- Crude Oil (WTI) 72.07 USD/bbl +1.27%
- Crude Oil (Brent) 76.00 USD/bbl +1.40%
- NYMEX Natural Gas 2.32 USD/MMBtu +6.14%
- OPEC Basket Price 76.06 USD/bbl -0.41%
Europe
Putin Warns Russia Could Halt Gas Supplies to Europe Amid Iran Crisis
President Vladimir Putin warned that Russia may halt gas supplies to Europe as energy prices surge following the escalating crisis involving Iran. Speaking on March 4, Putin said the possibility was being considered as the European Union moves toward banning purchases of Russian pipeline gas by 2027 and restricting new short-term contracts for Russian liquefied natural gas (LNG) from April 2026.
LNG production
QatarEnergy Declares Force Majeure After Halting LNG Production
QatarEnergy has declared force majeure to several buyers after announcing a halt in the production of liquefied natural gas (LNG) and related products, according to a press release by the company. Force majeure is a legal clause that allows a company to temporarily suspend or cancel its contractual obligations when extraordinary events beyond its control prevent it from fulfilling them. Such events can include wars, natural disasters, government actions, or major supply disruptions. In these situations, the company is not held liable for failing to deliver under the contract.
Taqa Arabia
TAQA Arabia Net Profit Jumps 50% to EGP 1 Bn in 2025
TAQA Arabia, Egypt’s leading private-sector energy distribution group, recorded a 50% year-on-year (YoY) increase in net profit for the fiscal year (FY) ending December 31, 2025, reaching EGP 1.05 billion (Bn), marking the first time the Group's profits exceeded the EGP 1 billion profit threshold. The Group’s consolidated revenues rose by 35% YoY to EGP 25.6 billion. This growth was driven by improved operational performance across its four business sectors: petroleum, natural gas, power, and water sectors, alongside the contribution of newly commissioned projects, according to the group's earnings release.
EGAS
Petrobel, EGAS Review Zohr Infrastructure Upgrades
The current status of activities and projects related to the gas production infrastructure at the Zohr field, including upgrades to the field’s offshore pipelines, was discussed in a meeting that included Sayed Selim, Executive Managing Director of Egyptian Natural Gas Holding Company (EGAS), with Tharwat El Gendy, Chairman of Belayim Petroleum Company (Petrobel). The meeting also reviewed plans for developing and improving the field's gas treatment system through the Floating Processing Unit (FPU) project. Zohr Field, the largest gas discovery in the Mediterranean Sea, is developed by Italy’s Eni, along with partners including Rosneft, BP, and Mubadala Energy. Petrobel, a joint venture between Eni and the Egyptian General Petroleum Corporation, acts as the operator of the field on behalf of the partners.
UAE
Oil Tanker Crosses Strait of Hormuz Amid Ongoing Regional Disruptions
An oil tanker has navigated the Strait of Hormuz on route to the United Arab Emirates (UAE) to lift crude oil, marking one of the few voyages through the strategic waterway since regional hostilities disrupted shipping flows across the Middle East, according to industry sources and vessel-tracking data cited by Reuters.
Webinar
$150 Oil Possible if Hormuz Remains Shut, Says Wood Mackenzie
The escalation of conflict in the Middle East following US and Israeli strikes on Iran has placed global energy markets on edge, Wood Mackenzie, a global leader in data, analytics and insights for the energy and natural resources industry, said, warning that oil and LNG prices are “heavily risked to the upside” if disruptions in the Strait of Hormuz persist. In a special webinar about Middle East conflict and implications for oil and LNG prices that was held on 2 March, Wood Mackenzie said the scale of supply at risk dwarfs previous geopolitical shocks.
Middle East tension
Middle East Conflict Disrupts Oil and Gas Flows, Heightening Global Energy Fears
Rising military tensions between the US , Israel and Iran are disrupting oil and gas supplies across the Middle East, intensifying fears over global energy security and renewed price volatility.
Egypt
Madbouly: No Power Outages or Gas Shorages to Factories during Israel–Iran Conflict
The government had accounted for all scenarios to prevent power outages during the Israel-Iran war, said Prime Minister Mostafa Madbouly, while stressing that the state has already taken significant measures, including securing essential supplies of gas, petroleum, and other energy resources to safeguard stability across the sector.
