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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
967.00
0.00
1 320.00
+20.00
May 4
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	967.00	0.00	1 320.00	+20.00	May 4

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
784.79	+6.01	944.16	+13.92	1 469.64	+7.09	May 5

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MABUX Market Differential Index (MDI)

Correlation between market bunker prices (MBP) and MABUX Digital Bunker Price Benchmark (DBP)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	Date
Rotterdam	683	788	-105	798	876	-78	1 320	1 450	-130	May 5
Singapore	702	820	-118	822	974	-152	1 302	1 443	-141	May 5
Fujairah	695	764	-69	897	943	-46	1 557	1 506	+51	May 5
Houston	705	782	-77	887	921	-34	1 225	1 294	-69	May 5

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Latest News
- 2026-05-05
  Oil prices ease after surging on US-Iran clashes in Strait of Hormuz
  Oil prices slipped in Asian trade on Tuesday after a sharp rally in the previous session, as investors weighed escalating tensions in the Gulf against U.S. efforts to stabilise shipping through the Strait of Hormuz. As of 20:10 ET (00:10 GMT), Brent... Read more Oil prices slipped in Asian trade on Tuesday after a sharp rally in the previous session, as investors weighed escalating tensions in the Gulf against U.S. efforts to stabilise shipping through the Strait of Hormuz.
  As of 20:10 ET (00:10 GMT), Brent oil futures expiring in July edged down 0.5% to $113.93 per barrel, while West Texas Intermediate (WTI) crude futures fell 1.2% to $105.05 per barrel.
  Get premium commodity market insights with InvetsingPro
  In the previous session, Brent crude jumped over 4%, and WTI ended roughly 6% higher, driven by intensifying conflict between the U.S. and Iran, including attacks on energy infrastructure and vessels transiting the Strait of Hormuz.
  Market sentiment remained fragile after renewed military exchanges on Monday, when U.S. and Iranian forces launched fresh attacks in the Gulf as both sides sought to assert control over the strategic waterway.
  The flare-up effectively shattered a fragile ceasefire and heightened fears of prolonged supply disruption.
  Tensions escalated further after Iranian strikes targeted infrastructure in the United Arab Emirates, including an oil terminal at Fujairah port.
  Traders weighed U.S. President Donald Trump’s newly announced initiative, “Project Freedom,” aimed at assisting vessels stranded in the Gulf.
  The operation seeks to guide commercial ships through safer routes and restore partial flows through the Strait of Hormuz.
  The U.S. military said it had already begun escorting ships through the strait under the initiative, with American forces actively working to re-establish commercial shipping lanes.
  
  Analysts noted that while “Project Freedom” could ease some logistical bottlenecks, it does little to resolve the underlying geopolitical conflict, leaving oil markets highly sensitive to further military developments. Source: Investing.com
- 2026-05-05
  Big Oil Resists Push To Prioritize Output Growth
  It is profit season again, and Big Oil is raking it in, both in Europe and in the U.S., as soaring oil and gas prices boost earnings. What they are not boosting, however, is production. Big Oil is signaling it has no plans to rearrange its priorities. Higher... Read more It is profit season again, and Big Oil is raking it in, both in Europe and in the U.S., as soaring oil and gas prices boost earnings. What they are not boosting, however, is production. Big Oil is signaling it has no plans to rearrange its priorities.
  
  Higher oil prices drove the first-quarter adjusted earnings at Exxon above analyst estimates as the jump in prices more than offset lower oil and gas production in the Middle East and Kazakhstan. Chevron also beat analyst expectations with its first-quarter net result, reporting a 4% rise in upstream earnings specifically.
  
  BP reported a sharp rebound in first-quarter earnings, with its underlying replacement cost profit more than doubling from the previous quarter, thanks to stronger trading. TotalEnergies booked a 29% annual increase in profits, with the figure also representing a 41% on the final quarter of 2025. The French major also cited strong trading results as the driver of its quarterly results.
  
  What none of these companies has done, however, is commit to any substantial increase in oil production to offset the supply temporarily lost due to the war in the Middle East. Instead, they reaffirmed their priorities focusing on shareholder return, debt reduction, and capital discipline—even with a global oil supply shortfall of more than 10 million barrels daily.
  
  Chevron returned $6 billion to shareholders during the first quarter, including $3.5 billion in dividends and $2.5 billion in buybacks. Exxon boasted one-year total shareholder return growth of 48%, with distributions totaling $9.2 billion. BP left its dividend and capital expenditure plans for the year unchanged despite the substantial change in prices. TotalEnergies said it would buy back $1.5 billion in stock during the second quarter.
  
