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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
904.00
-91.00
1 250.00
+10.00
Apr 20
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	904.00	-91.00	1 250.00	+10.00	Apr 20

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
741.79	-6.03	871.44	+0.13	1 435.90	+8.41	Apr 24

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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	630	730	-100	685	812	-127	1 250	1 353	-103	Apr 24
Singapore	653	759	-106	732	904	-172	1 298	1 346	-48	Apr 24
Fujairah	630	704	-74	750	872	-122	1 445	1 409	+36	Apr 24
Houston	632	711	-79	840	829	+11	1 190	1 267	-77	Apr 24

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Digital Bunker Prices
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Analytical Section
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MABUX for Industry
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Latest News
- 2026-04-24
  Oil rises on concerns over escalating military tensions in the Middle East
  Oil prices rose on Friday morning over fears of renewed military escalation in the Middle East after Iran released footage of commandos boarding a cargo ship in the Strait of Hormuz and on reports Tehran’s air defences had engaged "hostile targets". Brent... Read more Oil prices rose on Friday morning over fears of renewed military escalation in the Middle East after Iran released footage of commandos boarding a cargo ship in the Strait of Hormuz and on reports Tehran’s air defences had engaged "hostile targets".
  Brent crude futures rose $1.23, or 1.17%, to $106.3 a barrel by 0107 GMT, while West Texas Intermediate futures were up $1.07, or 1.12%, at $96.92.
  Both benchmark contracts settled up more than 3% on Thursday and jumped $5 a barrel after reports that air defences were engaging targets over Tehran and of a power struggle between Iran’s hardliners and moderates.
  U.S. President Donald Trump said that Iran may have loaded up its weaponry "a little bit" during the two-week ceasefire, but added that the U.S. military could eliminate it in just a single day.
  The ceasefire phase is increasingly looking like a preparatory phase for war, Haitong Futures said in a report. If U.S.-Iran talks fail to make key progress by the end of April and fighting resumes, oil prices could climb to new highs for the year, it added.
  Iran on Thursday posted video of commandos in a speedboat storming a huge cargo ship after the collapse of peace talks, underlining its grip over the Strait of Hormuz through which 20% of global oil and gas usually flows.
  As investors and governments around the world look for an enduring peace, Trump said he would not set a "timetable" for ending the conflict with Iran and that he wanted to make "a great deal."
  
  "Don’t rush me," he said when asked how long he was willing to wait for a long-term peace deal with Iran.
  Prolonged disruptions in the Strait of Hormuz could push global crude and refined-product inventories below five-year seasonal lows by late May or early June, adding a supply-risk premium back into oil prices, said Mingyu Gao, chief researcher for energy and chemicals at China Futures.
  Trump also announced in a social media post on Thursday that Israel and Lebanon had agreed to extend their ceasefire by three weeks after a high-level meeting between representatives of both countries in the White House Oval Office.
  Before that announcement, Israel warned that it was ready to restart attacks on Iran. Source: Reuters/Investing.com
- 2026-04-24
  Why Biofuels Are Not The Answer To Decarbonizing Shipping
  Last year, the International Maritime Organization (IMO) approved its 2023 Net-Zero Framework that set a target to eliminate greenhouse gas (GHG) emissions from the global shipping industry by 2050. The framework consists of a Global Fuel Standard that... Read more Last year, the International Maritime Organization (IMO) approved its 2023 Net-Zero Framework that set a target to eliminate greenhouse gas (GHG) emissions from the global shipping industry by 2050. The framework consists of a Global Fuel Standard that requires ships to gradually reduce the GHG Fuel Intensity (GFI) of the energy they use as well as a Pricing Mechanism whereby ships exceeding GFI thresholds are required to pay for remedial units while ships that use zero or near-zero (ZNZ) fuels can earn surplus units to trade or bank in the future. The global shipping industry consumes around 4.5 million barrels of oil per day, and is responsible for ~3% of GHG emissions. Biofuels are widely considered a first alternative by shipowners to quickly cut their emissions since they are easily mixed with traditional bunker fuels.
  
  Unlike hydrogen or ammonia, food-based biofuels can be used in existing engines and fuel tanks with minimal or no modifications. Not surprisingly, their use is accelerating, particularly in major bunkering hubs like Singapore and Rotterdam where bio-blended fuel sales rose from 300,000 tonnes in 2021 to over 1.6 million tonnes in 2024.
  
