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Ecuador's Petroecuador targets higher crude output in 2026 as investment plan advances
Ecuador’s state oil firm Petroecuador aims to raise average crude production to about 369,759 barrels per day (bpd) in 2026, up from roughly 358,081 bpd recorded, as the company deploys additional drilling and well-rehabilitation equipment
Ecuador declares emergency at Esmeraldas oil refinery after fire halts operations
Ecuador declared an emergency at its largest oil refining facility after a fire forced a full shutdown of operations at the Esmeraldas refinery, state-owned Petroecuador said on March 5
Cuba works to restore power after major blackout hits western grid
Large areas of western Cuba remained without electricity on March 5 after a widespread blackout disrupted power supplies across the island’s capital and surrounding regions, with authorities warning that full restoration could take several days
Colombia's Ecopetrol signals potential output increase as oil rally offsets profit drop
Ecopetrol may consider increasing investment and short-term oil output if elevated crude prices persist amid tensions in the Middle East, chief executive Ricardo Roa said, as the Colombian state-controlled producer reported weaker annual earnings
INA wins licences for two new oil and gas exploration areas in Croatia
Croatian energy company INA has been awarded licences to explore for oil and gas in two new areas in eastern Croatia following an international tender, the company said on March 6.
US removes sanctions on Arctic Voyager and Kiara M tanker
The shipping company, incorporated in the Marshall Islands on November 8, 2024, had previously been sanctioned for engaging in Venezuela’s oil sector, in breach of restrictions imposed during Donald Trump’s presidency
Venezuela’s economy expands 8.66% in 2025 driven by oil and non-oil sectors
Oil production led growth in the fourth quarter with a 13.41% increase, while non-oil sectors expanded by 5.30%
Low US oil reserves leave consumers exposed after Iran strikes
Donald Trump’s decision not to replenish the US Strategic Petroleum Reserve (SPR) after the large drawdowns under former president Joe Biden has left the country with limited capacity to cushion a new surge in oil prices.
LNG shipping rates surge as Hormuz disruption sends shock through energy markets
Charter rates for liquefied natural gas tankers have surged more than sixfold in less than a week as escalating tensions in the Middle East disrupt shipping routes through the Strait of Hormuz, sending a shock through global energy markets.
Domestic producers surpass 50% of Nigeria’s oil output as Oando reaffirms IPPG support
Domestic oil companies now produce more than 50% of Nigeria’s crude oil output, marking a significant shift in the country’s upstream sector as domestic operators assume a leading role previously dominated by international oil companies.
Nigeria power generation falls to 3,940MW amid gas shortages
Nigeria’s electricity generation has fallen to 3,940.53MW after persistent gas supply shortages forced several thermal power plants offline, increasing pressure on the national grid
Shell subsidiary to carry out geological exploration at Zhanaturmys field in Kazakhstan
Shell’s Kazakhstan subsidiary and the country’s Ministry of Energy have signed an agreement to carry out geological exploration at the Zhanaturmys field in Aktobe Region, the ministry announced on March 5.
South Africa’s Eskom warns of power disruptions as municipal debt exceeds $5.9bn
South Africa’s state utility Eskom has warned it may restrict electricity supply to 14 municipalities owing to arrears surpassing ZAR110bn ($5.9bn), triggering formal credit control procedures under the Promotion of Administrative Justice Act.
Hormuz crisis: oil markets move from disruption to chaos
The global oil market is sliding from disruption into what could become a full-scale crisis, as the blockade of the Strait of Hormuz leaves Gulf exporters unable to ship crude and running out of storage capacity.
Gulf crude benchmarks surge as Kuwaiti oil jumps 10% and Brent nears $85 amid regional conflict
Kuwaiti crude jumps 10% to $92.81 per barrel as the Gulf conflict disrupts shipping through the Strait of Hormuz and threatens production across the region's energy exporters.
Pampa Energía reports 32% rise in oil and gas output as Vaca Muerta drives growth
Pampa Energía, Argentina's largest independent energy company, said its oil and gas production increased 32% in 2025, supported by expanding operations in the shale formation Vaca Muerta.
Argentina signs record LNG export deal with Germany’s SEFE
Argentina has signed the largest liquefied natural gas (LNG) export contract in its history, with energy consortium Southern Energy agreeing to supply 2 million tonnes of LNG per year to Germany’s SEFE Securing Energy for Europe.
Argentina hits record oil output as Vaca Muerta drives growth amid global price surge
Argentina recorded its highest monthly crude oil production on record in January, government data showed, as output from the country’s vast shale formation Vaca Muerta accelerated while global oil prices climbed above $80 a barrel.
Qatar's energy minister warns Gulf-wide production shutdown looms
Qatar's energy minister warns all Gulf exporters face production shutdown within weeks, forecasting $150 oil and gas prices quadrupling as the Iran conflict chokes global energy flows.
Argentina’s Genneia secures up to $320mn financing from IDB Invest for renewable projects
COMMENT: Hormuz disruption unlikely to drive sustained oil price surge – Fitch
The effective closure of the Strait of Hormuz following the outbreak of conflict involving Iran is unlikely to persist long enough to trigger a sustained surge in global oil prices, according to Fitch Ratings.
Nigeria’s OPL245 overhaul unlocks deepwater potential for Eni
Nigeria has cleared the way for development of the Zabazaba and Etan deepwater fields after converting OPL245 into new production and exploration licences, following a settlement between the government and Eni (BIT:ENI; NYSE:E).
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