  Big Oil, in other words, is sticking to the strategy it developed during the last lean-time part of the industry cycle. Big Oil is not biting, no matter how strong the temptation to respond to the Middle East supply shortage and avoid demand destruction, which is already starting to happen, anyway.
  
  In an overview of the state of the industry, the Wall Street Journal last week noted oil prices had gone up by as much as 80% since the start of 2025, and yet the biggest players in oil and gas had no intention of changing their spending plans for the year. The publication cited the chief executive of ConocoPhillips as saying, “The macro environment remains volatile and pretty impossible to predict. Amid such uncertainty, it’s critical our priorities remain steadfast. They are clear, consistent, and they are durable.”
  
  Conoco’s Ryan Lance certainly has a point: in such turbulent times that many are now calling unprecedented, and indeed, they are, stability is a much sought-after commodity, especially among energy investors. The Middle East crisis has made many governments double down on alternative sources of energy to replace lost barrels of oil and LNG cargoes, potentially casting a shadow over the future prospects of hydrocarbon demand.
  
  At the same time, the crisis has highlighted just how vital hydrocarbons remain for the literal functioning of human civilization. The crisis has spread well beyond oil and gas themselves and into scores of industries that depend on them for feedstocks to produce anything from fertilizers to electronics. Oil and gas, in other words, remain irreplaceable—and yet demand is under threat by the supply disruption.
  
  No wonder, then, that Chevron’s Mike Wirth summed up what seems to be the dominant sentiment among industry executives as follows: “We could hit the gas and begin to grow again,” Wirth said at the presentation of the company’s first-quarter results. “But I don’t know what the future looks like.”
  
  The most immediate question right now is, of course, when the Strait of Hormuz will reopen for regular traffic. A month ago, there was a lot more optimism about a swift end to the hostilities between the U.S. and Israel, and Iran. Now, nobody knows. Yet energy executives have repeatedly noted that even if traffic resumes tomorrow, it would take a couple of months for flows to normalize and prices to decline—and they may remain permanently higher.
  
  Exxon’s Darren Woods pointed this out at the company’s first-quarter presentation. He suggested assurances would be necessary that oil and gas flows via the Persian Gulf will remain uninterrupted for prices to deflate. Until then, it seems, Big Oil will not lift a finger to ramp up production outside the companies’ pre-war plans that mostly included modest production growth in places such as the Permian and, for Exxon, Guyana.
  
  Meanwhile, however, Big Oil is returning to Canada’s oil patch in what could be a sign of optimism for the future prospects of oil and gas—especially gas—demand. The industry remains cautious, but with an eye on a production boost as soon as market conditions are deemed suitable for such a move. Source: Oilprice.com
- 2026-05-05
  MABUX: Global bunker market poised to resume upward movement on May 05 amid renewed Iran-related supply risks.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — exhibited mixed dynamics on May 04, with an overall downward bias: 380 HSFO: USD/MT: 778.78 (+0.86) VLSFO: USD/MT 930.24 (-6.99) MGO: USD/MT... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — exhibited mixed dynamics on May 04, with an overall downward bias:
  
  380 HSFO: USD/MT: 778.78 (+0.86)
  VLSFO: USD/MT 930.24 (-6.99)
  MGO: USD/MT 1 462.55 (-12.41)
  
  As of May 04, the MABUX Market Differential Index (MDI), which tracks the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), recorded the following developments across key hubs (Rotterdam, Singapore, Fujairah, Houston):
  
  • HSFO segment: All four ports remained in the undercharge zone, with discounts continuing to narrow: by $24 in Rotterdam, $27 in Singapore, $39 in Fujairah, and $21 in Houston. MDI values in Rotterdam and Singapore declined below the $100 mark.
  
  • VLSFO segment: Houston returned to the undercharge zone, resulting in all four ports being underpriced. Undercharge margins contracted by $49 in Rotterdam, $38 in Singapore, and $55 in Fujairah, while expanding by $16 in Houston. Rotterdam’s MDI fell below $100, whereas Singapore remained above this threshold. Fujairah and Houston stayed close to full MBP–DBP correlation.
  