  However, the experts are warning that the rapid adoption of vegetable oil-based biofuels threatens to trigger a massive demand shock, potentially driving up vegetable oil prices. According to research by the International Council on Clean Transportation (ICCT), shipping demand alone could drive demand for biofuels to 140 billion litres by 2035, roughly triple the entire current global market for vegetable oil biofuels. Such a massive increase in consumption of vegetable oil could potentially also triple their prices, adding an extra burden to low-income households, net food-importing nations and the nearly 700 million people living with food insecurity worldwide.
  
  Meanwhile, increasing biofuel use can accelerate deforestation primarily through the rising demand for agricultural land to grow feedstocks like palm oil, corn, soy, and sugarcane. Indeed, surging biofuel demand has led to direct clearing of tropical forests for palm oil and soy plantations in Southeast Asia and South America. When existing agricultural land is converted to grow biofuel crops, farmers often move to new areas, creating a domino effect that drives deforestation onto another forest frontier. Studies have shown that some vegetable oil biofuels can actually have higher lifecycle emissions than traditional fossil fuels when accounting for deforestation and land-use changes.
  
  Meanwhile, every dollar spent on crop-based biofuels is a dollar not invested in genuinely sustainable e-fuels like green ammonia or methanol. Research by Transport & Environment indicates that 90% of global biofuels rely on food crops, and the land used could be better used for solar energy, which is far more efficient. Green methanol created from biomass sources like agricultural waste, municipal waste, and wood waste through gasification, as well as ammonia are considered highly scalable and superior for long-term decarbonization, particularly in shipping, since they can be produced using renewable electricity and captured CO2.
  
  IMO is facing significant pressure to follow the lead of the EU and the International Civil Aviation Organization (ICAO) by restricting high-risk Indirect Land Use Change (ILUC) biofuels. The European Union's FuelEU Maritime and RefuelEU Aviation already excludes food/feed-based biofuels from counting toward their respective sustainability targets, while ICAO includes Indirect Land Use Change (ILUC) emissions in its CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation) life cycle assessments. If the IMO adopts similar standards, shipowners relying on high-ILUC biofuels could find their fuel classified as non-compliant, leading to heavy penalties under the Global Fuel Standard (GFS).
  
  Wind-Assisted Propulsion
  
  Previously, we reported that Cargill, a leading global commodities trader with significant ocean transportation operations, is pioneering wind-assisted propulsion (WAP) technology to decarbonize shipping. In August 2023, Cargill and BAR Technologies’ pioneering "WindWings" technology successfully set sail in August 2023 on the Pyxis Ocean, a Kamsarmax vessel owned by Mitsubishi Corporation and chartered by Cargill. The system used large, automated wing sails to harness wind power, allowing ship engines to be powered down while maintaining standard speeds.
  
  Well, the experiment was a huge success, with trial data released by Cargill following a six-month maiden voyage confirming the technology's effectiveness in reducing carbon footprints. The two installed wings, each standing 37.5 metres tall, saved an average of 3 tonnes of fuel per day for the 81,000 dwt vessel, with savings reaching up to 11 tonnes per day in near-optimum conditions. According to Cargill, wind-assisted propulsion can save up to 30% of a ship’s fuel consumption, a potential game-changer considering that fuel costs account for nearly half of a shipowners' operating expenses. Building on the success of the Pyxis Ocean, Cargill is now expanding its commitment to maritime sustainability by investing fully in wind-power.
  
  Cargill is hardly alone: WAP in shipping is projected to start going mainstream by 2030, transitioning from a niche technology to a standard feature for decarbonizing the maritime sector. Analysts anticipate that around 10,000 ships worldwide will be equipped with wind-assisted propulsion systems by 2030, with numbers projected to rise up to 40,000 by 2050. Source: Oilprice.com
- 2026-04-24
  Europe Burns $28B With No Extra Energy as Crisis Deepens
  Faced with the second energy crisis this decade, the European Union aims to reduce dependence on natural gas, coordinate gasoline, diesel, and jet fuel supplies, and accelerate renewable energy capacity installations. The European Commission on Wednesday... Read more Faced with the second energy crisis this decade, the European Union aims to reduce dependence on natural gas, coordinate gasoline, diesel, and jet fuel supplies, and accelerate renewable energy capacity installations.
  
  The European Commission on Wednesday unveiled proposals aimed at protecting Europeans from the fossil energy crisis and accelerating the shift to clean, homegrown energy.
  
  “For the second time in less than five years, Europeans are paying the price of Europe's dependency on imported fossil fuels,” the Commission says.
  
