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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
957.50
+37.50
679.00
+3.00
Feb 3
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	957.50	+37.50	679.00	+3.00	Feb 3

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
528.83	-0.73	618.18	-1.18	783.58	-2.50	Feb 5

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MBP INDEX vs DBP INDEX (ICE/NYMEX)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	Date
Rotterdam	461	472	-11	559	536	+23	679	680	-1	Feb 5
Singapore	508	484	+24	580	576	+4	704	713	-9	Feb 5
Fujairah	487	523	-36	570	584	-14	772	866	-94	Feb 5
Houston	454	490	-36	554	615	-61	710	748	-38	Feb 5

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Latest News
- 2025-02-05
  EUROPE: EU MARITIME SECTOR NEEDS TO UP ITS SUSTAINABILITY GAME, EMSA REPORT FINDS
  The European Union’s (EU) maritime transport sector is making progress towards greater sustainability, a new report released by the European Maritime Safety Agency (EMSA) and the European Environment Agency (EEA) has found – but it will need to increase... Read more
- 2025-02-05
  GLOBAL: LOWNOISER PROJECT LAUNCHED TO TACKLE UNDERWATER NOISE POLLUTION
  The new four-year project LOWNOISER project, which is funded by €6.3 million from the European Union (EU) and led by Norway, will bring together 15 partners to develop underwater noise reduction technologies, establish regulatory standards, and advance... Read more
- 2025-02-05
  GLOBAL: ISLAND OIL SEEKS TO RECRUIT FURTHER INTERNATIONAL MARINE FUEL TRADERS
  Limassol-headquartered and established in 1992, marine fuel and lubricants trading company Island Oil is inviting applications for trading positions at any of its offices (Limassol, Piraeus, London, Singapore, Hong Kong) or the competent candidate’s place... Read more
- 2025-02-05
  EUROPE: GERMAN RESEARCH PROJECT LAUNCHES TO DEVELOP METHANOL FUEL CELLS FOR CRUISE SHIPS
  Meyer Werft, the German Aerospace Centre (DLR) and Freudenberg e-Power Systems have launched the zero4cruise project, focused on fuel cell technology powered by green methanol. The project’s core goal is to create large-scale fuel cell stacks (DLR)... Read more
- 2025-02-05
  AMERICAS: PARIA FUEL TRADING AGREES BUNKERING PARTNERSHIP WITH PETROJAM
  Trinidad & Tobago’s Paria Fuel Trading has announced it has entered into a preliminary agreement with Jamaica’s Petrojam to expand its bunkering business. In a statement issued yesterday (3 February), Paria said the agreement encompasses a six-month... Read more
- 2025-02-05
  Iraq Targets 7M Bpd, But Smarter Strategy Could Unlock Much More
  It seems that every now and again someone in Iraq’s Oil Ministry realises how much oil the country has left undeveloped and what a good idea it would be to increase production and sell more of it. The latest chap from the Ministry to make such a discovery... Read more It seems that every now and again someone in Iraq’s Oil Ministry realises how much oil the country has left undeveloped and what a good idea it would be to increase production and sell more of it. The latest chap from the Ministry to make such a discovery (last Wednesday apparently) -- Undersecretary Ali Maarij – concluded that Iraq could boost its oil production to 7 million barrels per day (bpd) within the next five years. In fact, with one key adjustment to Iraq’s broad operating procedure in the sector, its oil production could reach 12-13 million in around the same time. So, how could it be done, and what is the problem in doing it?
  
  In 2012, then-Iraq Prime Minister Nouri al-Maliki received a confidential report on his desk showing exactly how Iraq could increase its oil output from just over 3 million bpd at that point to a plateau of 13 million bpd in the ‘High Production’ scenario by 2017. The ‘Medium Production’ scenario plotted a course to 9 million bpd plateau by 2020, while the ‘Low Production’ scenario planned for 6 million bpd by 2025. The report was called the ‘Integrated National Energy Strategy’ (INES) and concluded an 18-month exhaustive study in large part funded by the World Bank, whose senior staff were also instrumental in the analysis. Further assistance came from renowned management consultancy firm then-Booz & Company. Around a year later, a limited-circulation report by the International Energy Agency (IEA) reached similar conclusions about Iraq’s oil production potential.
  