  • MGO LS segment: Rotterdam, Singapore, and Houston continued to be undercharged. The underpricing ratio widened by $21 in Rotterdam but narrowed by $5 in Singapore and $21 in Houston. Fujairah remained the only overcharged port, with its premium increasing by $3. MDI values in Rotterdam and Singapore continued to exceed $100,.
  
  MABUX expectes the global bunker market to resume an upward trajectory on May 05, supported by supply-side risks linked to renewed tensions in the Middle East: 380 HSFO: plus 5-10 USD/MT, VLSFO: plus 5–10 USD/MT, MGO LS: plus 5–10 USD/MT.
  Source: MABUX
- 2026-05-05
  Volume Down Revenue Up Iran’s Oil Trade Defies the War
  The 2026 US-Israeli war against Iran delivered one of the sharpest ironies in modern energy geopolitics: while Iranian infrastructure was taking a pounding, it managed to somewhat absorb the relentless airstrikes to its culture, its way of life, and its... Read more The 2026 US-Israeli war against Iran delivered one of the sharpest ironies in modern energy geopolitics: while Iranian infrastructure was taking a pounding, it managed to somewhat absorb the relentless airstrikes to its culture, its way of life, and its main target—the economy. However, the already heavily punished Iranian economy took on fresh sanctions and the might of a US naval blockade. During these sanctions and the blockade, Tehran’s oil revenues rose sharply in the critical early months. The regime that Washington sought to cripple ended up cashing in on the chaos it tried to escalate.
  
  Before the airstrikes began on February 28, 2026, Iran was already a sanction-hardened veteran exporter. Iran moved approximately 1.1–1.9 million barrels per day (mbpd) of crude oil, most of it to China via a sophisticated, sanction-dodging "shadow fleet" of tankers. These vessels were literally flying under the radar—AIS transponders off, ship-to-ship transfers, and relying on very grey financing tools. Iranian Light crude was selling at a deep discount to the Brent benchmark; at a $10 to $20 USD discount, buyers were happy to assume the sanction risk.
  
  The risk paid off for Iran, with a daily oil revenue of $115 million in February (based on Bloomberg calculations from March 26, 2026, with help from TankerTrackers.com and Kpler data).
  
  Iran’s nuclear dreams of a missile were not required; Iran has always had the biggest geopolitical bomb in the region: its geography and the now-famous Strait of Hormuz. As Iran continued to be pummeled, it started to retaliate with words. These words effectively closed the Strait of Hormuz around March 4, triggering the largest oil supply disruption in history.
  
  The IEA estimates 10.1 mbpd came off the market in the month of March as GCC rivals, including the KSA and Iraq’s own oil infrastructure, came under attack from Iran. Brent crude immediately reacted, jumping from a pre-war mid-$70/bbl to $120 by late March and continuing to rise—hitting $126 in April, the highest in four years.
  
  While Iran’s main hub, Kharg Island, and other sites came under attack, the damage proved less crippling than feared; no one really wanted them decimated. Tankers continued to load from Iranian ports for India and China while blocking or threatening others.
  
  Volume Down, Dollars Up – According to UANI tanker tracking for March 2026: physical exports averaged 1.136 mbpd, down 45% from February, yet the estimated value of March’s deliverables reached $3.63 billion—only a 15% drop month-over-month. OilPrice and Bloomberg put Iran’s daily revenue from its benchmark Iranian Light at approximately $139 million in March, a gain from February’s $115 million.
  
  Others (The Economist, March 29, 2026) are citing revenues nearly doubling at their peak, with total exports reaching 2.8 mbpd when including feedstocks and other petroleum-based products being transported through the shadow fleet—all going one way: China.
  
  So, fewer barrels left Iran, but every barrel recouped dramatically more money. With the GCC locked out, Tehran temporarily had the only game in town.
  
  Geographical Leverage: Iran turned the Strait into a tollbooth, offering safe passage mainly to Chinese tankers.
  
  Shadow Fleet Journeymen: Years of sanctions created Iran’s "other Navy"—not the one at the bottom of the Persian Gulf, but a flotilla of resilient vessels, insurers, and money men within the IRGC immune to Western pressure and trapping mechanisms.
  
  China: Beijing took 90%+ of Iran’s crude, using their own intricate systems of navigation, vessels, and money machines. This kept the hard currency flowing, propping up the regime despite the US naval blockade.
  
  Beyond hard cash, the war only demonstrates Iran’s ability to handle the pain and become more inventive with every counter to the USA, all the while enhancing its leverage with Beijing and Moscow—both of whom are currently beneficiaries of the high oil price. Oil income has helped offset some of the war damage and internal inflation even while the broader economy contracts.
  