  The new measures are designed to offer immediate relief to households and industries while addressing long-term dependencies, such as on gas for power generation.
  
  Since the Iran war began at the end of February, the EU has spent an additional $28 billion (24 billion euros) on energy imports due to higher prices – “without receiving a single extra molecule of energy,” the European Commission said.
  
  “The current geopolitical situation is a stark reminder that accelerating the transition to clean, secure and affordable energy is an economic and security imperative.”
  
  Immediate Measures
  
  As a large part of the Middle Eastern oil and fuel supplies remains trapped at the Strait of Hormuz, the EU is accelerating coordination among all member states to ensure the availability of jet fuel and diesel, including the availability of oil refinery production capacities.
  
  The bloc will also establish a new Fuel Observatory to track EU production, imports, exports, and stock levels of transport fuels, to quickly identify potential shortages and balance fuel distribution in case of emergency stock releases.
  
  Support for vulnerable households and emergency measures to support the industries most exposed to the energy price spike are also part of the measures to ease the blow from the energy crisis. This is Europe’s second such crisis in four years, after 2022, when the collapsed Russian pipeline deliveries triggered a cost-of-living crisis and made many EU-based energy-intensive industries uncompetitive.
  
  The Commission will also present a legislative proposal on network charges and taxation, ensuring electricity is taxed less than fossil fuels. This is to incentivize more power generation from domestic renewable sources that could replace some of the gas-fueled power supply whose costs spiked as Qatar’s LNG went offline in early March and resulted in soaring natural gas prices in Europe and Asia.
  
  The immediate measures could ease some of the burden, especially on households, and potentially redistribute jet fuel supplies, which industry and analysts say are at risk of shortages within weeks.
  
  The war in Iran has cut most of Europe’s imports of jet fuel, while local output has been falling for nearly two decades due to dozens of refineries closing permanently or being converted to biofuel production.
  
  Airports industry group ACI Europe welcomed the EU’s new fuel supply coordination mechanism.
  
  “No airport in Europe is currently facing jet fuel shortages, and flight operations are proceeding normally,” said Olivier Jankovec, Director General of ACI Europe.
  
  “But the plan adopted today is the adequate strategy and response to mitigate potential jet fuel shortage risks, given how uncertain the situation remains over the resumption of the safe and stable passage through the Strait of Hormuz.”
  
  Preparing for the Long Term
  
  Exposed to a geopolitical shock and a new war that hiked energy prices once again, the EU is doubling down on “accelerating the shift to homegrown clean energy to replace oil, gas and fossil transport fuels.”
  
  The Commission aims to unveil an Electrification Action Plan by the summer, it said in the actions proposed on Wednesday. The plan will include an ambitious electrification target and measures to remove barriers to the electrification of the industrial, transport, and building sectors.
  
  “It is vital to speed up investment in the clean energy transition now, not least to break EU dependence on fossil fuels and make the EU resilient to future energy crises,” the Commission said.
  
  “Member States that have already invested in the clean energy transition are reaping the benefits, with electricity prices generally below the EU average.”
  
  The true impact of the current crisis is long term, evolving, and unpredictable, Dan Jørgensen, European Commissioner for Energy and Housing, said.
  
  “As we cannot predict everything, we must be prepared for anything,” Jørgensen noted.
  
  “We will coordinate more and better to secure supplies. We will seek to maximise existing refining capacity in Europe, and look into our rules on strategic and emergency stocks, to see if more can be done,” the commissioner said.
  
  Yet, Jørgensen acknowledged that Europe needs to accelerate investment and attract much more private investment that it urgently needs to boost power infrastructure with more connections, more storage capacity, and more flexibility.
  
  The Commission sees the Middle East crisis as “a wake-up call and a turning point – when Europe steps away from fossil fuel dependence, and steps towards clean energy autonomy,” Jørgensen said.
  
  “Because now it is more obvious than ever – clean energy means security,” the official added.
  
