TotalEnergies gets reimbursed by US for offshore wind leases after Biden admin ends projects; a reminder they’re a major French oil giant since 1924.
TotalEnergies announced the full restart of its Mozambique LNG project after delays due to conflict and attacks in Cabo Delgado. The project, expected to produce 13 million tonnes of LNG annually by 2029, aims to boost Mozambique’s economy but faces criticism over environmental and human rights concerns.
The EU is set to designate Iran's Revolutionary Guard as a terrorist organization after weeks of hesitation, amid ongoing protests and crackdowns in Iran. The decision faces unanimous support challenges, with some countries warning of diplomatic repercussions. The move aims to increase pressure on Tehran but risks complicating EU-Iran relations.
U.S. officials, including high-ranking envoy Wright, visited Venezuela amid efforts to restore relations and boost oil production. The U.S. lifted sanctions, and Venezuela's government aims to increase oil output, signaling a significant shift after Maduro's ousting and recent reforms to attract foreign investment.
The US Interior Department announced that TotalEnergies will receive nearly $928 million to cancel offshore wind leases off North Carolina and New York. The company will instead invest in US fossil fuel projects, including a liquefied natural gas plant in Texas, reflecting a shift away from renewable energy under the current administration.
Futures decline as conflict in Iran continues with no clear end. Oil prices hit new highs, driven by Iran's threats and disruptions to the Strait of Hormuz. Markets remain cautious, with investors wary of prolonged conflict and economic fallout.
The ongoing conflict in the Middle East has caused a supply crunch, raising fuel prices worldwide. France reports internal logistical issues, while South Africa and Morocco face supply disruptions due to regional tensions and reliance on imports. Governments are implementing support measures to mitigate economic impacts.
Gulf states have summoned Iraqi diplomats over drone attacks launched from Iraq, despite ongoing US-Iran ceasefire. Saudi Arabia has restored oil pipeline capacity after attacks damaged energy facilities, which continue to impact global markets. The situation remains tense as regional conflicts persist.