  Ordinary Iranians won't see any of these caveats; however, for the regime and IRGC networks, it is business as usual—or better. While the early war math was ambiguous and the globe entered into panic mode over Hormuz, it has delivered higher net revenues than before the war started, and more than peacetime sanctions could ever have hoped to achieve.
  
  History may remember the conflict as a contest over uranium enrichment, but strategy tells a different story. In this game defined by patience, Iran never needed a winning hand—only the discipline to remain seated while others blinked. Source: Oilprice.com
- 2026-05-05
  Equinor Bets on New Wells to Offset Declining Fields
  Norway’s energy major Equinor has extended key drilling and well services contracts worth a combined NOK 17 billion ($1.8 billion), reinforcing activity on the Norwegian continental shelf as the company targets production of around 1.2 million barrels... Read more Norway’s energy major Equinor has extended key drilling and well services contracts worth a combined NOK 17 billion ($1.8 billion), reinforcing activity on the Norwegian continental shelf as the company targets production of around 1.2 million barrels of oil equivalent per day toward 2035 and seeks to safeguard stable energy supplies to Europe amid ongoing market uncertainty.
  
  The company is exercising one?year extension options on three integrated drilling and well services contracts, alongside two?year options on 18 corporate framework agreements covering specialist well services. The extensions are expected to support high activity levels across both fixed installations and mobile rigs offshore Norway.
  
  The integrated drilling and well services contracts are valued at NOK 8.3 billion ($893 million), while the framework agreements for specialist services are estimated at around NOK 4.3 billion ($463 million) per year over two years. Equinor awarded the integrated services contracts to Baker Hughes Norge, Halliburton, and SLB, which have also secured positions under the specialist services framework agreements alongside 15 additional suppliers.
  
  “These agreements are among the largest we have, and they are crucial for activity on the Norwegian continental shelf,” said Jannicke Nilsson, Equinor’s chief procurement officer. “New wells enable us to maintain high production and deliver stable energy to Europe, which is particularly important during continued turbulence in global energy markets.”
  
  The contracts are expected to support approximately 2,500 jobs and cover drilling and well operations across a broad portfolio of offshore assets and rigs.
  
  As Norway’s offshore fields mature, Equinor is placing increasing emphasis on drilling new wells and carrying out well interventions to sustain output. The company has said that new wells are expected to account for around 70 percent of its production by 2035, requiring faster delivery, lower costs, and closer collaboration with suppliers.
  
  “This means more wells and more well interventions, delivered significantly more cost?efficiently than today,” said Rune Nedregaard, Equinor’s senior vice president for Wells, pointing to increased use of technology, standardisation, and industry collaboration.
  
  Norway’s liquids production remains high by historical standards, averaging just over 2 million barrels per day in recent years. Within that context, Equinor’s ambition to maintain production of around 1.2 million boepd toward 2035 would see the company continue to account for a dominant share of national output, despite the absence of new large discoveries.
  
  A material decline in Norwegian liquids exports over the coming decade would likely increase Europe’s reliance on longer?haul supplies from OPEC producers, the United States, and other Atlantic Basin exporters, exposing the region to higher price volatility and greater geopolitical risk. Against that backdrop, sustained drilling activity on the Norwegian continental shelf remains central not only to Equinor’s long?term strategy, but also to Norway’s role as a stabilising supplier of liquid fuels to Europe. Source: Oilprice.com
- 2026-05-05
  Will the U.S. Curtail Oil Exports as Global Prices Surge?
  President Donald Trump may soon feel the need to "blockade" U. S. crude oil exports after those exports hit a record high recently, a trend which, if it continues, will increase the price U. S. consumers pay for gasoline, diesel, and other petroleum-related... Read more President Donald Trump may soon feel the need to "blockade" U. S. crude oil exports after those exports hit a record high recently, a trend which, if it continues, will increase the price U. S. consumers pay for gasoline, diesel, and other petroleum-related products.
  
  Nations around the world are scrambling to secure oil supplies that have been dramatically reduced by Iran's closing of the Strait of Hormuz to oil tankers of "hostile" countries, which include major oil exporters such as Kuwait, Saudi Arabia, and the United Arab Emirates. In addition, the U. S. Navy has placed a blockade on ships from Iranian ports leaving the Strait of Hormuz, though the effectiveness of the blockade is in dispute.
  
