Thunder Horse subsea boosting system in Gulf of Mexico
SLB OneSubsea, a joint venture of SLB, Aker Solutions, and Subsea7, has secured an engineering, procurement, and construction contract from BP for a subsea boosting system on the Thunder Horse project in the US Gulf of Mexico. The award follows recent boosting contracts for BP's Kaskida and Tiber developments, all using a standardized solution to improve efficiency and shorten delivery times. Thunder Horse is the world's largest moored semi-submersible production platform, capable of over 200,000 boe/d.
Commodities India Notifies Coal Exchange Rules 2026 to Modernize Coal Trading and Improve Price Discovery
The Indian government has notified the Coal Exchange Rules 2026, creating a regulatory framework for establishing coal exchanges. The reform aims to enhance price discovery, transparency, and competition in the coal market, with the Coal Controller Organisation designated as the regulator. Registrations for exchanges will be valid for 25 years.
Commodities Strait of Hormuz Closure: Fitch Says High Oil Prices a Temporary Shock as Supply to Return to Surplus
Fitch Ratings expects the Strait of Hormuz to reopen by end of July, bringing oil prices back to an average of $87 per barrel in 2026. The agency says the recent surge is a temporary logistical bottleneck, not a permanent supply loss, and markets will return to surplus from September.
Commodities Oil shock to inflation risk: How Middle East war is reshaping India's economic outlook
The Iran war is causing a severe oil shock for India, the world's third-largest oil importer. Benchmark crude surged to nearly $120/barrel, and natural gas prices rose 75%. The RBI now expects inflation to average 5.1% in FY27, up from 3.48% in April, and economic growth to slow to 6.6% from 7.7%. Supply disruptions at the Strait of Hormuz and higher fertiliser costs are compounding risks for key crops like wheat amid a potential El Nino.
Commodities TGS signs up for major Equatorial Guinea offshore seismic megasurvey project
Oslo-listed TGS has signed an agreement with Equatorial Guinea's Ministry of Hydrocarbon and Mining Development for a large-scale multi-client seismic megasurvey. The first phase includes reprocessing of 27,273 km of 2D and 35,000 sq km of 3D data, with completion expected in Q3 2026. The full project aims to cover over 46,000 line-km of 2D and 59,000 sq km of 3D data across the Rio del Rey and Rio Muni basins.
Strait of Hormuz Closure Drives Jet Fuel Prices Up, Boosting SAF Economics
The closure of the Strait of Hormuz has sent global jet fuel stockpiles plunging, depleting strategic reserves and driving up prices. This has made sustainable aviation fuel (SAF) more economically competitive, with United Airlines' chief sustainability officer noting it's the closest to parity ever seen. However, SAF production faces bottlenecks including feedstock scarcity and high costs, with below 1% of global jet fuel consumption currently from SAF.
Commodities Oil Prices Jump Over 3% as Iran-Israel Conflict Resumes, Straits of Hormuz Threatens Supply
Oil prices surged more than 3% on Monday as the Middle East crisis crossed 100 days with renewed Iran-Israel hostilities. WTI crude rose to $93.87/barrel and Brent to $96.36/barrel. OPEC+ approved a 188,000 bpd output increase for July, but analysts doubt it will ease supply fears due to the Strait of Hormuz blockade.
Commodities Oil Prices Jump After Iran Missile Strikes Test Fragile Ceasefire with Israel
Oil prices climbed on Monday morning after Iran fired missiles at Israel for the first time since a fragile ceasefire was agreed in April. Brent crude jumped 2.6% to $95.50 a barrel, while US crude rose 2.5% to $92.75. The strikes threaten to further disrupt oil and gas shipments through the Strait of Hormuz.
Commodities China's $11.4bn Three Gorges Lock Expansion to Double Cargo Capacity, Ease Yangt
China has begun construction of a massive $11.4bn new ship lock system at the Three Gorges Dam, expected to nearly double cargo handling capacity to 336m tonnes annually. The nine-year project will add a five-stage lock for 10,000 dwt vessels, addressing growing congestion as traffic exceeded original design assumptions.
Commodities From E20 to E85: India’s strategic leap in sustainable fuel blending
India's ethanol blending programme has evolved from a fragmented initiative into a comprehensive national strategy integrating energy security, agriculture, and industry. The coordinated rollout of E20 and introduction of E85 fuels, backed by inter-ministerial cooperation and feedstock diversification, is reshaping the country's fuel landscape.
India restricts diesel and petrol sales at retail pumps for bulk users
India has restricted institutional and commercial customers from buying motor spirit and high-speed diesel at retail outlets, directing them to source from their own consumer pumps. The order also caps retail high-speed diesel sales at 200 litres per day per customer for up to 90 days.
Commodities India Clears E100 Fuel Framework, Accelerating Ethanol Vehicle Rollout and Impor
India has approved the regulatory framework for 100% ethanol (E100) as a vehicular fuel, enabling the commercial deployment of ethanol-powered cars and two-wheelers. The move, announced by Union Minister Nitin Gadkari, aims to reduce India's dependence on imported crude oil (over 85% imports) and create new demand for agricultural feedstocks, while giving automakers regulatory certainty to invest in flex-fuel platforms.