  The cornerstone assumption of both was that Iraq’s true oil reserve number was much higher than previously thought and this remains the case. Officially, Iraq holds a very conservatively-estimated 145 billion barrels of proved crude oil reserves (nearly 18 percent of the Middle East’s total, and the fifth biggest on the planet). Unofficially, it is extremely likely that it holds much more oil than this. In October 2010, around the same time as producing the official reserves figures, the Oil Ministry stated that Iraq’s undiscovered resources amounted to around 215 billion barrels. This was also a figure that had been arrived at in a 1997 detailed study by respected oil and gas firm, Petrolog. Even this figure, though, did not include the parts of northern Iraq in the semi-autonomous region of Kurdistan. This meant, as highlighted by the IEA, that most of these oil sites had been drilled during a period before the 1970s when technical limits and low oil prices gave a narrower definition of what constituted a commercially successful well than would be the case later. Overall, the IEA underlined that ultimately recoverable resources across all of Iraq (including the Kurdistan region) totalled about 246 billion barrels (crude and natural gas liquids).
  
  So far so good, then, especially as Iraq has the world’s equal lowest oil production cost along with Saudi Arabia and Iran of just US$1-2 per barrel. The focus of the INES and IEA key reports – and others that were to follow – was basically three things. First, prioritise the development of Iraq’s ‘Big Four’ fields of West Qurna (1 and 2), Rumaila, Zubair, and Majnoon. At the time these constituted around three-quarters of all Iraq’s incremental oil production. Second, expedite the Common Seawater Supply Project (CSSP). This project involves taking and treating seawater from the Persian Gulf and then transporting it via pipelines to oil production facilities to maintain pressure in oil reservoirs to optimise the longevity and output of fields. To reach and then sustain the higher levels of Iraq’s increased oil production profiles, it will need water injection equating to around 2% of the combined average flows of the Tigris and Euphrates rivers or 6% of their combined flow during the low season. And third, ensure that the connecting infrastructure from wellheads to the trunk pipelines was built to a well-organised and regimented plan with clear financial expenditure linked to precise project objectives.
  
  In the wake of these reports, two things happened which encapsulate the Iraq dilemma. First, Iraq Prime Minister started out by doing the right thing in trying to secure one of the very few companies in the world who could handle the size and complexity of the crucial CSSP – the U.S.’s ExxonMobil, as analysed in full in my latest book on the new global oil market order. Talks in 2012 failed but in 2015 the American energy supermajor agreed to take part in the project, in partnership with the China National Petroleum Corporation. Second, in 2018 ExxonMobil requested to withdraw from the project. According to sources who work closely with the Oil Ministry spoken to exclusively by OilPrice.com at the time, the central problem for ExxonMobil was that the risk/reward elements of the CSSP contract as laid out by Iraq’s Oil Ministry were profoundly unbalanced. In terms of the general risk/reward matrix that formed the basis of these negotiations, there were three key elements: ‘cohesion’, ‘security’ and ‘streamlining’. Cohesion related to ensuring that building the facilities connected to the CSSP were completed in full and in order. Security related not just to the on-the-ground security of personnel but also to the soundness of the basic business and legal practices involved in the agreement. Streamlining meant that any deal should continue as had been laid out in the agreement, regardless of any and all future changes to the government of Iraq. The source added that ExxonMobil was at one stage prepared to continue with the CSSP but only if the contracts were drawn up in a truly transparent manner by lawyers it approved, the accounts were managed and audited by accountants it approved, and the Iraqi authorities also managed their side in a similarly above-board way. Subsequent to this, a senior legal source in Washington exclusively told OilPrice.com that any major agreements signed by big U.S. oil and gas firms in Iraq will have to be agreed in full by U.S. lawyers, all accounts will have to be checked by U.S. accounting firms, working processes will have to be checked by U.S. project consultancy firms, and security issues of any nature will have to be worked through and then monitored on an ongoing basis with U.S. security organisations.
  