  “In the future, instead of buying something and burning it to get energy, and then buying it again, we need to produce our own, homegrown, clean energy.” Source: Oilprice.com
- 2026-04-24
  MABUX: Global bunker market to continue upward trend on Apr. 24.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — extended its upward movement on Apr. 23, marking the second consecutive day of gains: 380 HSFO: USD/MT: 747.82 (+10.79) VLSFO: USD/MT 871.31... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — extended its upward movement on Apr. 23, marking the second consecutive day of gains:
  
  380 HSFO: USD/MT: 747.82 (+10.79)
  VLSFO: USD/MT 871.31 (+15.29)
  MGO: USD/MT 1 427.49+20.75)
  
  As of Apr. 23, the MABUX Market Differential Index (MDI), which monitors the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), revealed the following bunker price trends across key hubs (Rotterdam, Singapore, Fujairah, Houston:
  
  • HSFO segment: All four ports continued to be undercharged. The MDI widened by 47 in Rotterdam, $8 in Singapore, $7 in Fujairah, and $12 in Houston, with Singapore’s index approaching the $100 threshold.
  
  • VLSFO segment: Houston was the only overcharged port, although its premium narrowed by $9. The other hubs continued to be undercharged: discounts widened by $16 in Rotterdam and $25 in Singapore, while narrowing by $28 in Fujairah. MDI levels in all three undercharged ports remained above $100.
  
  • MGO LS segment: Singapore shifted into the undercharge zone, joining Rotterdam and Houston. Discounts increased by $57 in Rotterdam, $54 in Singapore, and $28 in Houston. Fujairah remained the sole overcharged port, though its premium declined by $23.
  
  Overall, bunker indices are trending higher, despite continued variations in physical market conditions across ports. The current price rebound highlights the market’s sensitivity to geopolitical risks, particularly ongoing uncertainty around the Strait of Hormuz, alongside strengthening bullish sentiment in the crude complex. MABUX expects the global bunker market to maintain a moderate upward trajectory on Apr. 24: 380 HSFO: plus 5-15 USD/MT, VLSFO: plus 5–15 USD/MT, MGO LS: plus 5–10 USD/MT.
  Source: MABUX
- 2026-04-24
  The Carbon Market Is Set for a Major Shake-Up
  The voluntary carbon market (VCM) covers less than one-half percent of global greenhouse gas (GHG) emissions. It remains very small after many years of development and reform. It is recovering from a downturn after press revelations of overproduction... Read more The voluntary carbon market (VCM) covers less than one-half percent of global greenhouse gas (GHG) emissions. It remains very small after many years of development and reform.
  
  It is recovering from a downturn after press revelations of overproduction of credits in Indonesia and elsewhere. The quality of credits, their actual accounting for removal or avoidance of 1 metric ton per credit, is a constant concern.
  
  Yet this small market plays an important niche role in testing methods and technologies. And it might become increasingly important as it integrates more closely with the mandatory or compliance markets that many countries now plan to adopt.
  
  Compliance markets take on various forms: cap-and-trade, carbon tax, project-based, etcetera. They now cover 23 percent of global GHG emissions, according to a recent report by the nonprofit International Emissions Trading Association (IETA).
  
  Regional, national, and subnational compliance are expected to continue expanding worldwide, eventually operating in some way in most countries. Their appeal to governments lay in their proven capacity to produce revenue while counting toward nationally determined contributions (NDCs) under the UN climate framework.
  
  As their expansion continues they will likely stimulate growth of the VCM, as they accept VCM credits and propel innovation.
  
  Market snapshot
  
  A recent report by AlliedOffsets, a UK-based data and market intelligence provider, reveals some of market’s inner workings,
  
  The report, Voluntary Carbon Market 2025 Review, Emerging Trends for 2026, is assembled from a comprehensive database that tracks more than 36,000 projects. Its sources include the four carbon registries that dominate the market: Verra, Gold Standard, American Carbon Registry (ACR), and Climate Action Reserve (CAR).
  
  The report tracks ‘retirement’ of credits when companies that have purchased credits count them against their emissions in reporting on climate goals. It also tracks ‘offtakes’, which are pre-purchase of credits from planned projects not yet developed.
  
  “It's a significant part of the market because companies buying via offtake are typically doing so because they can't find the credits they need on the spot market,” says Anton Root, Co-founder and Head of Research for Allied Offsets.
  
  Such credits are usually generated from emerging technologies like direct air capture (DAC) or from forests planned to be planted.
  
  “For project developers, offtakes are a useful mechanism to get up-front purchasing commitment, which they can then use to start the project,” says Root. “The offtake also allows them to raise additional capital more easily, as they can show demand for future credits.”
  
  Costly technical credits
  
  According to the AlliedOffsets report, the total measure of the VCM in 2025 was $10.4 bn, including the value of retired credits taken out of circulation and announced offtake transactions for future credits.
  