Commodities Shearwater Wins ExxonMobil Seismic Survey Work Offshore Guyana for Yellowtail Fi
Norwegian seismic company Shearwater Geoservices has been awarded a distributed acoustic sensing (DAS) seismic program by ExxonMobil in the Stabroek Block offshore Guyana. The two-month scope involves source-only acquisition for a baseline reservoir surveillance survey over the Yellowtail development area, using the SW Empress vessel in triple-source configuration. Yellowtail is ExxonMobil's fourth and largest deepwater project in the block, with a production capacity of 250,000 bpd and 2 million barrels storage.
India ethanol push needs uniform policies and consumer trust: AIDA
India's Ethanol Blending Programme requires standardised state-level taxes and consumer education to succeed, according to the All India Distillers’ Association. With installed capacity of 2,000 crore litres and demand at 1,434 crore litres, the industry holds a surplus of 566 crore litres. Excise duty exemptions on higher blends (E22 to E30) aim to curb crude oil imports, but consumer concerns over mileage persist.
Commodities How US overtook Saudi and Russia to become world's top oil exporter
The United States has become the world's largest oil exporter, with crude and fuel shipments reaching about 10.5 million barrels per day in May, overtaking Saudi Arabia and Russia. The milestone marks a dramatic reversal from past dependence on imported oil, driven by the shale revolution, the lifting of a four-decade export ban in 2015, and recent geopolitical disruptions including the Strait of Hormuz crisis. European and Asian buyers are increasingly turning to US supplies, reshaping global trade flows and challenging OPEC's influence.
Commodities Global Offshore Wind Capacity on Track to Quadruple to 420 GW by 2035
A new report from the Global Wind Energy Council (GWEC) forecasts that global offshore wind capacity will quadruple to 420 GW by 2035, driven by a 24% CAGR between 2026 and 2030. In 2025, over 9 GW were added, bringing cumulative capacity to 92.5 GW. China led with 6.6 GW of new installations, while Europe added 2 GW.
Commodities Crude Oil Futures Fall as Trump Signals Possible Iran Deal
Crude oil futures traded lower after US President Donald Trump signaled a possible peace deal with Iran. August Brent fell 1.90% to $88.66, and July WTI dropped 1.82% to $86.11. ING analysts expressed caution, noting past false starts and quiet signals from Tehran. OPEC's May production fell 177,000 b/d, led by Iran's 546,000 b/d decline, while Saudi, UAE, and Iraq increased output.
Commodities India Exempts Higher Ethanol Blend Grades from Excise Duty
The Central Board of Indirect Taxes and Customs (CBIC) has issued notifications exempting ethanol blended petrol grades E22, E25, E27, and E30 from central excise duties, provided excise duty has already been paid on petrol and GST on ethanol. The move mirrors existing treatment for lower blends and aims to avoid double taxation, according to officials. Joint Secretary Sujata Sharma stated it is a preliminary prerequisite for eventual introduction of higher blends after extensive testing.
Commodities U.S. Approves $5B Offshore LNG Export Platform Amid Historic Regulatory Mileston
Federal regulators have approved the first-ever offshore LNG export terminal, a $5 billion project by Delfin Midstream. The platform, located 40 miles off Louisiana, will eventually export 1.8 billion cubic feet per day. Other stories include Amazon's LTL expansion, countervailing duties on Chinese and Mexican trailers, and a 30% surge in cargo theft.
Commodities Crude Oil Futures Rise Amid US-Iran Tensions
Crude oil futures saw an increase following US military strikes on Iran. Brent and WTI futures rose, driven by geopolitical tensions and potential disruptions in the Strait of Hormuz.
Commodities Oil Prices Surge as Iran Closes Strait of Hormuz
Oil prices jumped over 2% after Iran closed the Strait of Hormuz following US military strikes. Brent crude reached $95.40 a barrel, while WTI hit $92.63. The closure impacts global oil shipments, escalating geopolitical tensions.
Commodities India Considers Delaying Higher Ethanol Mandate
India's government is considering delaying the increase in ethanol blending from E20 to E25 due to concerns about vehicle compatibility. Most vehicles manufactured before 2025 are not fully compliant with higher ethanol blends, potentially impacting mileage and maintenance costs.
Commodities How Iran and Gulf States Bypass Hormuz Blockade to Stabilize Oil Prices
Despite the closure of the Strait of Hormuz and a US naval blockade, crude oil prices have not reached the feared $200 per barrel. This stability is due to covert shipping networks and alternative trade routes developed by Iran and its Arab neighbors, ensuring continued oil flow.
Commodities India and UAE to Expand Strategic Crude Oil Reserves
India and the UAE are collaborating to expand UAE-linked crude oil storage in India from 5.8 million barrels to 30 million barrels. This initiative involves new construction projects and potential storage at Mangalore, Visakhapatnam, and Chandikol.