  Further light on precisely why ExxonMobil believed it necessary to put these safeguards for its own reputation and that of the U.S. in place might be inferred from independent non-governmental organisation, Transparency International (TI), in its ‘Corruption Perceptions Index’. Iraq, which at the time regularly featured in the worst 10 out of 180 countries for its scale and scope of corruption, was described as: “Among the worst countries on corruption and governance indicators, with corruption risks exacerbated by lack of experience in the public administration, weak capacity to absorb the influx of aid money, sectarian issues and lack of political will for anti-corruption efforts.” TI added: “Massive embezzlement, procurement scams, money laundering, oil smuggling and widespread bureaucratic bribery that have led the country to the bottom of international corruption rankings, fuelled political violence and hampered effective state-building and service delivery.” It concluded: “Political interference in anti-corruption bodies and politicization of corruption issues, weak civil society, insecurity, lack of resources and incomplete legal provisions severely limit the government’s capacity to efficiently curb soaring corruption.”
  
  As it now stands, French energy behemoth TotalEnergies has taken over the driving seat for the West in the CSSP, as part of a US$27 billion four-pronged deal in Iraq, which also includes oil and gas field production work and projects to reduce associated gas flaring. That this firm also faced the same initial problems as ExxonMobil was evident when it refused to go ahead with the deal when faced in 2022 with the prospect that Iraq would resuscitate its rightly-buried Iraqi National Oil Company (INOC). Widely regarded as one of the most corrupt organisations to operate in any field anywhere in the world ever, INOC was immediately a deal breaker for TotalEnergies. Having set a precedent in its flat refusal to countenance such shenanigans, the French firm appears to have established a solid position from which to move forward on its four-tier project. If Iraq manages to keep some of its questionable operating practices in check for the duration of TotalEnergies’ four projects, then it may yet see a lot more of its oil production potential realised.
  
  Source: Oilprice.com
- 2025-02-05
  Here's Why Oil Prices Could Go Higher in the Short Term
  Oil markets are bracing for impact as President Trump’s aggressive trade and energy policies create fresh uncertainty. Prices have been on a rollercoaster ride in recent weeks, with Brent crude trading a month ago at $76.30, shooting up to $82, then falling... Read more Oil markets are bracing for impact as President Trump’s aggressive trade and energy policies create fresh uncertainty. Prices have been on a rollercoaster ride in recent weeks, with Brent crude trading a month ago at $76.30, shooting up to $82, then falling back down on Tuesday to $75.95 per barrel (+0.07%). But the real storm may still be ahead, as the White House aims to squeeze Iranian oil exports to zero and slap a 25% tariff on imports from Canada and Mexico.
  
  Wall Street Banks Adjust Their Oil Forecasts
  
  Major Wall Street banks are adjusting their expectations accordingly—but that was before Tuesday’s crackdown on Iran.
  
  According to a Wall Street Journal survey—which includes projections from Goldman Sachs, JPMorgan, and Morgan Stanley—Brent is now expected to average $73.01 per barrel in 2025, while WTI is forecast at $68.96. This is an increase from the previous estimates, but the expectations are still below $80.
  
  Goldman Sachs notes that while Trump’s policies may initially tighten the oil market, his broader push for energy independence could keep a lid on long-term prices. “U.S. policy risks reinforce our view that the risks to our $70-$85 Brent range forecast are skewed to the upside in the short term, but to the downside in the medium-term because of high spare capacity and because broad tariffs could hurt demand,” Goldman analysts said.
  
  The Iran Factor: Maximum Pressure Returns
  
  Trump’s latest move against Iran could be a game-changer. His administration is reviving the “maximum pressure” campaign, aiming to cut off Tehran’s crude sales entirely. If successful, this could eliminate up to 1.3 million barrels per day (bpd) from the global market, primarily exports to China.
  
  This is not the first time Trump has taken such an approach. When his administration ramped up sanctions on Iran in 2018, oil prices surged beyond $80 per barrel. The market remembers, and traders are once again watching closely to see if Washington follows through with secondary sanctions—restrictions that would punish countries and companies that continue to buy Iranian crude.
  