  In an April 1 televised address, Trump said: "To those countries that can’t get fuel — many of which refused to get involved in the decapitation of Iran, we had to do it ourselves — I have a suggestion. Number one, buy oil from the United States of America; we have plenty. We have so much."
  
  It is true that the United States is the leading producer of crude oil in the world at 13.6 million barrels per day (mbpd) as of February. For comparison, Russia, the second largest producer, supplied 9.9 mbpd as of December 2025. The United States is also the leading user of oil. It is refining 21.1 mbpd of finished petroleum products as of late April. This number (strangely) includes about 2 mbpd of what are called natural gas plant liquids, which are not part of the petroleum refinery stream.
  
  But 21.1 mbpd minus 2 mbpd is still 19.1 mbpd—versus 13.6 mbpd of domestic crude oil production—which explains why the United States has actually been a longtime net crude oil importer. The difference between those two numbers is filled in by a combination of crude oil imports and what is called refinery gain, which is the expansion of the volume of crude that occurs when it is refined.
  
  I haven't been able to find a good number for refinery gain, but the U. S. Energy Information Administration estimated U. S. refinery gain at about 6.3 percent of total throughput, which would be about 1.2 mbpd (19.1 mbpd times .063). The rest of the volume is mostly imported crude with some ethanol and other chemicals, such as butane, mixed in. Some of the products of American refineries—gasoline, diesel and aviation fuel, for example—are exported, but the United States consumes the lion's share itself.
  
  The release of oil from the U. S. Strategic Petroleum Reserve (SPR) in response to the closing of the Strait of Hormuz and the resulting reduction in world oil supplies has temporarily flipped the United States into being a net exporter of crude oil. But that's because much of that release is going toward crude oil exports.
  
  Eventually, the SPR releases have to end. There isn't an infinite amount and the caverns where this oil is stored can't go below a certain minimum for engineering and legal reasons. And, importantly, U.S. oil producers and refineries are allowed by law to sell as much of their products as they choose to buyers around the world. And that explains why oil tankers have been pulling up to U. S. ports to fill up on U. S.-produced oil (currently around $100 per barrel), which can be sold for more in Asia, for example, where oil for immediate delivery reached $150 per barrel in early April.
  
  As long as U. S. prices remain significantly below the world price, companies that trade oil will fill up ships in the United States and sell their cargoes elsewhere. That will only serve to push U. S. prices up. At what price will the American public demand that American oil be kept at home to keep prices down? That's a question that American politicians may soon discover the answer to if the Strait of Hormuz remains closed.
  
  And it's not just oil that the United States is exporting. The country is the world's largest exporter of liquefied natural gas (LNG). That's natural gas, which is not available to the American market, and its sale abroad tends to push up domestic U. S. prices. In fact, upward price pressure is the whole reason U. S. natural gas producers sought the right to unlimited exports, so that their domestic sales price would become linked to the higher international price. Exports used to be restricted, but the industry argued that it was unfair to single out natural gas when almost all other American goods can be sold to the highest bidder anywhere in the world.
  
  The crisis in the Persian Gulf has cut off about 20 percent of the world's supply of LNG. That has only served to increase demand for American LNG and to incentivize the building of new export facilities. Again, will there come a time when natural gas prices rise so much in the United States that Americans will demand that LNG exports be curtailed to keep domestic prices down?
  
  Energy markets have been snarled by the Iran war and the effective closure of the Strait of Hormuz. The result is a worldwide rush for adequate supplies. Some countries have decided to hoard their supplies in the face of such uncertainty, including China and Thailand. Will other countries, including the United States, decide in some fashion to limit exports of petroleum products and natural gas as the crisis drags on? Both China and Thailand limited exports as a precaution. Such action elsewhere may only come as a result of public discontent and even unrest. Source: Oilprice.com
- 2026-05-05
  UAE Withdraws From OAPEC
  The United Arab Emirates (UAE) has officially withdrawn from the Organization of Arab Petroleum Exporting Countries (OAPEC), following the country’s landmark decision to exit OPEC and the broader OPEC+ alliance. “While it appreciates the role played... Read more The United Arab Emirates (UAE) has officially withdrawn from the Organization of Arab Petroleum Exporting Countries (OAPEC), following the country’s landmark decision to exit OPEC and the broader OPEC+ alliance.
  
