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Japan releases additional 20 days worth of oil reserves
Japan commenced an additional release of approximately 20 days' worth of oil reserves, amounting to 5.8 million kiloliters valued at 540 billion yen, to stabilise domestic supplies disrupted by the Middle East conflict. This follows an initial release in mid-March. The reserves, sourced from 10 national storage bases, will be distributed to four major oil wholesalers. The move addresses supply chain vulnerabilities caused by disruptions in the Strait of Hormuz, through which Japan imports over 90% of its crude oil.
European Commission refers Portugal to EU court over Renewable Energy Directive III failure
The European Commission has formally referred Portugal, alongside Greece and Malta, to the Court of Justice of the EU for failing to transpose the Renewable Energy Directive III into national law past the May 2025 deadline. Brussels seeks financial sanctions, citing missed binding green hydrogen targets. Separately, the Commission sent a reasoned opinion to Lisbon regarding unadopted electricity market rules intended to stabilise consumer prices. Portugal, Croatia, and Poland now have two months to respond to these infringement actions.
Grondstoffenjournalist Javier Blas calls Groningen gas field closure a mistake
Grondstoffenjournalist Javier Blas states that the closure of the Groningen gas field was a mistake. He argues for increased energy independence for Europe through domestic fossil fuel production. Blas notes that while oil prices may rise due to the Iran war, they could also fall significantly, especially if the United Arab Emirates increase production after leaving OPEC. He downplays comparisons to the 2022 energy crisis.
Climate campaigners demand insurers block hydrocarbon expansion in Southeast Asia
Approximately 70 advocacy groups have signed a letter urging major insurers and reinsurers to withhold coverage and investments from planned oil and gas projects in Indonesia and the Philippines. The campaigners argue these expansions would worsen climate change and expose insurers to financial and reputational risks in ecologically sensitive marine areas. While Southeast Asian nations seek to boost energy supplies for growing populations, the groups contend that renewable energy growth makes hydrocarbon infrastructure unnecessary and dangerous.
Trump administration claims naval blockade will force Iran energy crisis
The Trump administration asserts that its naval blockade of the Strait of Hormuz is crippling Iran's energy sector and will trigger a crisis within days. Energy experts dispute this timeline, suggesting the regime can tolerate the pressure longer. Meanwhile, benchmark oil prices reached a four-year high, and US pump prices rose to $4.30 per gallon, fueling political concerns over the cost of living.
Coal India production drops 9.7 per cent in April amid rising power demand
State-owned Coal India Ltd reported a 9.7 per cent decline in coal production to 56.1 million tonnes in April, driven by operational challenges across subsidiaries. This shortfall occurs as India faces record peak power demand of 255.85 GW due to severe heatwaves. The drop raises concerns about supply strain for thermal plants and potential increases in imported coal costs, despite coal accounting for over 70 per cent of the nation's electricity generation.
Air Liquide reports renewed demand for hydrogen production services
Air Liquide reported a 3.4% increase in hydrogen-related revenue for Q1 2026, reaching €6,786 million, driven by surging global demand for energy independence. The company is expanding its electrolyzer capacity and recently acquired DIG Airgas to bolster its network. Hydrogen is increasingly viewed as a strategic alternative to fossil fuels, particularly in Europe, the Middle East, and Asia, to decarbonize heavy industry and reduce geopolitical reliance on gas imports. Despite infrastructure challenges, the company projects strong financial health with EBITDA expected to hit €8.0–8.5 billion by 2025.
Pakistan faces up to $50bn economic losses amid rising oil prices and Middle East conflict
Officials informed Pakistan's National Assembly Standing Committee on Finance that the ongoing Middle East conflict and rising global oil prices threaten significant economic strain. With crude prices surpassing $123 per barrel, petroleum product costs have risen by up to 42 percent, adding approximately $70 million daily to the import bill. Annual losses are projected between $10 billion and $12 billion, potentially escalating to $50 billion if prices reach $150 per barrel. The crisis risks exacerbating inflation, slowing remittances, and causing electricity shortages due to import disruptions.
Retail executives say climate change is hitting margins and supply chains
Retail executives from H&M, Zalando, and FMI stated that climate change is directly impacting profit margins, supply chains, and long-term business resilience in the fashion and food sectors. They emphasised that sustainability is now a financial risk management imperative. Adam Karlsson of H&M noted that investment decisions must account for the financial cost of inaction, while Pascal Brun of Zalando linked sustainability to growth and efficiency. The panel called for improved collaboration across shared supply chains to address emissions and inefficiencies through scalable joint investment models.
Octopus Energy Generation signs $500m carbon removal deal
Octopus Energy Generation has signed a $500m deal with Living Carbon to fund afforestation and reforestation projects in the US. The investment aims to remove up to 50 million tonnes of carbon dioxide over 40 years. Octopus also committed $13m to Living Carbon's development business. This partnership supports Octopus's goal to invest $2bn in US clean energy by 2030. Living Carbon targets degraded land for native tree planting. The deal highlights growing corporate demand for carbon removal, though the voluntary market faces scrutiny regarding project integrity and community impact.