  Of course, oil traders are not new to this game. Iran has been adept at skirting sanctions through ship-to-ship transfers and sales to intermediaries in China. But a serious U.S. crackdown could change the equation, especially if Washington actually gets aggressive with enforcement.
  
  Tariff Turmoil: Will Canadian and Mexican Oil Be Targeted?
  
  At the same time, Trump’s tariff war is making investors nervous. His tariff on Canadian and Mexican imports, which was supposed to take effect last weekend, was expected to havoc on North American energy flows, sending oil prices higher. Canada supplies nearly 4 million bpd to U.S. refiners, making it America’s top crude supplier. Mexico contributes another 500,000 bpd. The tariffs, however, were paused after concessions given by the two countries—although the pause is for now only for a month.
  
  Leading up to the tariffs, the question was, would oil be included in the tariff list? If so, it would significantly disrupt refining margins, particularly in the Midwest, which is heavily dependent on Canadian heavy crude. Canadian Foreign Minister Mélanie Joly has already warned that U.S. refiners might have to pivot to Venezuelan crude—an ironic twist given Trump’s efforts to isolate Venezuela. Ultimately, the tariff on Canadian oil was only 10% instead of the feared 25%.
  
  Goldman Sachs believes policymakers will do what they must to avoid Brent prices soaring above $85 per barrel, as this would push U.S. gasoline prices past the politically sensitive $3.50 per gallon mark. However, if Canadian and Mexican crude become costlier due to tariffs, refiners will be forced to look elsewhere, potentially tightening the market and driving up fuel costs.
  
  More Uncertainty Ahead
  
  Here’s another wrinkle: Trump has hinted at tougher sanctions on Russia, too, potentially targeting its oil exports. Russia is still a major crude supplier to global markets.
  
  Meanwhile, the Trump administration had previously signaled openness to allowing Chevron to continue limited operations in Venezuela, but a policy reversal could once again restrict Venezuelan oil from reaching the U.S. This would further tighten the supply picture, particularly for Gulf Coast refiners that rely on heavier crude grades.
  
  The Fed, The Dollar, and Demand Concerns
  
  Beyond the world of geopolitics, the U.S. Federal Reserve’s interest rate stance also has a role to play in the oil market, making it even more difficult for the prognosticators to pinpoint just where oil is headed.
  
  Hopes of an imminent cut were dashed when the Fed recently decided to keep rates steady. Higher rates generally strengthen the U.S. dollar—making oil more expensive for foreign buyers. If rates remain high, demand could take a hit.
  
  There are also lingering concerns about China’s economy, which has shown signs of slowing. As the world’s largest oil importer, any sustained weakness in Chinese demand could cap price gains. Goldman Sachs has noted that while U.S. sanctions and tariffs may push prices higher in the short term, demand-side risks could limit long-term upside.
  
  Where Do Oil Prices Go From Here?
  
  Right now, oil markets are caught between conflicting forces. Trump’s energy and trade policies are creating bullish supply risks, while demand uncertainties, OPEC+ decisions, and a strong dollar are acting as counterweights.
  
  If the U.S. enforces strict sanctions on Iran and Russia, and tariffs disrupt North American supply chains, oil prices could easily breach the $80 mark again. But if OPEC+ increases production or economic concerns weigh on demand, prices may remain range-bound in the $70-$85 per barrel corridor that many analysts expect.
  
  According to the WSJ survey, Brent was forecast at $75.33 in the first quarter, with estimates for $71.22 per barrel for WTI. The second quarter will see a drop to $74.02 and $70, respectively, and to $73.10 and $68.91 in the third, the survey showed.
  