  The report covers many kinds of credits under the general categories ‘nature-based’ and ‘technical’. Nature-based projects include forest conservation projects, while technical projects involve ‘carbon dioxide removal’ (CDR) through technologies such as direct air capture of CO2.
  
  Technical credits, which are the most expensive in the market, some upwards of $500 per credit, are increasing in number. This is in part the result of project developers now putting their projects onto registries after years of R&D and pilot development.
  
  DAC prices, which are the highest of all credits, are falling, which could indicate there is progress in CDR technologies, perhaps anticipating technical breakthroughs.
  
  Anton Root thinks it’s plausible. “As the technologies are starting to scale up, the price per ton of technical credits is starting to come down slowly,” he says.
  
  “But the weighted average price of credits is creeping up a little bit over the past year, reflecting an increased willingness of some buyers to pay for more expensive credits.
  
  He notes that companies' purchases of CDR credits is a form of investing in clean tech.
  
  “It is important for the development of clean tech, especially so for DAC where the carbon credits are a key source of revenue for the projects,” he says.
  
  Among the top buyers of carbon credits are energy companies including oil majors, while Microsoft is by far the largest buyer of technical credits.
  Related: Europe's Rooftop Solar Orders Triple As Gas Prices Surge
  
  UN units
  
  The carbon market landscape is a patchwork of systems. Compliance markets are governed by national and regional policies. The VCM is a fragmented collection of initiatives.
  
  One factor that could forge these into a more unified global market is Article 6 of the 2015 UN Climate Accord. This part of the Paris Agreement has advanced in recent COP summits and is coming into effect now.
  
  Article 6.2 governs bilateral trade between governments to count for or against NDCs. Private groups may also enter bilateral trades to meet compliance obligations. This trade must be carefully managed under national administrative frameworks and UN rules that guard against double-counting of emissions reductions.
  
  The ‘Article 6.2 Emissions Reductions’ (A6.2ERs) are units known as Internationally Traded Mitigation Outcomes (ITMOs) when traded internationally with corresponding adjustments to countries’ NDCs.
  
  This trade is already underway. An early trade occurred when Switzerland entered into agreements with Ghana and Thailand, which authorized the transfer of cross-border carbon credits. In Ghana, a Swiss foundation is supporting a cookstove project and an electric bike startup.
  
  Article 6.4 creates a central crediting mechanism, the Paris Agreement Crediting Mechanism (PACM) for carbon projects, with its own registry operated under the UN framework.
  
  An Article 6.4 rulebook was finalized at the recent COP30 summit in Brazil. The ‘Paris Agreement Crediting Mechanism ERs’ (PACM ERs), are tradeable units also known as ITMOs among countries. But they are subject to a UN Supervisory Body to ensure that standards and methodologies maintain high environmental integrity.
  
  “Article 6.4 should not be understood as a single global trading platform,” says Kutalmis Ersoy, a markets expert with Correggio Consulting in Brussels.
  
  “Instead, it establishes an UN-regulated global carbon market framework, with a central registry and governance system that enables internationally transferable credits to be issued, authorised, tracked, and used across borders.
  
  “In that sense, it functions as a global backbone for carbon crediting and trading, rather than a standalone exchange,” he says.
  
  Ersoy notes there is still no officially announced go-live date for project listings, issuance, or large-scale trading, so broader market activity under Article 6.4 will unfold gradually through 2026.
  
  Going global
  
  Carbon market advocates want to unite the fragmented voluntary market and push it into closer integration with compliance markets. They want to create something like a global commodity market for carbon with integrated markets, standards, and prices.
  
  This could maximize the capacity of the markets to reduce GHGs. But it will require much more than the UN’s efforts alone.
  
  Mark Lewis, Partner & Managing Director of Climate Finance Partners LLC, provides helpful analysis in the IETA Greenhouse Gas Market Report (2025).
  
  He writes that Article 6 credits will drive convergence of the project-based VCM and compliance markets if allowed into the EU’s Emissions Trading System (ETS), which is by far the largest compliance market in the world.
  
  It’s a controversial matter currently under discussion by EU officials considering acceptance of Article 6 ITMOs to meet the Bloc’s 2040 climate target (90 percent net GHG emission reduction relative to 1990 levels).
  
  A provisional EU decision accepts very high-quality international credits equivalent to 5 percent of (base year 1990) emissions but debate is ongoing. Environmentalists argue against it, fearing the international credits will diminish European industries’ incentive to lower GHGs.
  
