Iraq has declared force majeure on all oilfields developed by foreign oil companies after military operations in the region disrupted navigation through the Strait of Hormuz, halting most of the country's crude exports, three energy officials with direct knowledge of the decisionsaid. Navigation through the Strait of Hormuz — a chokepoint for around 20% of global oil and liquefied natural gas supplies — has been severely affected by unprecedented military activity, the oil ministry said in a [Read more]
Headlines
US drillers cut oil and gas rigs for first time in three weeks, says Baker Hughes
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in three weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by one to 552 in the week to March 20, the lowest since early March. Baker Hughes said this week's decline puts the total rig count down 41 rigs, or 7% below this time last year. Baker Hughes said oil rigs rose by two to 414 [Read more]
CERAWeek energy conference returns to Houston as Iran conflict rocks global energy markets
The world’s top energy executives return to Houston next week as the escalating U.S.-Israeli war on Iran has become a nightmare for energy markets, as unprecedented attacks on infrastructure and shipping disruptions sent global oil prices soaring while governments scrambled to fight inflation and avoid recessions. Global oil prices jumped this week, hitting almost $120, levels not seen since Russia's war on Ukraine disrupted markets in 2022. Industry experts and analysts expect prices to [Read more]
India sees Qatar LNG supply cut after Iran strike
Liquefied natural gas (LNG) supplies from Qatar to India could be impacted following Iranian strikes on energy facilities in the Middle Eastern nation, a government official said on Friday. India, the world's fourth-largest LNG importer, relies on Qatar for about 41% of its gas imports. In 2024/25, India imported over 27 million metric tons of LNG, with Qatar supplying 11.2 million tons, according to government data. "(LNG) capacity of Qatar has been hit, this will hit us too," Sujata [Read more]
Qatar’s energy boss says he had warned of dangers of provoking Iran
As Qatar reels from an Iranian attack that has hobbled its giant natural gas company, its boss, who doubles as the country's energy minister, says he had warned officials and executives of just such a danger should Iran's own sites be hit. "I was always warning, talking to executives from oil and gas that are partnered with us, talking to the U.S. Secretary of Energy, to warn him of that consequence and that that could be detrimental to us," QatarEnergy CEO Saad al-Kaabi told [Read more]
Japan’s SoftBank and AEP strike public-private deal for Ohio natural gas power
The U.S. on Friday announced a partnership between Japan's SoftBank Group and U.S. group AEP to build a giant natural gas power campus on federal land in Ohio, part of a wider Washington-Tokyo trade deal. As countries vie for leadership in the artificial intelligence boom, SB Energy plans to connect a 9.2-Gigawatt gas plant to the local grid and power a new data center at Portsmouth in Pike County, Ohio. One gigawatt is enough power for about 1 million U.S. homes. During the Cold War, the [Read more]
Australia PM Albanese has asked Treasury to model a tax on windfall gas profits, ABC reports
Prime Minister Anthony Albanese has asked Australia's Treasury to model options for a tax on the windfall profits of gas companies, the Australian Broadcasting Corporation reported on Friday, as well as to suggest reforms to the Petroleum Resources Rent Tax ahead of the annual budget in May. Australia is the world's third-largest LNG supplier, shipping A$65 billion ($46 billion) in exports last year, but the value of those shipments is expected to soar this year with the disruption to oil and [Read more]
US crude heads to Asia via Panama Canal as Iran crisis redraws trade flows
09 Asian refiners are increasingly sending medium-sized crude cargoes from the U.S. Gulf Coast to Asia through the Panama Canal as the U.S.-Israeli war with Iran disrupts trade flows, raises shipping costs and forces Asian refiners to hunt for alternative supplies. The use of medium-sized tankers that typically cost more per barrel to transport crude, coupled with Asian companies' willingness to pay additional fees to move oil through the Panama Canal, underscores their urgent need for oil [Read more]
North Dakota operators likely to increase crude output in March, regulator says
North Dakota crude output is expected to rise in March and the following months as operators in the third-largest oil-producing state restart inactive wells and winter restrictions are eased, the state's regulator said on Thursday. The North Dakota Department of Mineral Resources said, however, that the pace of activity would depend on how long oil prices stay high and that oil majors' budgets have already been set. Oil prices have surged since the U.S. and Israel attacked Iran on February [Read more]
NextEra Energy receives approval from President Donald J. Trump to develop up to 10 GW of natural gas‑powered generation to meet nation’s historic power demand
JUNO BEACH, Fla., March 19, 2026 /PRNewswire/ -- NextEra Energy, Inc. (NYSE: NEE), the largest energy infrastructure builder in the United States, confirmed today that President Donald J. Trump has approved the development of up to 10 gigawatts of natural gas?powered generation in Texas and Pennsylvania. The approval, made in connection with Japan's $550 billion investment commitment to the United States as part of the U.S.-Japan trade deal, positions NextEra Energy to work with the [Read more]
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