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After US Pressure, Asian Refineries Seek Iran Oil Alternatives

Crude oil is dispensed into a bottle in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration
Crude oil is dispensed into a bottle in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration
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After US Pressure, Asian Refineries Seek Iran Oil Alternatives

Crude oil is dispensed into a bottle in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration
Crude oil is dispensed into a bottle in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration

Asian oil importers are stepping up efforts to diversify crude sources and Iranian oil payment mechanisms after the US announced it is pressing buyers to completely eliminate Iran imports by November 4.

As refineries companies in Taiwan, Japan, South Korea and UAE seek to reduce imports, in which the ban on Iranian oil has become imminent amid US strictness not to give exemptions to any state to import any Iranian packages, the companies in India are still waiting for the government’s decision to stop the importing of Iranian oil or not.

An official from the United States Department of State stated Tuesday that the US demanded from all countries to halt Iranian oil imports starting November 4.

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Oil Little Changed on Skepticism US-Iran Peace Talks Will Ease Hormuz Disruption

FILE PHOTO: A map showing the Strait of Hormuz, also known as Madiq Hurmuz, and 3D printed oil barrels are seen in this illustration taken March 26, 2026. REUTERS/Dado Ruvic/Illustration//File Photo
FILE PHOTO: A map showing the Strait of Hormuz, also known as Madiq Hurmuz, and 3D printed oil barrels are seen in this illustration taken March 26, 2026. REUTERS/Dado Ruvic/Illustration//File Photo
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Oil Little Changed on Skepticism US-Iran Peace Talks Will Ease Hormuz Disruption

FILE PHOTO: A map showing the Strait of Hormuz, also known as Madiq Hurmuz, and 3D printed oil barrels are seen in this illustration taken March 26, 2026. REUTERS/Dado Ruvic/Illustration//File Photo
FILE PHOTO: A map showing the Strait of Hormuz, also known as Madiq Hurmuz, and 3D printed oil barrels are seen in this illustration taken March 26, 2026. REUTERS/Dado Ruvic/Illustration//File Photo

Oil prices were little changed on Thursday, reversing earlier declines, on skepticism that peace talks between the US and Iran will reach a deal to end the war that has bottled up oil output from the key Middle East producing region.

Brent crude futures were down 26 cents to $94.67 a barrel at 0611 GMT. US West Texas Intermediate crude futures climbed 14 cents to $91.43 a barrel. Both benchmarks settled little changed on Wednesday but traded in a wide range. The US-Israeli war on Iran has ‌resulted in the ‌largest-ever disruption of global oil and gas supplies due ‌to ⁠Iran's interruption of traffic ⁠through the Strait of Hormuz, which typically carries about 20% of the world's oil and liquefied natural gas flows.

"While there are hopes for de-escalation, many investors remain skeptical, given that US-Iran talks have repeatedly broken down even after appearing to make progress," said Toshitaka Tazawa, an analyst at Fujitomi Securities.

"Until a peace deal is reached and free navigation through the strait is restored, WTI prices are expected to continue fluctuating between $80 and $100," ⁠he added.

Analysts from ING estimate that roughly 13 million barrels ‌per day of oil flow has been disrupted ‌by the closure of the strait, after taking into consideration pipeline diversions and the trickle of ‌tankers that have passed through the gateway, they said in a note on ‌Thursday.

With the US blockade on Iranian ports announced after the collapse of peace talks over the weekend, the disruption could increase.

"The physical market is becoming tighter every day that passes without a restart of oil flows through the Strait of Hormuz," the ING analysts said.

A source ‌briefed by Tehran told Reuters that Iran could consider allowing ships to sail freely through the Omani side of the ⁠Strait of Hormuz ⁠if a deal was reached to prevent renewed conflict after a two-week ceasefire started on April 8.

US and Iranian officials were weighing a return to Pakistan for further talks as early as the coming weekend. Pakistan's army chief arrived in Tehran on Wednesday as a mediator to try to prevent a renewal of the conflict.

US Treasury Secretary Scott Bessent said on Wednesday that Washington will not be renewing the waivers that allowed the purchase of some Iranian and Russian oil without facing US sanctions.

Underscoring the tightness of global crude and oil product supply, US inventories of oil, gasoline and distillate fuels fell last week, the Energy Information Administration said on Wednesday, as imports declined and exports jumped to meet the needs of countries searching for barrels to replace the disrupted flows.