  “While it appreciates the role played by the UAE throughout its membership period and its active contribution to supporting joint Arab action in the petroleum and energy sector, the General Secretariat of OAPEC affirms at the same time its commitment to continuing its efforts to enhance co-operation and integration among member states in a way that serves common interests through the implementation of its strategic programmes and initiatives,” OAPEC stated via its X account.
  
  OAPEC does not impose production quotas, so the exit is not about immediate supply limits. Abu Dhabi is removing itself from a regional framework it no longer sees as necessary while it increases output capacity and controls export policy on its own terms.
  
  The break follows tensions with Saudi Arabia and dissatisfaction with how the group handled Iranian attacks during the conflict. Abu Dhabi faced direct security risks while still operating under cartel policies outside its control.
  
  In a Monday statement, UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters in a telephone interview that the decision was in the national economic interest.
  
  “This is a policy decision, it has been done after a careful look at current and future policies related to level of production,” Mazrouei said.
  
  Monica Malik, chief economist at ADCB, told Reuters that the UAE’s cartel exit would benefit the consumers, stating, “This opens the door for the UAE to gain global market share when the geopolitical situation normalises”.
  
  The Emirati’s state-run ADNOC has expanded capacity toward 5 million barrels per day, and the government is pushing to reach that level by 2027, which was hindered by OPEC quotas.
  
  The UAE’s long-term economic vision includes a $150 billion capital expenditure plan through ADNOC to accelerate energy growth. Remaining in OPEC would have forced it to continue adhering to production quotas that kept its output significantly below this potential.
  
  With global oil demand expected to peak, the UAE aims to monetize its reserves as quickly as possible before the world transitions further toward renewables. That said, the UAE’s economy is increasingly diversified, with non-oil sectors accounting for over 70% of its GDP. Its sovereign wealth funds (SWFs) collectively manage nearly $3 trillion in assets, with the financial cushion allowing it to prioritize global economic growth over high oil prices. Source: Oilprice.com
- 2026-05-05
  Repsol Set to Sell 49% in Spanish Renewables Portfolio to UAE's Masdar
  Spanish energy giant Repsol is in the final stage of selling a 49% stake in its largest renewables portfolio in Spain to Masdar, the clean energy giant of the United Arab Emirates (UAE), Spanish daily Cinco Dias reported on Monday, citing sources close... Read more Spanish energy giant Repsol is in the final stage of selling a 49% stake in its largest renewables portfolio in Spain to Masdar, the clean energy giant of the United Arab Emirates (UAE), Spanish daily Cinco Dias reported on Monday, citing sources close to the deal.
  
  Repsol is finalizing a deal to sell to Masdar 49% in the Minerva project, which is valued at $994 million (850 million euros) and comprises 706 megawatts (MW) of installed capacity across 13 wind farms and six photovoltaic plants.
  
  The deal, expected to be finalized within weeks, is aimed at raising capital at Repsol by welcoming a minority partner in the renewable asset portfolio, Cinco Dias reported.
  
  As part of its 2026-2028 strategic plan, Repsol will be looking to boost its renewable generation capacity and maximize the value of these assets through the entry of partners.
  
  By 2028, Repsol expects to have up to 9,000 MW of operating renewable energy projects of greater value and return — especially in wind, solar, and storage initiatives. This strategy prioritizes the most profitable opportunities in Spain and the United States, with the aim of maximizing value generation and ensuring returns surpassing 10%, the company says.
  
  Masdar, for its part, aims to become one of the world's biggest renewable energy companies with global assets with a combined capacity of 100 GW by 2030.
  
  Masdar's shareholders are Abu Dhabi's oil giant ADNOC, Abu Dhabi's sovereign investment company Mubadala, and state utility giant TAQA.
  
  The UAE firm already has strong foothold on the Iberian markets in Spain and Portugal, thanks to deals in recent years to acquire stakes in solar and wind assets.
  
  In 2024, Masdar bought Saeta Yield from Brookfield for $1.4 billion, boosting its portfolio with 745 MW of predominantly wind assets, and a 1.6 GW development pipeline in Spain and Portugal.
  
  Last year, Masdar acquired a 49.99% stake in a portfolio comprisin Source: Oilprice.com
- 2026-05-05
  Equinor Signs $1.8 Billion in Drilling Deals to Keep Oil and Gas Output High
  Equinor has extended $1.8 billion worth of drilling and well services supplier contracts as the Norwegian energy major looks to keep high oil and gas production offshore Norway and deliver stable energy volumes to Europe. Equinor is extending key supplier... Read more Equinor has extended $1.8 billion worth of drilling and well services supplier contracts as the Norwegian energy major looks to keep high oil and gas production offshore Norway and deliver stable energy volumes to Europe.
  