  Lewis argues that the A6 credits should be allowed into the ETS, as well as industry schemes such as airlines’ mandatory CORSIA, because their large buyer pools will greatly enhance the market for them.
  
  And because the A6 credits count directly toward the Paris Agreement goals, their inclusion in large compliance markets will make them the main instruments of global carbon trade, with all of the market efficiencies that will bring.
  
  "Given that there is no other instrument that can act as a glue between the world’s various carbon markets in this way, how quickly the A6 market scales is crucial to the future health of the global carbon market more generally," he writes.
  
  “What the EU decides regarding the admissibility of A6 credits under its 2040 target will be decisive.”
  
  A VCM niche
  
  Andrew Cullen, founder of Axis Green, a corporate sustainability advisor based in Abu Dhabi, sees an inevitable expansion of compliance markets with a small but potentially important role for the voluntary market.
  
  “The voluntary carbon market has never really gained scale and high levels of liquidity precisely because it's voluntary,” he says. “After all, if taxes are voluntary will companies pay taxes?”
  
  He thinks it is a market for a few companies, tech companies, and others with big budgets, to pursue voluntary climate objectives. But as compliance markets expand, the incentives for buying carbon credits will change.
  
  “If CORSIA approved credits for the aviation sector are trading at, say, $15 a ton, and there are more costly credits with a lot of social and environmental benefit selling for $100 a ton, it’s obvious what an airline will buy,” he says.
  
  “It will turn the logic of the voluntary market on its head because companies under mandatory schemes will ask why they should pay above and beyond.”
  
  But the voluntary market will not disappear and indeed will grow as compliance markets expand.
  
  “It will take time but compliance markets will become much bigger,” he says. “Then we might see corporates that want ‘above and beyond’ credits for their public relations or any number of reasons and they’ll buy from projects with more investment going into them.
  
  “So as compliance expands it will drag the volumes in the voluntary market up with it.”
  
  This implies a need to focus on the structure of compliance markets.
  
  “To really increase demand requires more than just cap-and-trade schemes,” he says. “It requires having project-based credits incorporated into these schemes.
  
  “But it will be interesting to see what happens.” Source: Oilprice.com
- 2026-04-24
  Russia Reopens Pipeline to Europe While Cutting Off Kazakh Oil to Germany
  Russian oil has reportedly started to flow once again through the Druzhba pipeline to the European Union after months of a blockage in Ukraine. At the same time, Russia is reportedly halting the flow of Kazakh oil via Druzhba to Germany as of May 1, an... Read more Russian oil has reportedly started to flow once again through the Druzhba pipeline to the European Union after months of a blockage in Ukraine. At the same time, Russia is reportedly halting the flow of Kazakh oil via Druzhba to Germany as of May 1, an action that some regional experts describe as an attempt at geoeconomic retaliation.
  
  According to Kazakh officials, Russia is claiming that “a lack of technical capability” is forcing Moscow to halt Kazakh shipments via Druzba, the KazTag news agency reported April 22. “This is most likely due to the recent attacks on Russian infrastructure,” KazTag quoted Energy Minister Yerlan Akkenzhenov as saying.
  
  The minister confirmed that there will be “zero transit” of Kazakh oil in May to the Russian city of Samara, the nearest node of the Druzhba network. Kazakh oil shipments could resume in June, provided the “technical issues” can be resolved. Russia has not officially confirmed the cutoff.
  
  A cutoff of Kazakh oil shipments threatens to disrupt operations at a German refinery that is a vital supplier for the German capital Berlin, according to a report published by the German news agency Deutsche Welle (DW).
  
  Akkenzhenov said the Druzhba cutoff will not cause Kazakhstan to reduce overall oil production this year, KazTag reported. Other top Kazakh officials have downplayed the significance of Druzhba for Kazakh oil exports. The overwhelming majority of Kazakh oil is exported via the Caspian Pipeline Consortium route, which has been hit by repeated Ukrainian drone attacks in recent months.
  
  Russia historically has used its control of pipelines as an instrument of geopolitical pressure. “This news [the Kazakh cutoff] illustrates, once again, that Russia will retain the ability to threaten European energy security until all imports from and through Russia have stopped,” DW quoted a regional energy expert, Benjamin Hilgenstock, as saying.
  
  The southern branch of the Druzhba route originates in Russia and travels through Ukraine to reach Slovakia, Hungary and the Czech Republic. A northern branch traverses Belarus to deliver oil to Poland and Germany.
  