Business

TotalEnergies: Strong Trading, High Oil Prices Will Boost Q1 Earnings

(FILES) This illustrative photograph shows screens displaying the logo of the French company TotalEnergies, listed on the CAC 40, the main stock market index of the Paris Stock Exchange, in Toulouse on March 31, 2026. (Photo by Lionel BONAVENTURE / AFP)
(FILES) This illustrative photograph shows screens displaying the logo of the French company TotalEnergies, listed on the CAC 40, the main stock market index of the Paris Stock Exchange, in Toulouse on March 31, 2026. (Photo by Lionel BONAVENTURE / AFP)
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TotalEnergies: Strong Trading, High Oil Prices Will Boost Q1 Earnings

(FILES) This illustrative photograph shows screens displaying the logo of the French company TotalEnergies, listed on the CAC 40, the main stock market index of the Paris Stock Exchange, in Toulouse on March 31, 2026. (Photo by Lionel BONAVENTURE / AFP)
(FILES) This illustrative photograph shows screens displaying the logo of the French company TotalEnergies, listed on the CAC 40, the main stock market index of the Paris Stock Exchange, in Toulouse on March 31, 2026. (Photo by Lionel BONAVENTURE / AFP)

TotalEnergies expects a significant increase in first-quarter earnings from a strong trading performance, as well as in its upstream production and oil sales due to higher prices caused by the war in Iran, even as the conflict shut down 15% of the French group's overall production, it said on Thursday.

The group's margin on refining fuel in Europe during the quarter stood at $11.40 per barrel, up 192% from $3.90 a ⁠year earlier, and flat ⁠compared to the fourth-quarter 2025 margin of $11.40, it said in an earnings outlook.

It is due to report first-quarter earnings on April 29.

Benchmark Brent crude futures climbed to multi-year highs near $120 a barrel after US-Israeli strikes on Iran began in late February, followed by Tehran’s closure of the Strait of Hormuz and its attacks on Gulf neighbors.

Despite losing output of about 100,000 barrels of oil-equivalent per day in the Middle East, additional production in other geographies helped keep overall production flat compared to the fourth quarter of 2025.

That led to a significant rise in first-quarter upstream income due to oil price gains, Total said, while downstream results also increased due to refineries running above 90% and "strong performance from crude oil and petroleum product trading activities in March."

According to Reuters, Total said strong trading around market volatility also significantly boosted its liquefied natural gas earnings.

British rivals BP and Shell have said the oil price volatility caused by the ⁠war significantly boosted ⁠their trading profits.

US peers Chevron and Exxon said higher prices boosted their upstream earnings, but hit their downstream business due to financial hedging transactions undertaken around cargoes that could not be delivered due to the Strait of Hormuz's closure.

Total's Integrated Power results are expected to be around $500 million, roughly flat compared to a year ago.

Marketing and Services will also be in line with results a year ago.

The company expects a working capital build of $5 billion for the quarter — about $2.5-3 billion of which Total attributed to the seasonality of the business, with the remainder related to the impact of oil and product price rises on Total's inventories.

Shares of TotalEnergies SE were down 0.8% at 76.04 euros at 0702 GMT, paring losses after falling as much as 3.2%.

Business

Spain's Repsol Reportedly Wins Back Control of Venezuelan Oil Operations

FILE PHOTO: Logo of the Spanish oil company Repsol at a gas station in Vecindario, on the island of Gran Canaria, Spain, January 9, 2026. REUTERS/Borja Suarez/File Photo
FILE PHOTO: Logo of the Spanish oil company Repsol at a gas station in Vecindario, on the island of Gran Canaria, Spain, January 9, 2026. REUTERS/Borja Suarez/File Photo
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Spain's Repsol Reportedly Wins Back Control of Venezuelan Oil Operations

FILE PHOTO: Logo of the Spanish oil company Repsol at a gas station in Vecindario, on the island of Gran Canaria, Spain, January 9, 2026. REUTERS/Borja Suarez/File Photo
FILE PHOTO: Logo of the Spanish oil company Repsol at a gas station in Vecindario, on the island of Gran Canaria, Spain, January 9, 2026. REUTERS/Borja Suarez/File Photo

Spanish energy group Repsol is poised to take back operational control of its Venezuelan oil assets and boost production following a deal signed with the South American government, the Financial Times reported on Thursday.

Repsol is expected to announce the agreement as early as Thursday, FT added, citing a person familiar with ⁠the matter.

The agreement ⁠will include plans to triple production from its Venezuelan oil operations within three years and establish a "guaranteed" payment system that will avoid previous pitfalls under which the capital city ⁠of Caracas failed to pay up, according to the report.

Reuters could not immediately verify the report. Repsol did not immediately respond to Reuters' request for a comment.

Venezuela holds one of the largest oil reserves in the world but has dilapidated energy infrastructure.

In 2023, Repsol reached an agreement with Venezuela to continue operating its ⁠facilities ⁠there. The deal later lapsed after US President Donald Trump revoked licenses granted to Repsol and other Western companies to operate in the country.

After the US captured President Nicolas Maduro in January, Washington eased sanctions on Venezuela's energy sector, issuing general licenses that allow global energy companies to operate oil and gas projects in the OPEC member.