  Equinor is extending key supplier agreements worth a total of $1.8 billion (17 billion Norwegian crowns), by exercising one-year options under three contracts for integrated drilling and well services, as well as two-year options under 18 corporate framework agreements for specialist services linked to these deliveries, the company said on Monday.
  
  The local units of top oilfield services providers Baker Hughes, Halliburton, and SLB have been awarded the contracts for integrated drilling and well services. These firms and 15 other suppliers have also been awarded corporate framework agreements for specialist services.
  
  “New wells are expected to account for around 70 percent of Equinor’s production in 2035,” said Rune Nedregaard, Equinor’s senior vice president for Wells.
  
  “This involves both more wells and more well interventions, which must be delivered faster and significantly more cost-efficiently than today.”
  
  Equinor plans to drill 20 to 30 exploration wells every year, the company said early this year when it was awarded 35 new production licenses on the Norwegian continental shelf in the tender for mature exploration areas.
  
  A total of 80% of the exploration will be near existing infrastructure, while 20% will explore new concepts and lesser-known areas, the Norwegian energy major said.
  
  “There is still a lot of energy left on the NCS, but we need new discoveries to curb the expected production decline,” commented Jez Averty, Equinor’s senior vice president for subsurface, the Norwegian continental shelf.
  
  “Phasing in oil and gas from new discoveries to existing infrastructure is a core task going forward,” Averty added.
  
  Despite the best exploration results in four years in 2025, Norway will need even more exploration and discoveries, as well as investment in new oil and gas projects, to reverse an expected decline in output from the late 2020s, the Norwegian Offshore Directorate said earlier this year. Source: Oilprice.com
- 2026-05-05
  China Orders Refiners to Ignore U.S. Sanctions on Key Iranian Oil Buyers
  In a major escalation of trade tensions between Washington and Beijing, China's Ministry of Commerce (MOFCOM) has formally invoked its 2021 Blocking Rules for the first time to counteract U.S. sanctions against five Chinese oil refineries. Beijing has... Read more In a major escalation of trade tensions between Washington and Beijing, China's Ministry of Commerce (MOFCOM) has formally invoked its 2021 Blocking Rules for the first time to counteract U.S. sanctions against five Chinese oil refineries. Beijing has issued a prohibition order instructing all entities operating in China to disregard and not implement U.S. sanctions placed on five targeted refiners.
  
  The order comes weeks before a planned meeting between U.S. President Donald Trump and Xi Jinping. The U.S. Treasury has already sanctioned Chinese refiners for processing Iranian crude, and any expansion to Chinese banks would directly hit the payment system used to settle those trades. Beijing is instructing firms to ignore those sanctions and continue transactions. That creates a direct conflict. Companies that follow U.S. rules risk penalties in China, and companies that follow China’s order risk losing access to the U.S. financial system.
  
  Beijing’s order specifically protects Hengli Petrochemical (Dalian) Refinery, one of China's most modern private facilities, alongside four "teapot" refineries namely Shandong Jincheng Petrochemical, Hebei Xinhai Chemical, Shouguang Luqing Petrochemical and Shandong Shengxing Chemical. China’s teapots are independent refineries that account for a significant portion of China's refining capacity. They have been crucial in buying discounted Iranian crude, helping Iran bypass U.S. maximum pressure tactics.
  
  The U.S. Treasury Department blacklisted these firms in April, accusing them of generating billions in revenue for Iran by processing sanctioned Iranian crude oil.
  
  Beijing says its latest move is based on the Anti-Foreign Sanctions Law and the Blocking Rules, arguing that the U.S. measures constitute improper extraterritorial application and violate international law. This move creates a legal crossfire for multinational companies and banks operating in China.
  
  On one hand, any bank or company complying with U.S. sanctions violates Chinese law could face potential lawsuits, fines or operational restrictions in China; on the other hand, companies that obey Beijing's order and continue doing business with the sanctioned refineries face severe secondary sanctions from the U.S., including being locked out of the U.S. dollar financial system. The ruling also allows Chinese refineries to seek compensation in Chinese courts from any entity including foreign firms and banks that complies with the U.S. restrictions.
  
  Source: Oilprice.com

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