  Source: Oilprice.com
- 2025-02-05
  MABUX: Global bunker indices to be mostly on downtrend on Feb.05.
  MABUX World Bunker Index (as index calculated based on current prices for 380 HSFO, VLSFO and MGO), continued irregular fluctuations with no steady trend on Feb.04: 380 HSFO - USD/MT - 529.56 (-0.29) VLSFO - USD/MT – 619.36 (-0.83) MGO - USD/MT –... Read more MABUX World Bunker Index (as index calculated based on current prices for 380 HSFO, VLSFO and MGO), continued irregular fluctuations with no steady trend on Feb.04:
  
  380 HSFO - USD/MT - 529.56 (-0.29)
  VLSFO - USD/MT – 619.36 (-0.83)
  MGO - USD/MT – 786.08 (+0.09)
  
  As of Feb.04, the MABUX Market Differential Index (MDI), which tracks the correlation between market bunker prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP), indicated the following trends across key ports: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Singapore was the only overcharged port, though the overcharge dropped by $3. The other three ports continued to be undercharged, with the gap decreasing by $1 in Rotterdam and $9 in Fujairah, while Houston saw a $1 increase in undercharge.
  
  • VLSFO segment: Rotterdam and Singapore were overcharged, with margins increasing further by $4 in Rotterdam and $3 in Singapore. Fujairah and Houston stayed undercharged, with Fujairah’s discount unchanged, while Houston's undercharge widened by $14. The MDI in Singapore neared full correlation between MBP and DBP.
  
  • MGO LS segment: All four selected ports remained in the undercharge zone. The underprice increased by $4 in Rotterdam, $8 in Singapore, and $25 in Houston, while Fujairah saw a $11 decrease in undercharge. The MDI in Rotterdam stayed close to full correlation between MBP and DBP, while Fujairah dropped below the $100 mark.
  
  We expect Global bunker indices to remain mostly on a downward trajectory on Feb. 05: 380 HSFO – plus-minus 1-3 USD/MT, VLSFO – plus-minus 1-3 USD/MT, MGO LS – minus 2-5 USD/MT.
  Source: MABUX
- 2025-02-05
  EU Targets Russian Aluminum, LNG and Shadow Fleet in New Sanctions Round
  The European Commission last week sent out to EU member states its proposal for the next round of sanctions on Russia and Belarus, with a goal to have the package unanimously agreed by the time of the third anniversary of the full-scale invasion of Ukraine... Read more The European Commission last week sent out to EU member states its proposal for the next round of sanctions on Russia and Belarus, with a goal to have the package unanimously agreed by the time of the third anniversary of the full-scale invasion of Ukraine in late February. The proposal, seen by RFE/RL, would mean more sanctions targeting Russian aluminum, media, and the so-called "shadow fleet" but would lack any more meaningful restrictions on Russian energy. Brussels is clearly mindful that some member states are wary about soaring energy prices in the bloc.
  
  This proposed round of sanctions, the 16th in three years, comes just a week after Hungary threatened to veto the six-month rollover of the previous packages. Budapest was expressing annoyance that Russian gas to the EU via Ukraine was halted at the new year. While not being able to reverse that decision, Budapest finally gave its green light to the rollover ahead of the January 31 deadline. That came after the bloc agreed on a joint statement in which the European Commission would get assurances from Kyiv regarding the continuation of oil supplies via pipeline to the EU.
  
  It is in this context that the European Commission decided not to propose fresh sanctions on Russian liquefied natural gas (LNG), despite several EU member states, notably in the Nordic-Baltic region, calling for it.
  
  Moscow's LNG exports to the bloc skyrocketed last year, with 9 percent of Germany's gas imports coming from Russia. Instead, there will just be minor measures such as the banning of Russian LNG going to EU terminals not connected to the bloc's gas system and prohibiting the temporary storage of Russian crude oil and petroleum products within the EU.
  
  Deep Background: The headline-grabbing stuff in this round of proposed sanctions is an EU broadcast ban on TASS, Russia's state news agency. Similarly to the previous rounds of sanctions against RT and RIA Novosti, this means that journalists from these media organizations can still operate in the EU, but you won't be able to access their content on EU territory. Other Russian media outlets such as Zvezda, Lenta.ru, and RuBaltic will also be targeted.
  