  Druzhba’s southern branch was damaged and stopped pumping oil in January. Ukraine blamed a Russian drone strike for the disruption, while Russian and Hungarian officials accused Ukraine of sabotage. Reports have circulated that oil will once again flow via the southern branch on April 22. The news comes shortly after the downfall of Viktor Orban’s authoritarian government in Hungary. Orban’s government was widely seen as an obstacle to EU assistance to Ukraine in its ongoing war with Russia. The resumption of Druzhba operations should unblock a planned EU 90-billion-euro aid package for Kyiv.
  
  Druzhba means ‘friendship’ in English. But the Kazakh cutoff can only be interpreted as a hostile gesture towards Germany. Source: Oilprice.com
- 2026-04-24
  Canada’s 23.6M Oil Barrel Pledge Is Already Priced In
  Canada’s pledge to contribute 23.6 million barrels of oil to the International Energy Agency’s coordinated release will add little new supply to an already tight market because the volumes are not incremental, BMO Capital Markets said in an interview... Read more Canada’s pledge to contribute 23.6 million barrels of oil to the International Energy Agency’s coordinated release will add little new supply to an already tight market because the volumes are not incremental, BMO Capital Markets said in an interview with Bloomberg, adding that the barrels in question were coming from production growth that was already in motion before the Iran-driven disruption.
  
  “It’s not really a function of what’s happening in Iran or any request from the federal government to say, what can we contribute to this,” Randy Ollenberger, head of oil and gas research at BMO said.
  
  Unlike the United States or Japan, Canada does not hold a strategic petroleum reserve, so it cannot release stored crude in response to a supply shock. What it is offering instead is output that was already scheduled to come online this year.
  
  BMO’s Randy Ollenberger put it plainly: these barrels are tied to projects that were underway well before the current crisis. They are not the result of a policy decision to increase production in response to the Strait of Hormuz disruption or the broader Middle East supply loss. In other words, these were barrels the market already called for prior to the crisis.
  
  That doesn’t even touch on the fact that Canada is entering spring maintenance, when oil sands operators take planned outages that reduce production to seasonal lows. Those maintenance programs are set years in advance and are difficult to shift on short notice. Cenovus, one of the country’s largest producers, has already indicated it will not alter its schedule in response to the current crisis.
  
  Pipeline capacity is already maxed out. Even if production ticks higher, there’s nowhere for those extra barrels to go. No spare takeaway, no quick fix.
  
  So the headline number lines up with the IEA’s 400 million barrel release, but the impact doesn’t. Canada isn’t suddenly flooding the market. It’s just continuing on the same path, with the same constraints.
  
  Source: Oilprice.com
- 2026-04-24
  Iran War Created Biggest Ever Energy Security Threat, IEA Says
  The war in the Middle East and the closure of the Strait of Hormuz have created the largest energy security threat the world has ever faced, Fatih Birol, the executive director of the International Energy Agency (IEA), told CNBC on Thursday. “We are... Read more The war in the Middle East and the closure of the Strait of Hormuz have created the largest energy security threat the world has ever faced, Fatih Birol, the executive director of the International Energy Agency (IEA), told CNBC on Thursday.
  
  “We are facing the biggest energy security threat in history,” Birol told CNBC, building on the IEA’s assessment at the start of the war that the Middle East war is creating the biggest supply disruption in the history of the oil market.
  
  “As of today, we’ve lost 13 million barrels per day of oil ... and there are major disruptions in vital commodities,” Birol told CNBC today.
  
  The IEA-coordinated record emergency release of 400 million barrels of oil stocks last month cannot offset the massive supply loss.
  
  “This is only helping to reduce the pain, it will not be a cure,” Birol said early this month on the ‘In Good Company’ podcast hosted by Nicolai Tangen, the CEO of Norway’s sovereign wealth fund, the world’s biggest.
  
  “The cure is opening up the Strait of Hormuz,” the head of the IEA said at the beginning of April.
  
  The Strait of Hormuz has now been closed for nearly eight consecutive weeks, which has slashed crude supply to refiners, exports of fuels, and feedstocks for petrochemical and fertilizer production.
  
  Earlier this week, Birol said the Middle East war and the crisis at the Strait of Hormuz could redraw the global energy map as the world’s most critical oil chokepoint is no longer seen as a reliable route for oil and gas supply.
  
  “The era when the global economy was critically dependent on a single strait is becoming history,” Birol told Turkish newspaper Dünya.
  
  “Even if everything returns to normal tomorrow, high prices and volatility in the markets will persist for a long time.”
  