UN climate chief says Iran war is supercharging clean energy transition
Simon Stiell, Executive Secretary of the UNFCCC, stated that the conflict between the U.S., Israel, and Iran is accelerating the global shift to renewable energy. The war has disrupted oil and gas supplies, prompting nations to seek alternatives like rooftop solar and electric vehicles. While some countries are increasing coal use to replace Middle Eastern gas, leaders from around 60 governments met in Colombia to discuss phasing out fossil fuels. The IEA meeting in Paris highlighted that renewables offer safer energy less vulnerable to geopolitical conflicts.
Wheat prices rise as US Plains drought damages crops
Chicago wheat futures rose 0.8% to $6.41-3/4 a bushel on Friday, heading for a 4.1% weekly gain, after dry conditions damaged crops in the US Plains. Analysts noted that while rain may stop further damage, yield losses are already occurring, maintaining upward pressure on prices. Year-to-date, CBOT wheat is up 27%. Corn and soybean futures also increased, supported by concerns over fertiliser costs linked to the Iran war and supply disruptions in the Strait of Hormuz.
Lotus Resources faces operational hurdles amid uranium demand
Lotus Resources (ASX:LOT) reported operational challenges at its Kayelekera project in Malawi, citing maintenance issues and processing constraints that slowed production ramp-up. The company revised previously disclosed metrics, introducing uncertainty. Despite these hurdles, mining activities continue with a substantial ore stockpile, and the firm has secured utility contracts. Global uranium demand remains firm due to the clean energy transition, supporting the long-term outlook for the project.
Exxon beats Q1 earnings estimate despite Middle East disruptions
Exxon Mobil reported first-quarter adjusted earnings of $1.16 per share, surpassing the consensus estimate of $1.00, driven by record production in Guyana and growth in the Permian Basin. However, unadjusted net income fell to $4.2 billion, its lowest level in five years, due to a $700 million loss from undelivered cargoes caused by the conflict in the Middle East. The company warned that production could drop further if the Strait of Hormuz remains closed, though it expects output to recover if the waterway reopens. CEO Darren Woods stated the volatile environment does not alter their strategy.
US futures hold steady as oil prices remain high amid US-Iran tensions
US stock futures remained stable on Monday despite oil prices holding near weekly highs. S&P 500 futures rose 0.1%, while Nasdaq futures dipped 0.1% and Dow futures gained 0.2%. Brent crude increased 1% to $111.50 and WTI crude rose 0.5% to $105.63, driven by ongoing disruptions in the Strait of Hormuz and stalled talks between the US and Iran. Markets are reacting to reports that a revised peace proposal from Iran may be sent later, though the ceasefire remains uncertain. Higher energy prices continue to pose risks to the global inflation outlook.
Ukraine power consumption rises amid Russian attacks and outages in five regions
Ukraine's National Energy Company and the Ministry of Energy reported increased electricity consumption due to cloudy weather reducing solar efficiency. Simultaneously, Russian attacks caused temporary power outages for consumers in Donetsk, Mykolaiv, Zaporizhzhia, Sumy, and Kharkiv regions. Authorities stated no load shedding is expected today while restoration efforts continue around the clock. Residents are urged to limit usage of high-power appliances between 18:00 and 22:00.
UAE exit transforms OPEC into ceremonial organisation
Following the United Arab Emirates' departure from OPEC, the Organisation of the Petroleum Exporting Countries is expected to become a ceremonial entity as other members consider similar exits. While the removal of production quotas may improve oil supply, geopolitical conflicts and infrastructure restoration will keep crude prices elevated for the next 12 months. Long-term, increased non-OPEC supply and the global energy transition are projected to soften prices below $60 per barrel. The shift reflects a move towards bilateral trade deals and reduced reliance on the US security umbrella.
Abaxx Exchange launches solar futures in Germany
Abaxx Exchange has introduced Enwex Germany Solar (GSM) futures, expanding its weather derivatives suite to include solar power. Available for trading since April 23rd, 2026, these euro-denominated, financially settled contracts are indexed to the Enwex Solar Germany forecast-based index. The launch aims to provide a centralized, exchange-cleared benchmark for mitigating solar generation risk and basis risk as Germany scales its solar capacity. The product is designed to improve arbitrage and cross-hedging opportunities for market participants.
Colombia president warns suicidal capitalism model threatens war and fascism
Colombia's President Gustavo Petro convened 57 governments in Santa Marta to address the climate crisis, warning that the current fossil fuel-dependent capitalist model leads to war, fascism, and potential human extinction. While France released a roadmap to phase out fossil fuels by 2050, delegates from the global south emphasised that addressing debt is central to any transition. Experts noted that high debt levels and interest rates prevent developing nations from investing in renewables, calling for financial reforms and debt forgiveness to enable a just transition away from fossil fuels.
UN report says critical minerals demand fuels poverty and pollution in vulnerable communities
A report by the UN's UNU-INWEH finds that the global scramble for critical minerals like lithium, cobalt, and nickel is deepening poverty and creating public health crises in vulnerable communities in Africa and Latin America. The study highlights that while demand for these metals, used in batteries and microchips, has surged to support green energy and AI, the environmental and health costs are borne by local populations. Issues include water scarcity, toxic contamination, and agricultural devastation, with the report calling for mandatory international due-diligence standards to prevent the green transition from repeating historical patterns of exploitation.