  Then there is the suggested import ban on primary aluminum, the pure form of the metal obtained without recycling or reprocessing, from Russia. Given that import of other types of aluminum are already banned, Brussels is aiming to now have a blanket prohibition of Russian aluminum products entering the bloc. The proposed sanctions also include export bans from the EU to Russia on gaming controllers and consoles, given fears in the EU that their components are being used to build drones.
  
  Drilling Down
  
  Russia's "shadow fleet" -- the network of tankers and other vessels used by Russia to evade Western oil sanctions -- will also be targeted, according to the proposal. So far, the EU has drawn up a list of 79 vessels that can't dock or receive any shipping services in the EU. Under the proposal, an additional 74 vessels would be added -- although, curiously, this does not include the vessels involved in recent incidents in the Baltic Sea that damaged undersea infrastructure.
  Under the proposal, there would be more bans on exporting dual-use goods to companies based in China, India, Kazakhstan, Turkey, and Uzbekistan, among others. Brussels suspects these firms of reexporting such dual-use goods to Russia.
  Seventeen regional Russian banks would also be subject to being locked out of SWIFT, the global financial message system, for cross-border money transfers, joining most of the big Russian banks that have already been "de-SWIFTED." Interestingly, though perhaps not surprisingly, Gazprombank, which many EU countries have dealings with, has not yet met this fate.
  According to the sanctions proposal, an additional 35 people would be slapped with asset freezes and visa bans. They are mainly directors of military companies and politicians Russia has installed in occupied parts of eastern Ukraine. A few names do stick out. One is Kristina Potupchik, a famous Russian blogger, who the EU claims "disseminates misinformation on the war in Ukraine" and the TV presenter Yulia Baranovskaya, who, according to the document seen by RFE/RL, stands accused of "publicly promoting Russian war crimes such as the forced deportation of Ukrainian children." Aleksandr Stuglev, the organizer of the St. Petersburg International Economic Forum, is also proposed for blacklisting.
  Lastly, new sanctions on Belarus have been proposed. The sanctions would largely mean EU export bans on electronic devices, conductors, and telecommunications, navigation, and aviation equipment, as well as on various types of sensors and lasers. Source: Oilprice.com
- 2025-02-05
  Oil and Gas Prices Drop Dramatically on Trade War Fears
  Canada - Canada’s oil industry has dodged the bullet with the United States’ 25% tariff threat, only to be penalized by a 10% levy on Saturday and then subsequently lifted for a grace period of 30 days, taking oil sands producers to a rollercoaster... Read more Canada
  
  - Canada’s oil industry has dodged the bullet with the United States’ 25% tariff threat, only to be penalized by a 10% levy on Saturday and then subsequently lifted for a grace period of 30 days, taking oil sands producers to a rollercoaster of emotion this week.
  
  - Almost all of Canada’s 4 million b/d flow to the United States, with some 65% of those exports taken in by refiners in the Midwest, a region that has no other supply route because the infrastructure in the Gulf Coast is geared towards exporting light barrels from the US.
  
  - Analysts have found that Canadian tariffs would have the biggest impact on US Atlantic coast gasoline markets, with a 25% tariff on imports hiking prices by $0.50 per gallon to $2.5/USG, whilst higher oil sourcing costs adding some $0.20 per gallon to Midwest gasoline prices.
  
  - Bypassing US sanctions would be easier for Mexico as all its US-bound flows are seaborne and could be re-routed to Asia, however Valero Energy’s term contract with Pemex could become a point of legal contention.
  
  Market Movers
  
  - US offshore producer Talos Energy (NYSE:TALO) appointed Paul Goodfellow, formerly the global deepwater chief of UK-based energy major Shell (LON:SHEL), as its new chief executive.
  
  - Azerbaijan’s state oil firm SOCAR has agreed to purchase a 10% stake in Israel’s offshore Tamar gas field from Union Energy, the investment vehicle of Israeli businessman Aaron Frenkel.
  
  - US oil firm EOG Resources (NYSE:EOG) won production sharing contracts for two offshore blocks in Trinidad and Tobago, with the Caribbean nation seeking to halt production declines and allocating one block each to BP and Shell in 2024.
  