Commodities U.S. Approves First LNG Production Ship Amid Controversy
The U.S. has approved its first floating LNG production ship, led by Delfin Midstream, despite controversy over environmental reviews. The project, located off Louisiana, aims to enhance U.S. energy exports.
Commodities May 2026 SST Ties for Second Warmest on Record
May 2026 recorded the second warmest sea surface temperature globally, at 20.90°C, just behind May 2024. This trend is significant for energy markets as it influences weather patterns and energy demand.
Commodities Aker BP and Viridien Partner for Norwegian Exploration
Aker BP and Viridien have formed a strategic partnership to enhance exploration efforts on the Norwegian Continental Shelf. The collaboration focuses on multi-client OBN seismic data acquisition and technology development.
Commodities SAEL Industries Boosts Renewable Capacity with New Plant in Rajasthan
SAEL Industries Ltd has commissioned a 14.9 MW agri waste-to-energy plant in Bhadra, Rajasthan, increasing its total capacity to 164.9 MW. The plant processes agricultural residues, contributing to clean energy and employment in the region.
Commodities Dutch Consortium Advances Offshore Hydrogen in North Sea
Hydrogen of Dutch Origin (H2DO) initiates a feasibility study for offshore green hydrogen production in the Dutch North Sea. The project aims to address grid congestion and enhance energy autonomy by 2031.
Commodities Crude Oil Futures Surge Amid US-Iran Tensions
Crude oil futures saw an uptick following US military strikes on Iranian targets. The geopolitical tension has influenced Brent and WTI futures, with significant movements in the market.
Commodities UK Seeks Developer for 1.5GW Offshore Wind Project
The UK Crown Estate is launching a tender to find a new developer for the Morgan offshore wind site in the Irish Sea, capable of generating 1.5GW. The previous developers, EnBW and JERA Nex BP, exited the project earlier this year.
Commodities Diesel Prices Decline Amid Inventory Concerns
Diesel prices continue to decline, with the DOE/EIA reporting a drop to $5.21/gallon. Concerns about low inventory levels and potential export bans are influencing market dynamics.
Commodities Jet Fuel Prices Surge 10% Amid New Stabilisation Scheme
Jet fuel prices for domestic airlines in India have risen by 10% as state-owned oil companies implement a price stabilisation scheme. The plan allows airlines to lock in fuel rates for up to three years, aiming to mitigate the impact of global oil price volatility.
Commodities India Sets Stage for Coal Exchanges with New Rules
India has notified new rules to establish coal exchanges, aiming to modernize the coal supply chain with transparent, market-driven price discovery. The Coal Controller Organisation will oversee the registration and regulation of these exchanges.
Commodities Crude Oil Futures Dip as Iran and Israel Agree to Ceasefire
Crude oil futures fell after Iran and Israel agreed to cease attacks, following US President Trump's intervention. Brent and WTI futures saw declines, reversing gains from earlier geopolitical tensions.
Commodities Oil Prices Edge Up Amid Iran-Israel Tensions
Oil prices saw a slight increase as Iran and Israel paused hostilities, following an appeal from US President Donald Trump. Brent crude futures rose to $94.38 a barrel, while US West Texas Intermediate reached $91.41 a barrel.
Commodities Crude Oil Prices Surge Amid OPEC+ Production Cuts
Crude oil prices on the NYMEX have surged due to OPEC+ production cuts. The November contract rose to $85.50 per barrel, marking a 3% increase week-over-week and a 15% rise year-over-year.
Commodities Oil Prices Surge Amid Israel-Lebanon Tensions
Oil prices increased by over $2 per barrel following renewed Israeli strikes on Lebanon, escalating Middle East tensions. This development threatens crude flows through the Strait of Hormuz, a critical chokepoint for global oil supply.
Commodities Perdana Petroleum's Fleet Renewal: A Strategic Move Amid Market Recovery
Perdana Petroleum is investing $33.94 million to build two new AHTS vessels, marking its first construction program since 2012. This move aligns with improved market conditions and recent contracts with Petronas Carigali.
Commodities Crude Oil Prices Stabilize Below $100 Amid Geopolitical Tensions
Crude oil prices on the NYMEX have stabilized below $100 per barrel, despite significant disruptions in the Strait of Hormuz. Alternative supply routes and reduced Chinese demand have helped prevent a spike to $200.
Commodities Trump's $700m Coal Investment Amid Rising Energy Costs
Donald Trump has announced a $700 million investment to revive the US coal industry, citing national security concerns and rising energy costs. The initiative aims to protect existing coal plants and build new infrastructure.
Commodities OPEC+ Increases Oil Output Targets Amid Geopolitical Tensions
OPEC+ has approved a fourth consecutive increase in oil production targets, raising July output by 188,000 bpd. This decision comes amid ongoing disruptions in the Strait of Hormuz due to the US-Iran conflict, affecting global oil supply.