  The IEA estimated in its monthly report last week that global oil supply plunged by 10.1 million barrels per day (bpd) to 97 million bpd in March, due to attacks on energy infrastructure in the Middle East and ongoing restrictions to tanker movements through the Strait of Hormuz. Source: Oilprice.com
- 2026-04-24
  Russia Keeps Oil Flowing but Brings No New Plan to OPEC+
  Russia says it’s still pumping and shipping crude into a tightening global market, but it’s not bringing any new ideas to the table ahead of the next OPEC+ meeting, even as supply shrinks and demand climbs during the worst energy crisis in years. The... Read more Russia says it’s still pumping and shipping crude into a tightening global market, but it’s not bringing any new ideas to the table ahead of the next OPEC+ meeting, even as supply shrinks and demand climbs during the worst energy crisis in years.
  
  The Kremlin said on Thursday that Russia would continue to export oil to global markets. Russia has framed its steady flows as a stabilizing force amid the Iran war, which is disrupting supply chains and trapping barrels in the Middle East.
  
  Kremlin spokesman Dmitry Peskov said Russia is helping limit price volatility simply by keeping exports moving. That’s the extent of the plan.
  
  Peskov made clear that there are no new proposals from Moscow for the OPEC+ alliance, even as the group heads toward a May 3 meeting amid market strain. Demand is rising, he said, while available supply is declining. This blunt assessment lines up with what traders are already seeing in physical markets.
  
  Russia remains a central player in OPEC+, the 22-member alliance that has been carefully unwinding production cuts since 2025. But those increases are running into a hard constraint: capacity.
  
  Earlier this month, OPEC+ agreed to raise output quotas by 206,000 barrels per day for May. On paper, that adds supply. In reality, much of that increase may never materialize. Several key producers are struggling to lift output as the conflict tied to Iran continues to damage infrastructure and disrupt flows.
  
  That leaves the market in a familiar bind—tight supply, rising demand, and limited ability to respond quickly.
  
  The International Energy Agency has already described the current situation as the worst energy crisis on record, with higher crude prices feeding directly into inflation and economic strain. Russia’s role, for now, is about continuity and keeping barrels moving. Source: Oilprice.com
- 2026-04-24
  Japan Asks Saudi Arabia for More Oil Supply
  Japan's Prime Minister Sanae Takaichi on Thursday requested cooperation from the world's top crude oil exporter, Saudi Arabia, in expanding energy deliveries to Japan amid the ongoing supply crunch. In a telephone call with Saudi Arabia's Crown Prince... Read more Japan's Prime Minister Sanae Takaichi on Thursday requested cooperation from the world's top crude oil exporter, Saudi Arabia, in expanding energy deliveries to Japan amid the ongoing supply crunch.
  
  In a telephone call with Saudi Arabia's Crown Prince Mohammed bin Salman today, Takaichi “expressed her appreciation for Saudi Arabia's continued supply of crude oil to Japan via Yanbu Port even after the outbreak of the situation, and requested cooperation toward the expansion of energy supply to Japan,” the office of the Japanese PM said in a statement.
  
  The Saudi ruler “expressed Saudi Arabia's intention to respond positively in order to ensure energy supply to markets including Japan,” the Asian G-7 economy said.
  
  Resource-poor Japan is heavily dependent on Middle Eastern oil supply and felt the supply crunch almost immediately as most supplies from the region remained trapped at the Strait of Hormuz unable to pass through the world's most critical oil and LNG chokepoint.
  
  Saudi Arabia's Mohammed bin Salman also told the Japanese PM that he “would continue to cooperate with Japan to stabilize the situation, including ensuring safe navigation in the Strait of Hormuz,” Japan said today.
  
  Japan, which depends on Middle Eastern oil supply for about 95% of its oil supply, began releasing oil stocks from national reserves at the end of March, as part of the IEA-coordinated record-high release of 400 million barrels of oil and fuel. Japan is releasing a total of 80 million barrels of oil stocks, including 54 million barrels of crude and 26 million barrels of oil products as part of the IEA's 400-million-barrel release.
  
  Earlier this month, Japan announced it would release another 20 days of worth of oil from reserves beginning next month, with all of these supplies intended for the domestic market.
  
  Japan is also seeking to diversify its crude oil imports and is expected to import 1 million barrels of Mexican crude in July, under an agreement between Takaichi and Mexico's President Claudia Sheinbaum, the Nikkei Asia newspaper reported earlier this week. Source: Oilprice.com

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