  Tuesday, February 04, 2025
  
  The US-Canada tariff flare-up lifted oil prices for a brief period, but with the 30-day postponement of those restrictive measures, the oil markets are now assessing the impacts of another trade war, a potentially even bigger one between the United States and China. With ICE Brent dropping dramatically to $74 per barrel, the main fear is that the US-China spat could seriously damage oil demand growth this year, already under pressure from weakening margins.
  
  Gold Prices Hit Record Highs on Tariff Frenzy. Prices of the bullion skyrocketed to an all-time high this week, with Monday seeing gold hitting $2,830.49 per ounce in intra-day trading, driven by market uncertainty surrounding Donald Trump’s tariffs and the probability of retaliatory trade wars.
  
  OPEC Ditches The EIA as Secondary Source. In its Monday JMMC ministerial meeting, OPEC+ agreed to stick to its policy of gradually returning cut production from April 2025 onwards, all the while scrapping the US Energy Information Administration and Rystad Energy as secondary sources.
  
  Ukraine Hits Major Russian Refinery, Again. Following last week’s strik on Russia’s Ryazan refinery, Ukrainian forces struck another refinery in the Volga region, the 300,000 b/d Volgograd plant that is the largest in southern Russia, whilst also targeting a condensate splitter in the city of Astrakhan.
  
  Trafigura Top Official Gets Jail Time for Bribes. Switzerland’s top criminal court convicted Trafigura and its former chief operating officer Mike Wainwright, sentencing the latter to 32 months in prison for bribing Angolan officials in exchange for oil contracts between 2009 and 2011.
  
  Iraq Moves Closer to Settle Kurdish Row. Iraq’s parliament approved a budget amendment that would allow Baghdad to subsidize production for international oil firms operating in the semi-autonomous Iraqi Kurdistan region, setting the rate at $16 per barrel and edging closer to the restart of Kurdish exports.
  
  Beijing Retaliates with Oil and Gas Tariffs. In retaliation to Donald Trump’s across-the-board 10% tariff on any Chinese product, China’s State Council imposed a 15% tariff on coal and liquefied natural gas imports from the US, and a 10% tariff on crude oil and heavy machinery.
  
  Nigeria Mandates Domestic Supply Quotas. Nigeria’s upstream oil regulator NUPRC said it would deny export permits for oil cargoes for producers that fail to meet stipulated supply quotas to local refineries, as the country ramps up long-stalled NNPC plants in Port Harcourt and Warri.
  
  Wright Confirmed As US Secretary of Energy. Former chief executive officer of drilling firm Liberty Energy, Chris Wright was confirmed as the US Secretary of Energy by a vote of 59 to 38, using the agency’s 50 billion budget, pledging to unleash a new LNG expansion and modernize the power grid.
  
  Norway’s Largest Oilfield Suffers Power Outage. Europe’s largest producing oilfield, the Equinor-operated (NYSE:EQNR) Johan Sverdrup, has suffered a power outage that left the platform without electricity for 8 hours, just two months after a similar incident in November.
  
  EU Struggles to Meet Its Own Inventory Targets. Europe is struggling to meet its self-declared natural gas inventory targets as regional storage levels were 53% full as of February 1, only slightly above the 50% goal set forward by the EU, with France’s gas stocks as low as 35% in recent days.
  
  ADNOC Eyes Canadian Petrochemical Producer. ADNOC, the national oil company of the UAE, is considering the joint acquisition of Canadian petrochemical firm Nova Chemicals alongside Austria’s OMV (VIE:OMV), with the Calgary-based firm currently owned by UAE’s sovereign fund Mubadala.
  
  South Korea Eyes First Ever Oil Discoveries. US geoscientists have appraised and identified 14 oil and gas prospects in South Korea’s East Sea, potentially containing between 0.7 and 5.2 billion boe, raising hopes of an upstream breakthrough for a country that has never produced oil in its history.
  
  Beijing Tightens Export Controls on Defense Metals. China’s Commerce Ministry announced export restrictions on five metals used in defense and clean energy in response to US tariffs, ranging from tungsten and tellurium all the way to molybdenum, prompting a price rally outside China. Source: Oilprice.com